The Query Where The Audit Committee Chair Might Be Disqualified…

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Our client, a listed IT company, has retained us for ongoing Company Secretarial/governance advice and called us for advice when they discovered that one of their independent Non-Executive Directors, and Chair of the Audit Committee, had an external directorship in an overseas company on the brink of insolvency. The Chair and CFO were keen to understand the legal and regulatory requirements for the company and obtain advice on when the corporate brokers and lawyers should be contacted for input.

Soon after the chair’s first email, we were advising them on next steps. The complexities of this intricate scenario were only known on the call, and we provided advice live on the call. Our advice included a few variations to give context and perspective.

The Chair commended us on our fast response rate and the quality of advice. The CFO appreciated our commercial approach to avoid legal and broker expenses too early.

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