3.5 It is recommended that Click Clothing consider the following structure and composition of its board: (forbes)
(a) The board should include individuals who can add value to the company, that is, the board should be comprised of executive and NEDs who have skills, knowledge, capabilities and expertise that will assist Click Clothing to meet its current and future strategic direction. As per Recommendation 2.1, it is recommended that Click Clothing create a skills matrix in relation to its board of directors. Once this has been completed, Click Clothing should appoint NEDs that possess the specific skills, expertise and experience required by the board.
(b) Boards which have an appropriate and diverse mix of skills and experience will be less likely to engage in “group think” or to have “blind spots” and they will be better equipped to deliver value and respond to challenges that may arise.(page 17 governance NFP)
(c)
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We recommend that a mutually acceptable third-party board member be appointed, which will provide a non-biased perspective on the business.
(a) Best practice recommends that most NEDs are independent, that is, a director should be independent of management and free from any business or other relationship which could materially interfere or reasonably be perceived to materially interfere with the exercise of their judgment. We refer to the relationship between Tammy Click and Teresa Brick.
3.6 Should Click Clothing proceed with its proposed board structure and composition, it will need to set out in its annual CGS in relation to its compliance with the ASX Principles and Recommendations, and those matters of corporate governance where its practice departs from the ASX Principles and Recommendations, to the extent that they are currently applicable to the