The ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (ASX Principles) defines a non-executive director (NED) as being a director of the entity who is not an executive of the entity or a child entity.
There is no requirement specified in the Corporations Act 2001 (Cth) (the Act) to have a non-executive director on a board. However, in Australia, it is considered good practice from a governance perspective for a majority of directors on a board to be non-executive and independent, especially in listed companies.
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