Independence is critical to a properly functioning board. That is why at LEADWAY, we pride ourselves on clearly defining relationships to avoid situations that may interfere with the exercise of the directors' independent judgment.
Definition of Directors' Independence
Stated most simply, an independent director is a person whose directorship constitutes his or her only connection to the Company. In other words, such a person has no material relationship with the Company that may interfere with the exercise of the directors' independent judgment.
Four of the eight members of LEADWAY’s board are totally independent of the Company and have no direct relationship with the management of the Company or its subsidiaries. The only money or perquisites received, directly or indirectly, by these independent directors or their immediate family members from the Company is the remuneration directly related to their service as LEADWAY directors.
Conflicts of Interest
LEADWAY recognizes that the establishment of these jointly managed companies accentuates the risk for potential, real, or perceived conflicts of interest. The institutions of LEADWAY are committed to first identifying specific situations in which conflicts of interest issues are likely to arise; and second, to consistently and effectively manage these situations in a manner that ensures that clients’ interests are respected and the Company’s role as a provider of sound financial services is not jeopardized.
Accordingly, the decisions of each subsidiary board of directors are unanimously agreed by that board. The parent board only acts in an advisory capacity. Copies of the Memorandum and Articles of Association for each subsidiary are available on request.
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