Commercial Law, 2012 Bar — Question 68

MULTIPLE CHOICE

Section 38 of The Securities Regulation Code defines an independent director as a person who must not have a relation with the corporation which would interfere with his exercise of independent judgment in carrying out the responsibilities of a director. To ensure independence therefore, he must be - A) Nominated and elected by the entire shareholders; B) Nominated and elected by the minority shareholders; C) Nominated and elected by the majority shareholders; D) Appointed by the Board.

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