KUALA LUMPUR (Nov 2): The role of independent directors is to help protect a company from mismanagement and enhance its value.

They must speak out if they disagree on a particular issue or believe a deal will be detrimental to the stakeholders.

They can opt not to sign off and just walk away, say experts.

The job also used to be appealing. Snagging a seat on a company’s board, you have to be known or connected to the board members, the CEO or the major shareholders.

It is a job most seasoned former corporate heads covet after retirement.

But not anymore. Corporate scandals involving companies such as Transmile Group Bhd accounting fraud and Megan Media Bhd have turned the spotlight on the role of independent directors in protecting the interests of the minority shareholders and ensuring that everything is above board.

It is no longer acceptable for them to simply authorise or approve a resolution and not be held accountable for the action.

The Edge speaks to regulators and stakeholders on how Malaysian independent directors are faring, what are the rules governing them and how they can do more.

Read what they have to say by picking up the latest issue of The Edge.

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