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13 GLCs vs Matched Non-GLCs GLCs Matched non-GLCs Figure 7: Comparison Between GLC and Non-GLC Scores by Component (GTI

2009 C 2013) 23.7 22.8 23.1 22.9 24.2 14.1 14.1 14.3 14.7 15.4

09 10

11 12

13 Board Matters GLC Non-GLC 10.6 11.0 11.7 11.1 12.9 4.8 5.1 5.4 5.5 5.9

09 10

11 12

13 Remuneration Matters GLC Non-GLC 11.9 12.7 12.7 12.5 14.2 10.7 8.8 7.9 8.3 9.4

09 10

11 12

13 Audit &

Accountability GLC Non-GLC 14.2 16.3 16.4 15.4 18.1 8.3 9.2 9.4 8.5 9.2

09 10

11 12

13 Communication with Shareholders GLC Non-GLC Director Independence Question GLC N Non-GLC N Difference

1 Proportion of independent directors on board 0.64

103 0.46

2881 0.18 ***

3 Disclosure of all directorships and chairmanships held by its directors at present and over past

3 years 0.58

103 0.22

2881 0.37 ***

4 Chairman is independent director 0.47

103 0.13

2859 0.33 ***

5 Chairman is independent or non-executive director and not related to CEO 0.89

102 0.32

2783 0.57 ***

6 Definition of independence to include independence from major shareholders 0.36

84 0.06

2354 0.29 ***

7 Comprehensive description of how the company assesses the independence of its directors 0.55

103 0.26

2854 0.29 ***

8 Same independent directors sitting on the nominating, remuneration and audit committees 0.10

103 0.55

2881 -0.46 ***

9 Non-disclosure of director information 0.12

65 0.38

1795 -0.26 *** Nomination of directors Question GLC N Non-GLC N Difference

2 At least one independent director has experience in industry company is in 0.79

103 0.41

2880 0.37 ***

10 Director skills/experience sought disclosed 0.46

103 0.14

2880 0.31 ***

11 Process followed for nominating director disclosed 0.54

103 0.23

2880 0.32 *** Board Appraisal Question GLC N Non-GLC N Difference

12 Number of times board met during year 6.63

103 4.35

2857 2.29 ***

13 Board appraisal process disclosed in detail 0.64

103 ........