7.3.2.2 Board committees

The requirements for board committees are good from an independence viewpoint as well. The audit and remuneration committees may solely comprise independent NEDs, whereas the majority of the members of the nomination committee must be independent NEDs. Executive directors may therefore have a position on the nomination committee. The role of the chairman on these board committees varies. He is not allowed to be a member of the audit committee, except in smaller companies. He may be a member of the remuneration committee, but may not be the chair. In these two board committees, the chairman must be independent. And the chairman may be part of the nomination committee and even chair this committee.