The well-paid, recycled directors' club

A study confirms fears directors are on an exclusive, lucrative merry-go-round.

Some of the nation's largest companies may be flouting Australian Stock Exchange corporate governance guidelines that encourage the appointment of independent directors, according to a study that shows non-executive directors of top 200 companies are more likely to win another board seat than other candidates.

The study, by Proxy Australia, shows that between 2001 and 2004, non-executive directors were 4.4 times more likely to be headhunted for another board position - and the proportion was even higher in the 2004 calendar year, with candidates already directors 6 times more likely to win another appointment than others.

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