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?
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?
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.
