Sid's law

10 March 2003 By Hugo Dixon Follow @hugodixon

What’s the surprise here? Turkeys don’t vote for Christmas. Recent corporate disasters have rammed home the the need for checks and balances. A strong independent nonexec is one.

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The Confederation of British Industry (CBI) has called for changes to the Higgs Report on the grounds that it would undermine the role of company chairmen.

The governmentinspired Higgs Report, published earlier this year, made a series of recommendations for boosting the power of nonexecutive directors. After a consultation process is finished, listed companies will be required either to comply with the recommendations or explain why they do not.

The CBI polled chairmen of FTSE100 companies to gain their views. 82% were against recommendations for boosting the power of the senior independent director. 87% were also against the idea that a board's nomination committee should be chaired by a nonexecutive director.

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