Group Says Banks Should Increase Board Independence

Law360, New York (March 13, 2012, 4:27 PM EDT) -- A major banking industry group on Tuesday stated in proposed guidelines that boards of directors at bank holding companies should have a “substantial majority” of independent members and said that directors who hold significant stock in a company should be considered independent.

The Clearing House Association, a lobbying group owned by JPMorgan Chase Bank NA, Bank of America NA, Citibank NA and several other major international banks, said that the proposed guidance was intended to help bank holding companies improve their corporate governance records in the...
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