I was surprised to hear at the Yale Governance Forum that the controlling shareholder of a public company thought the independent directors had enormous clout on the board. The company cannot afford for them to resign and risk losing the confidence and credibility of the market, so they actually have as much if not more influence than independent directors of a widely held public company. Very different take on the role of independent directors on a controlling shareholder company.
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I was surprised o hear it, too. I’m still not sure if I believe it . . .