Since 2003, the ASX Corporate Governance Council has required all listed companies to have a majority of "independent" board members. According to the ASX council, independent directors are not members of management and are free of any business or other relationship that could materially interfere with or could reasonably be perceived to interfere with the independent exercise of their judgement. They hold less than 5% of stock in the company and have not worked in an executive capacity for the company or an associated company for at least three years. The U.S. requires director independence BUT is explicit in stating that this can be achieved while maintaining a significant shareholding (i.e. have skin in the game'). We take the view that having skin in the game' could compromise a director's independence and even create new agency conflicts. - Needs 3 argument supporting highlighted view - 3 evidence for those 3 arguments - Examples Impacts