Which of the following steps would it be appropriate for C Ltd to take in the light of the proposed listing?

C Ltd is a private, family-owned company which is hoping to become listed on a recognised Stock Exchange within the next two years. At the moment, the Board of Directors comprises five directors; four of whom are from the founding family and all of whom are involved in the day-to-day running of the business. The remaining director obtained a seat on the Board three years ago as a condition of an investment by a venture capital fund.

The Board meets in half-day sessions once a fortnight and the Board meetings are reasonably well run. All decisions are taken by the Board as a whole. There are no sub-committees.

Which of the following steps would it be appropriate for C Ltd to take in the light of the proposed listing?
A . Appoint enough independent non-executive directors (NEDs) that they make up at least 50% of the Board.
B . Appoint one of the NEDs as Chair of the Board.
C . Insist that the venture capital company director be removed as he is not necessarily motivated to act in the best interests of C Ltd.
D . Set up at least three sub-committees namely remuneration, nomination, and audit committees.
E . Ensure that the current executive directors are given 10 year contracts starting on the day the company is floated, to ensure consistency and continuity in the management of the company.
F . Set up an "agenda setting" sub-committee consisting of the current executive directors to decide the agenda for each Board meeting.

Answer: A,B,D