The issue of executive compensation could not be hotter—or more public. Every day,more top executives, boards, and especially compensation committees and their chairs, come under legal and shareholder scrutiny, and criticism.
If you’re genuinely concerned about having the best possible chair, where can you turn for guidance? Sarbanes-Oxley, the Securities and Exchange Commission (SEC), the IRS, NYSE, and NASDAQ now dictate plenty of new regulations about independence (see Box 1 on p. 13). And NACD spelled out desirable personality traits in its recently issued Report of the NACD Blue Ribbon Commission on Executive Compensation and the Role of the Compensation Committee.
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