Corporate restructuring team co-leader James Millar participated in the Creditor Rights Coalition Contributor’s new feature “Let’s Debate,” in which the Contributors delve deeper into timely financial and restructuring topics. The feature, “Let’s Debate: Independent Directors Part I,” discusses the controversy surrounding independent directors.
Millar noted the discrepancy of how independent directors are viewed outside and inside of bankruptcy. “Independent directors, as they are understood outside of bankruptcy, are independent as per some other standard, but we have none within bankruptcy,” he stated.
Millar also highlights that independent directors still work for the company. “when they are analyzing something, settling something, investigating something, they still work for the company. So, when we import independent directors into other arenas like bankruptcy, it’s important to keep in mind they’re supposed to be an advocate for the company, they’re not an advocate for anybody else,” explained Millar.