Original article by Philip Baker
The Australian Financial Review – Page: 29 : 9-Sep-14
Analysis by Credit Suisse suggests that the number of directors on a listed company’s board can influence shareholder returns. The firm concludes that the optimum number of directors for companies with a market value of at least $A5bn is between nine and 11, and 6-8 in the case of those with a capitalisation of less than $A5bn. The majority of companies have 6-8 directors, although BHP Billiton and Crown Resorts each have 13
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CREDIT SUISSE (AUSTRALIA) LIMITED, BHP BILLITON LIMITED – ASX BHP, CROWN RESORTS LIMITED – ASX CWN, INSURANCE AUSTRALIA GROUP LIMITED – ASX IAG, QBE INSURANCE GROUP LIMITED – ASX QBE, AMCOR LIMITED – ASX AMC, SCENTRE GROUP – ASX SCG, AGL ENERGY LIMITED – ASX AGK, STOCKLAND – ASX SGP, SONIC HEALTHCARE LIMITED – ASX SHL, CALTEX AUSTRALIA LIMITED – ASX CTX, SYDNEY AIRPORT – ASX SYD, INCITEC PIVOT LIMITED – ASX IPL, MIRVAC GROUP – ASX MGR, DEXUS PROPERTY GROUP – ASX DXS, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, BLUESCOPE STEEL LIMITED – ASX BSL, JAMES HARDIE INDUSTRIES PLC – ASX JHX, METCASH LIMITED – ASX MTS, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, FAIRFAX MEDIA LIMITED – ASX FXJ, CHALLENGER LIMITED – ASX CGF, ATLAS IRON LIMITED – ASX AGO, FLIGHT CENTRE TRAVEL GROUP LIMITED – ASX FLT, SEEK LIMITED – ASX SEK, INVESTA OFFICE FUND – ASX IOF, INDEPENDENCE GROUP NL – ASX IGO, WESFARMERS LIMITED – ASX WES, RIO TINTO LIMITED – ASX RIO, WESTFIELD CORPORATION – ASX WFD, FORTESCUE METALS GROUP LIMITED – ASX FMG, GOODMAN GROUP – ASX GMG, UNIVERSITY OF NEW SOUTH WALES, AUSTRALIAN SECURITIES EXCHANGE. CORPORATE GOVERNANCE COUNCIL, GMI RATINGS
