Graybeards: External directors and PE portfolio companies
Just over eight years ago, I penned an article for another publication on the role of independent directors at Chinese state-owned enterprises (SOEs). This was mid-2007, and China Construction Bank (CCB), Bank of China (BoC) and Industrial & Commercial Bank of China (ICBC) had all completed Hong Kong IPOs in the past 18 months or so.
Having been technically insolvent a few years earlier, the state-owned banks wanted to convey a sense of stability to investors as they prepared to go public. High-profile foreign investors were brought...
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