Maurice Hayes (Independent)

Would it help if a distinction was made between private and public companies? I can see difficulties in this regard in a private company but, generally, public companies would be large enough to cast the play. It probably is preferable in such cases that a person other than the chairman should serve on the audit committee. There is no great problem in a private company and I presume that the audit committee would be treated in the same way as an internal audit unit, which is meant to skip line management and report to the top brass. The restriction on the chairman could be applied to public companies but flexibility could be adopted for private companies.