A Canadian corporate governance specialist will tell Australia's regulator tomorrow that its guidelines for board independence are flawed.
Dr Richard Leblanc will outline his research to the Australian Securities and Investment Commission and ask it to justify its stance on board independence.
"I will be asking the regulator, 'What is the empirical evidence upon which you are regulating these companies?"'
Dr Leblanc, who has has studied the boardroom behaviour of 39 Fortune 500 companies and interviewed 200 directors, told a Committee for Economic Development of Australia luncheon yesterday that an independent board structure, as recommended by regulators, did not necessarily mean corporate success.
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