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Mike Ransom was recently elected to the board of directors for Tedeschi Chemical Corporation (TCC). Ransom knows that as a board member, he is responsible for serving on at least one board committee. In an effort to understand the board committee structure, he asks Kelly Williams, who has served on the board for 7 years, to describe the structure and practices of various committees to him. Williams makes the following statements:
Which of Williams’s statements about TCC’s committee structure are consistent with corporate governance best practice? A. Statement 3 only. B. Statements 2 and 3 only. C. Statements 1, 2, and 3. |