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Lawyers restricted from acting on client boards

In a move aimed at clarifying the position of non-executive directors, the government commissioned Higgs Report has recommended that advisers should be unable to act as non-executive directors to companies their firm has advised in the last few years.

27 January 2003

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The report, drawn up by former investment banker Derek Higgs and published on 20 January, has recommended that non-executive directors should be independent and their potential liability clarified.

The recommendations follow a number of financial scandals including Enron and Worldcom.

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Risk & Compliance