The nomination committee oversees and monitors board performance, succession planning, director selection, director development and the company’s diversity policy. It may also overview CEO and senior executive performance, succession planning and recruitment.
Recommendation 2.1 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (ASX Principles) states:
The board of a listed entity should:
- have a nomination committee which:
- has at least three members, a majority of whom are independent directors; and
- is chaired by an independent director, and disclose:
- the charter of the committee;
- the members of the committee; and
- as at the end of each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or
- if it does not have a nomination committee, disclose that fact and the processes it employs to address board succession issues and to ensure that the board has the appropriate balance of skills, knowledge, experience, independence and diversity to enable it to discharge its duties and responsibilities effectively
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