2.1.1 A complementary set of skills, knowledge and expertise to ensure the board is value-adding for the company.
Since the CG has initially emerged while dealing with certain events which were different in terms of timing, significance and originating countries, therefore, the most commonly used terms are defined bellow:
2.1.2 It is not necessary that each Director possess all the skills required, rather, it is important that there is an appropriate mix on the board, balanced across different individuals to avoid concentration of power and information limited to one or a group of individuals.
2.1.3 The most important skills that the Directors should possess are: vision, strategic perspective, good managerial judgment, and ability to manage and supervise an organization, knowledge of law and finance as well as some knowledge specific to the company (e.g. sector knowledge).
2.2 Independence, Age, Commitment
2.2.2 Age: Maximum and minimum age limit will be considered based on the laws requirements, company circumstances and its environment.
2.2.3 Commitments: Establish rules to determine the criteria for estimating time required from the board members to fulfill their responsibilities and duties, and the mechanism to ensure the accurate time estimate.
2.3 Disclosure of the criteria for selecting board member
2.3.1 The company should articulate in writing the qualifications of Directors required by the company.
2.3.2 The company should also disclose statements on how currently serving and/or newly appointed Directors meet the required criteria.