Independent Non-Executive Director (NED)
The Toronto Stock Exchange (TSX) requires a listed corporation to have at least two independent directors. For this purpose, an independent director is a person who:
- is not a member of management and is free from any interest and any business or other relationship that could reasonably be perceived to materially interfere with the director’s ability to act in the best interest of the corporation
- is a beneficial holder, directly or indirectly, or is a nominee or associate of a beneficial holder, collectively of 10 per cent or less of the votes attaching to all issued and outstanding securities of the corporation.