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SINGAPORE : Companies should have board members who know the business and come from diverse backgrounds, according to experts.
This will ensure a greater level of corporate governance which can give firms a boost, especially in the current economic crisis.
An increased mix of age, gender and technical abilities will allow greater oversight for companies which have operations that span many markets or have a wide range of components.
Steen Thomsen, director of the Centre for Corporate Governance at Copenhagen Business School, said: "Look at the board of Lehman Brothers, for example, and look at their age profile. There are so many over the age of 70.
"Also, look at their background. And given their age profile, have they been able to really understand credit derivatives?"
The challenge is to get the right people. In Singapore, it has not been easy to assemble balanced boards. But this is beginning to change, especially in terms of gender.
David Gerald, president & CEO of the Securities Investors Association of Singapore (SIAS), said: "Traditionally, we are an Asian society here, and women have not been at the forefront for a long time.
"Only in recent times, (we) started getting CEOs who are women, as we got more educated and qualified women. I think in the near future, you will see more and more of these women sitting on boards."
Speaking at a conference organised by SIAS on Wednesday, Gerald also said corporate governance should be practiced at all times and not just at board meetings. - CNA /ls
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