CALPERS (California Employees Pension fund) suggested a 3-point test to determine board independence. Based on the CALPERS test, which of the following would give you the assurance that a particular company's board is relatively more independent.

a)	None of the other answers is correct
b)	Majority of the directors are employees and ex-managers
c)	Majority of the directors are outside directors
d)	The chairman of the board of directors is independent of the company
e)	The compensation and audit committees are made up entirely of outside directors