Shearman & Sterling LLP 35 | Board Size and Leadership
10
2
64
21
2
1
Number of Non-Independent Directors*
One non-independent board director
Two non-independent board directors
Three non-independent board directors
Four non-independent board directors
Five non-independent board directors
Six non-independent board directors
Director Independence
* Includes one company where the two non-independent directors are co-CEOs.
of the directors on the boards
of the Top 100 Companies.
Over the last 10 years, the
number of companies at
which the CEO is the only
non-independent director
has increased significantly.
Independent directors constituted
of the Top 100
Companies have
boards composed
of 75% or more
independent directors
of the Top 100 Companies
have management directors
(other than the CEO)
who are not independent,
including one of the Top 100
Companies that has its CFO
on the board and three of the
Top 100 Companies that have
their COO on the board
of the Top 100
Companies have
non-management
directors who are
not independent
an average of
93 19 22
86%
