EGC Corporate Governance Practices (May 2018)

EGC Corporate Governance Practices: A Survey and Related Resources PAGE 33 Figure 49 : N=9. Of the 46 FPI EGCs, approximately 95.7% chose to follow home country governance principles. Board Size and Elections Size of Board The size of the boards of directors ranged from 3 to 12 members. The number of directors also grew from first filing to closing of the IPO – from an average of approximately 5.9 at first filing to approximately 6.4 at pricing to approximately 6.8 at closing of the IPO. Figure 50: N=168. 0 1 2 3 TSX Euronext Brussels Euronext Paris AIM ASX Bolsas y Mercados Nasdaq Copenhagen FPI Dual-Listing by Exchange (By Frequency) 5.9 6.4 6.8 5.4 5.6 5.8 6 6.2 6.4 6.6 6.8 7 Average Number of Directors at First Filing Average Number of Directors at Pricing Average Number of Directors at Closing Growth in Average Number of Directors (From First Filing Through Closing) Average Number of Directors