Report: Private equity should appoint external directors

07/17/2007 | Financial Times (free content)

Private equity will propose greater financial transparency and improvements to corporate governance as a way to stem criticism. Former Morgan Stanley International and the Securities and Investments Board Chairman Sir David Walker will make the controversial proposal that private-equity firms name external, nonexecutive directors to the boards of some companies that private equity buys. The report, which is scheduled to be released today, is the first major response to criticism of the industry's secrecy.

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