EGC Corporate Governance Practices (May 2018)

EGC Corporate Governance Practices: A Survey and Related Resources PAGE 17 Figure 25 : N=848. Limitations on Board Memberships Only 14 companies, or approximately 1.7%, imposed limits on the number of boards on which directors can serve. Thirteen of these companies are Israeli companies following the Israeli Companies Law, which prohibits a director of one company from being appointed as an external director of another company if such director is acting as an external director of the first company at such time. The one other company did not permit any directors to serve on the board of any competitor in its industry. Figure 26 : N=848. Mandatory Retirement Age Approximately 1.2% of issuers had a mandatory retirement age for directors, and 98.8% did not. The mandatory retirement age ranged from 70 to 75 years of age. Additionally, all but one of these ten companies were FPIs. Yes; 28 No; 820 Board Tenure Limitations (By Frequency) Yes No Yes; 14 No; 834 Board Membership Limitations (By Frequency) Yes No