Following the departures of Messrs Mather and Smart this morning, the Rangers website was quickly updated.
It graphically shows the sorry state the RIFC Boardroom has reached.
That is it.
Just two of them.
Hopefully they do not have any meetings of the Audit Committee, Remuneration Committee or Appointments Committee scheduled.
The Rangers website details how they are made up.
In accordance with best practice, the Company has established audit, nomination and remuneration committees, with written terms of reference for each that deal with their respective authorities and duties. The full terms of reference of all the committees are available from the company secretary or can be located here.
The audit committee is comprised entirely of independent non-executive Directors. It is chaired by Bryan Smart. Ian Hart and James Easdale are members of this committee. The audit committee is expected to meet not less than twice a year
The nomination committee is comprised of entirely of independent non-executive Directors. It is chaired by Ian Hart. Bryan Smart and James Easdale are members of this committee. The nomination committee is expected to meet not less than twice a year.
The remuneration committee is comprised entirely of independent non-executive Directors. It is chaired by James Easdale. Bryan Smart and Ian Hart are members of this committee. The committee is expected to meet not less than twice a year.
Oh dear. Messrs Hart and Smart are now gone (and doesn’t that seem a good title for a cop show – “Hart and Smart”?)
Investopedia gives the following description of the “Nomination Committee”.
A committee that acts under the corporate governance area of an organization. A nomination committees is focused on evaluating the board of directors of its respective firm and on examining the skills and characteristics that are needed in board candidates. Nomination committees may also have other duties, which vary from company from company.
Its role is described as follows:-
The nomination committee will often identify suitable candidates for various director positions. Other responsibilities may include reviewing and changing corporate governance policies. The committee is often comprised of the chairman of the board, the deputy chairman, and the chief executive officer. The exact number of members on each committee tends to differ depending on the organization.
So does that mean that it is up to Mr Easdale to suggest new directors?
At least the cost of tea and biscuits for the Committee meetings will be greatly reduced, though as we know there are no money issues at Ibrox!
Posted by Paul McConville