Appointing a new director is a very important function for those boards who can either make or influence this decision.
The ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations1 (ASX Principles) state in Principle 2 Structure the board to be effective and add value that:
The board of a listed entity should be of an appropriate size and collectively have the skills, commitment and knowledge of the entity and the industry in which it operates, to enable it to discharge its duties effectively and to add value.
A board needs to have directors who possess a broad mix of skills and experience to be effective.
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