But Mr Chronican said that directors tapped by super funds to go on listed company boards may have special interests that made it “quite difficult” to maintain their independence.“The whole point of corporate governance in Australia is the board is collectively accountable for pursuing the best interests of the corporation,” he told“Now, when you have a director who represents a special interest, they have a potential conflict because they’re representing one party on that board.
Therefore, they’ve inherently got a conflict of interest.”He said this already often occurred when significant, cornerstone investors had representatives on company boards. “You’ve seen it in a number of companies – conflicts arise because, in their role as representing the significant shareholder account, they can’t simultaneously be representing on all occasions the best interests of the company that they’re on the board of . “That’s why in large public companies, it’s quite difficult to have a board member who has a special interes