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SEC Bans INED-to-Executive Transitions, Enforces CEO Cooling-Off Rule
The Business NG
|The BusinessNG
The Securities and Exchange Commission (SEC) has issued new corporate governance rules barring Independent Non-Executive Directors (INEDs) from converting to Executive Directors (EDs) within the same company or group.
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The move, the SEC says, aims to uphold board independence and prevent governance compromises.
In a circular titled “Transmutation of Independent Non-Executive Directors and Tenure of Directors,” the Commission decried the growing trend of INEDs transitioning into executive roles, including CEO positions. It warned that the practice undermines neutrality, objective oversight, and the core tenets of independent directorship.
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