ASX just sets the guidelines for listed companies including recommendations such as independent directors etc. and there is no requirement to adopt the guidelines. I believe this changes when you in ASX Top300 as are obligated to follow much more.
A lot of small caps particularly those in mining and tech tend to indicate they are too small to follow all the guidelines including for independence and hence companies appear to list with major shareholders and executive management as their BoDs.
Read study from UniNSW professors indicating independence on ASX boards destroys shareholder wealth due to the fact independence lacks skin in the game and self interest.
https://www.businessthink.unsw.edu....Board-Independence-Destroying-Firm-Value.aspx
Outside of arguing for/against independence I do see some merit going forward in having some new directors on Xped board whether they have are truely independent or not. Might just be refreshing
Warren Buffet has stated in the past only a substantial security holder is capable of challenging authority in such circumstances, as Buffett acknowledges by appointing directors with sizeable shareholdings. He does however disagree with high executive pays so maybe this reflects your remuneration concerns.
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