Governance, board independence, sub committees and firm performance: Evidence from Australia

This study investigates whether the monitoring of company management by an independent board of directors serves to enhance firm performance in Australia. The paper is of interest in that it explores the impact of sub-committees such as audit, remuneration, and nomination as well as the quality and size of the audit firms. From the perspective of a regulator our findings have implications and suggest that the imposition of sub-committees and the respective composition does not in itself align the interest of managers and shareholders