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If a company is subject to a binding obligation requiring directors to be selected in a manner contrary to Listing Rule 5605(e), does it need a nominating committee?

April 26, 2017Binding COMPANY contrary Directors listing manner obligation requiring Selected Subject

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If a company is subject to a binding obligation requiring directors to be selected in a manner contrary to Listing Rule 5605(e), does it need a nominating committee?

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If the binding obligation pre-dates November 3, 2003, when NASDAQ first adopted the requirement for independent directors to make nominations, the Rule is not applicable to the company and the company need not have a nominating committee.