Media reports about the luxurious mansion inhabited by the previous chairman of the National Lotteries Commission–reportedly funded by kickbacks–have provided a lot of information to worry and disgust even corruption-weary South Africans. “But what about the snippet that the individual in question is a director of ‘at least 40 companies, including some involved in mining, […]
Media reports about the luxurious mansion inhabited by the previous chairman of the National Lotteries Commission–reportedly funded by kickbacks–have provided a lot of information to worry and disgust even corruption-weary South Africans.
“While I can’t comment on this specific case as I don’t have the facts, it does raise a perennial issue that boards need to keep in mind–just how many boards can an individual sit on and still discharge his or her duties with sufficient care, skill and diligence?” Natesan says. “Forty sounds like too many, but what is the correct number?”
It should be borne in mind that non-executive directors have an increasingly important role to play, and can face potential personal liability for not fulfilling their duties. It’s also true that NEDs should be experienced in the particular industry in which the company operates. Both of these facts suggest that directors should be wary of overextending themselves either by taking on too many appointments or taking on appointments in too wide a range of industries.
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