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| Independent directors |
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| The role
of independent non-executive directors features prominently
in corporate governance codes. The presence of independent
representatives on the board, capable of challenging the decisions
of the management, is widely considered as a means of protecting
the interests of shareholders and, where appropriate, other
stakeholders. The European Commission’s Action Plan
to modernise company law and enhance corporate governance
in the EU announced the adoption in the short term of a Commission
Recommendation on the role in listed companies of (independent)
non-executive or supervisory directors. |
| The
ECGI itself does not take a position on these matters. Rather,
the purpose of the Institute is to generate research, stimulate
debate and disseminate best practice. In these pages therefore,
you will find links to proprietary ECGI research and other
references to material on this important topic. They are continuously
developed as new information becomes available.
Any
comments and suggestions for additional links and references
are very welcome. |
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| ECGI Working Papers |
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Deconstructing Independent Directors María Gutiérrez Urtiaga, Universidad Carlos III de Madrid-Departamento de
Economía de la Empresa and ECGI, Maribel Saez, Universidad Autónoma de Madrid (ECGI Law Series 186/2012) January 2012 |
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The Architecture of Corporate Governance in Australia Jennifer Hill, University of Sydney, Vanderbilt University and ECGI (ECGI Law Series 164/2010) September 2010 |
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Are All Inside Directors the Same? Do They Entrench CEOs or Facilitate More Informed Board Decisions? Ronald Masulis, Vanderbilt University and ECGI, Shawn Mobbs, University of Alabama (ECGI Finance Series 241/2009) May 2009 |
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Board Structure and Price Informativeness Daniel Ferreira, London School of Economics, CEPR and ECGI, Miguel Ferreira, ISCTE Business School, Clara Raposo, ISCTE Business School (ECGI Finance Series 160/2007) June 2007 |
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Rewarding Outside Directors Assaf Hamdani, Bar Ilan University, Reinier Kraakman, Harvard Law School and ECGI (ECGI Law Series 085/2007) June 2007 |
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The Rise of Independent Directors in the United States, 1950-2005: of Shareholder
Value and Stock Market Prices Jeffrey Gordon, Columbia Law School and ECGI (ECGI Law Series 074/2006) August 2006 |
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Board Compensation and Firm Performance: The Role of 'Independent' Board Members Nuno Fernandes, School of Economics and Management, Universidade Católica Portuguesa and ECGI (ECGI Finance Series 104/2005) October 2005 |
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The ownership and financing of innovation in R&D races Paolo Fulghieri, University of North Carolina, INSEAD and ECGI and Merih Sevilir, University of North Carolina and INSEAD (ECGI Finance Series 018/2003) April 2003 |
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Corporate Governance and Control Marco Becht, ECGI European Corporate Governance Institute, Patrick Bolton, Princeton University - Department of Economics; Centre for Economic Policy Research (CEPR) and Ailsa Roell, Princeton University - Department of Economics (ECGI Finance Series 002/2002) Revised August 2005 |
| Other
sources |
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European
Commission's Recommendation (provisional text) dated 6
October 2004 |
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