Power Character

Governance2 Apr 2026

Board Composition in a Concentrated Market

EDITORIAL IMAGE — 16:9

Independence is a behaviour, not a category on a disclosure form.

In markets where ownership is concentrated, the formal test of director independence tells you very little about how a board behaves when the controlling shareholder is in the room.

What predicts genuine challenge is far more mundane: whether any director has ever been on the losing side of a vote and stayed.