A publicly listed company has a 12-person board of directors whose composition is as follows: · The chairman, who is the past president of the company and was named Chairman upon his retirement four years ago. · Five members of senior management, including the current president. · Six outside directors. Each member is elected for a two-year term and one-half of the positions stand for election every year. The three members of the audit committee are all outside directors and have relevant financial experience. The remuneration committee is composed of the chairman and two outside directors. Which of the following actions would provide the greatest improvement in the corporate governance of this company()
A. The chairman of the board should be an independent director.
B. All members of the board of directors should stand for election every year.
C. The company’s vice president of finance should be a member of the audit committee.