Governance News — 11 February 2014

The fallout from controversial trades in David Jones (DJs) shares and a rejected merger proposal have escalated, with the chairman and two other directors stepping down from the DJs board.

According to Australian press, gender diversity in the financial services industry was discussed at a Finsia and Male Champions of Change business lunch held last week, with federal sex discrimination commissioner Elizabeth Broderick commenting that, although progress is being made by large firms, there is still a lot of room for improvement within the industry.

In the US, a new academic paper examines the impact of independent director business on firm value and concludes that it can be detrimental to shareholder value. Also, Equilar has released a report on the board composition and recruiting trends of S&P 1500 companies…

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