The prevalence of professional non-executive directors at Australia's largest companies is growing, according to a recent study commissioned by the Australian Council of Super Investors (ACSI) and conducted by ISS Australia.
The study, which looked at several key corporate governance features detailed in the most recent annual report filing, focused on firms listed on the Australian Stock Exchange's (ASX) top-tier S&P/ASX 100 index. For the majority of companies, the most recent annual report covered the financial year ending June 30, 2005. For others, annual reports are for the year ended Sept. 30, 2005, or Dec. 31, 2005.
The study found that the prevalence of professional non-executive directors (NED)--defined as someone who holds two or more non-executive positions on S&P/ASX 100 boards--has increased over the previous period.
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