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Financial directions - Company chairmen go non-exec.
(From Financial Director)
A new Deloitte & Touche survey finds there has been a decrease in the number of FTSE-350 companies with an executive chairman since 2000, but a small percentage of companies retain a joint chairman and chief executive position despite best practice guidance of the Combined Code, writes Tom Berry.
Of FTSE-100 companies 64% now have a non-executive chairman compares to 48% in 2000. In FTSE-250 companies 65% have a non-executive chairman (61% in 2000).
Overall the number of executive directors in the FTSE-350 remained at a similar level to 2001 at 1,475 compared to 1,480 last year. Numbers of non-execs rose by 2% over the same period, with the FTSE-350 boards comprising 204 non-executive chairmen, 102 non-executive deputy chairmen and 1,389 non-executive directors.
One-in-ten executive directors hold at least one non-executive position at another FTSE-350 company while 12% of non-execs hold more than one non-executive position in the FTSE-350.
On average FTSE-350 boards are made up of five executive and five non-executive directors. But, the numbers of non-executive directors increases to ten compared to seven executive directors in companies with a market capitalisation of over GBP 16bn. Financial services and property companies tend to have more executive directors than non-executives.
The Combined Code states that there should be a strong and independent non-executive element on company boards and that boards should include a balance of executive and non-executive directors. And ...
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