Can a non executive director sit on the audit committee for x Company even though this person was the auditor for x company 3 years ago and has financial experience?
Also the CEO of the x company employed his sister as a NED with no financial experience, but also sits on the audit committee.
Due to independence who would get rid off the audit committee?
Q1 Yes. It seems that the three gap is enough to create independencs.
Q2 No. Close family members are not independent.
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