1. Example Ltd is a public listed Company on the Australian Securities Exchange. Frank Doorman is the CEO of the Company. George is the Chair of the Board. The CFO (Chief Financial Officer) and the COO (Chief Operating Officer) are also directors on the Board. Due to his previous experience as an auditor, the CFO is also Chair of the Remuneration Committee, the other member of the remuneration committee is the COO, who was appointed because of his knowledge of systems and internal control in the Company. Frank sees no need for any other committees as the Company has been very stable over the last few years with no change of directors.

The four other members of the board of directors at Example Ltd are;

1. 1. Alice. Alice has never been employed by the Company and owns 3% of the shares in Example Ltd.

2. 2. George, is a Director of XYZ Ltd, a Finance Company that has not had dealings with Example Ltd. George owns 9% of the shares in Example Ltd.

3.   Drew, who is very experienced and the CEO of an Accounting firm that has no other connection with Example limited. Drew has been a director for 2 years. Drew owns 1% of the shares of Example Ltd.

4.   James was employed by Example Ltd as a manager over 10 years ago and owns no shares in the Company. Other than his directorship, James has no current connection with Example Ltd and has been a long standing director since the Companies listing on the ASX 40 years ago.

Evaluate the Board structure of Example Ltd from a corporate governance viewpoint. As part of your discussion consider each of the four directors Frank believes are independent.