Elliott International's board members ask themselves Judge Mervyn King's* (the doyen of corporate governance) eight key questions when making a decision:

• Is there any conflict?
• Do I have all the facts to enable me to make a decision?
• Is this a rational business decision based on all the facts?
• Is this decision in the best interests of the company?
• Is the communication to stakeholders transparent?
• Is the company acting in a socially responsible manner?
• Am I acting as a good steward of the company's assets?
• Would the board be embarrassed if its decision and the process employed in arriving at its decision appeared on the front page of the national newspaper?

*author of "King Code of Practices and Conducts"