The Issue Of Independence And Potential Issues
Question 3.
Consider the following statement from the 2017 Interim results:
‘The UK Corporate Governance Code recommends that at least half the members of the Board of Directors, excluding the Chairman, should comprise Non-executive Directors determined by the Board to be independent. For the purposes of assessing compliance with the UK Corporate Governance Code, the Board considers that Gwyn Burr, Roisin Donnelly, Andrew Griffith and Diego Oliva are Non-executive Directors who are independent management and free from any business or other relationship that could materially interfere, with the exercise of their independent judgement.
The Board also considers that the Chairman of the Company was independent at the time of his appointment. As the Board consists of the Chairman, four independent Non-executive Directors, two Executive Directors and one Non-executive Director who is not regarded as independent for the purposes of the UK Corporate Governance Code by virtue of their connection with certain Major Selling Shareholders, the Company does is in full compliance with this provision of the UK Corporate Governance Code'.
Between March 2017 and September 2017 Just Eat PLC had a combined CEO/Chairman Peter Plumb, the new CEO has now been appointed and David Buttress for former CEO is a non -executive director. Peter Plumb was recruited from Money Supermarket.
In the light of investor concern at Just Eat over CEO Peter Plumb lack of experience in the sector, and the move of a former CEO to become a NED, advise the interim Chairman on issues of independence and potential issues that may arise.
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