Question

An independent director is one who:
(A)
Does not have any other relationships with the company other than his or her directorship.
(B)
Did not attend a school supported by the company
(C)
Both of them
(D)
None of above

Answer 1

Explanation:

c

is the correct answer

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Answer 2

An independent director is one who (A) Does not have any other relationships with the company other than his or her directorship.

Independent director:

"An independent director is a non-executive board member who assists a company in improving its corporate credibility as well as governance standards."

He or she has no relationship with the organization that could impact the independence of his or her decision.

What is the role of an independent director?

• The independent directors of the company serve as a guide.
• In particular, their responsibilities involve improving company reputation and governance standards, dealing as a watchdog, as well as playing a major role in risk management.
• To ensure adequate governance, independent directors actively engage in multiple committees established by the organization.
• At least two-thirds of the directors on audit committees of publicly traded companies should be independent.

In order to oversee the financial reporting process as well as

1. The statement of information in the financial statements
2. Ensure compliance with listing and other regulatory obligations
3. Disclose related party transactions
4. Qualify the draught audit report among other things.

Hence, An independent director has no relationship with the organization.