The Financial Services Commission has recently issued special guidelines for professional directors, especially those sitting on multiple boards in the global business sphere. In addition to the fiduciary duties expected from directors, resident directors must demonstrate that they have sufficient time to prepare for and attend board meetings. Resident directors are also expected to have a reasonable number of directorships. Reasonableness will be judged on various factors including, but not limited to, the number of board meetings being held, categories of companies and staff supports available to the director.
September 22 2013