id	sid	tid	token	lemma	pos
fbem-13618	1	1	frontiers	frontier	NOUN
fbem-13618	1	2	in	in	ADP
fbem-13618	1	3	business	business	NOUN
fbem-13618	1	4	,	,	PUNCT
fbem-13618	1	5	economics	economic	NOUN
fbem-13618	1	6	and	and	CCONJ
fbem-13618	1	7	management	management	NOUN
fbem-13618	1	8	issn	issn	PROPN
fbem-13618	1	9	:	:	PUNCT
fbem-13618	1	10	2766	2766	NUM
fbem-13618	1	11	-	-	PUNCT
fbem-13618	1	12	824x	824x	NUM
fbem-13618	1	13	|	|	ADJ
fbem-13618	1	14	vol	vol	NOUN
fbem-13618	1	15	.	.	PROPN
fbem-13618	2	1	12	12	NUM
fbem-13618	2	2	,	,	PUNCT
fbem-13618	2	3	no	no	INTJ
fbem-13618	2	4	.	.	NOUN
fbem-13618	2	5	1	1	NUM
fbem-13618	2	6	,	,	PUNCT
fbem-13618	2	7	2023	2023	NUM
fbem-13618	2	8	7	7	NUM
fbem-13618	2	9	the	the	DET
fbem-13618	2	10	role	role	NOUN
fbem-13618	2	11	of	of	ADP
fbem-13618	2	12	independent	independent	ADJ
fbem-13618	2	13	directors	director	NOUN
fbem-13618	2	14	in	in	ADP
fbem-13618	2	15	ensuring	ensure	VERB
fbem-13618	2	16	good	good	ADJ
fbem-13618	2	17	corporate	corporate	ADJ
fbem-13618	2	18	governance	governance	NOUN
fbem-13618	2	19	junmeng	junmeng	PROPN
fbem-13618	2	20	chang	chang	PROPN
fbem-13618	2	21	school	school	PROPN
fbem-13618	2	22	of	of	ADP
fbem-13618	2	23	law	law	NOUN
fbem-13618	2	24	,	,	PUNCT
fbem-13618	2	25	university	university	NOUN
fbem-13618	2	26	of	of	ADP
fbem-13618	2	27	leeds	leed	NOUN
fbem-13618	2	28	,	,	PUNCT
fbem-13618	2	29	leeds	leed	NOUN
fbem-13618	2	30	,	,	PUNCT
fbem-13618	2	31	united	united	ADJ
fbem-13618	2	32	kingdom	kingdom	PROPN
fbem-13618	2	33	abstract	abstract	PROPN
fbem-13618	2	34	:	:	PUNCT
fbem-13618	2	35	for	for	ADP
fbem-13618	2	36	a	a	DET
fbem-13618	2	37	long	long	ADJ
fbem-13618	2	38	time	time	NOUN
fbem-13618	2	39	,	,	PUNCT
fbem-13618	2	40	independent	independent	ADJ
fbem-13618	2	41	directors	director	NOUN
fbem-13618	2	42	have	have	AUX
fbem-13618	2	43	been	be	AUX
fbem-13618	2	44	playing	play	VERB
fbem-13618	2	45	an	an	DET
fbem-13618	2	46	important	important	ADJ
fbem-13618	2	47	supervisory	supervisory	ADJ
fbem-13618	2	48	role	role	NOUN
fbem-13618	2	49	in	in	ADP
fbem-13618	2	50	the	the	DET
fbem-13618	2	51	operation	operation	NOUN
fbem-13618	2	52	and	and	CCONJ
fbem-13618	2	53	management	management	NOUN
fbem-13618	2	54	of	of	ADP
fbem-13618	2	55	the	the	DET
fbem-13618	2	56	company	company	NOUN
fbem-13618	2	57	,	,	PUNCT
fbem-13618	2	58	protecting	protect	VERB
fbem-13618	2	59	the	the	DET
fbem-13618	2	60	interests	interest	NOUN
fbem-13618	2	61	of	of	ADP
fbem-13618	2	62	the	the	DET
fbem-13618	2	63	owners	owner	NOUN
fbem-13618	2	64	of	of	ADP
fbem-13618	2	65	the	the	DET
fbem-13618	2	66	enterprise	enterprise	NOUN
fbem-13618	2	67	and	and	CCONJ
fbem-13618	2	68	maintaining	maintain	VERB
fbem-13618	2	69	the	the	DET
fbem-13618	2	70	balance	balance	NOUN
fbem-13618	2	71	of	of	ADP
fbem-13618	2	72	interests	interest	NOUN
fbem-13618	2	73	between	between	ADP
fbem-13618	2	74	the	the	DET
fbem-13618	2	75	management	management	NOUN
fbem-13618	2	76	of	of	ADP
fbem-13618	2	77	the	the	DET
fbem-13618	2	78	company	company	NOUN
fbem-13618	2	79	and	and	CCONJ
fbem-13618	2	80	the	the	DET
fbem-13618	2	81	shareholders	shareholder	NOUN
fbem-13618	2	82	.	.	PUNCT
fbem-13618	3	1	the	the	DET
fbem-13618	3	2	research	research	NOUN
fbem-13618	3	3	in	in	ADP
fbem-13618	3	4	this	this	DET
fbem-13618	3	5	paper	paper	NOUN
fbem-13618	3	6	aims	aim	VERB
fbem-13618	3	7	to	to	PART
fbem-13618	3	8	explore	explore	VERB
fbem-13618	3	9	the	the	DET
fbem-13618	3	10	positive	positive	ADJ
fbem-13618	3	11	role	role	NOUN
fbem-13618	3	12	and	and	CCONJ
fbem-13618	3	13	problems	problem	NOUN
fbem-13618	3	14	of	of	ADP
fbem-13618	3	15	independent	independent	ADJ
fbem-13618	3	16	directors	director	NOUN
fbem-13618	3	17	in	in	ADP
fbem-13618	3	18	good	good	ADJ
fbem-13618	3	19	corporate	corporate	ADJ
fbem-13618	3	20	governance	governance	NOUN
fbem-13618	3	21	,	,	PUNCT
fbem-13618	3	22	such	such	ADJ
fbem-13618	3	23	as	as	ADP
fbem-13618	3	24	the	the	DET
fbem-13618	3	25	positive	positive	ADJ
fbem-13618	3	26	role	role	NOUN
fbem-13618	3	27	of	of	ADP
fbem-13618	3	28	independent	independent	ADJ
fbem-13618	3	29	directors	director	NOUN
fbem-13618	3	30	in	in	ADP
fbem-13618	3	31	constraining	constrain	VERB
fbem-13618	3	32	and	and	CCONJ
fbem-13618	3	33	supervising	supervise	VERB
fbem-13618	3	34	directors	director	NOUN
fbem-13618	3	35	,	,	PUNCT
fbem-13618	3	36	protecting	protect	VERB
fbem-13618	3	37	the	the	DET
fbem-13618	3	38	interests	interest	NOUN
fbem-13618	3	39	of	of	ADP
fbem-13618	3	40	small	small	ADJ
fbem-13618	3	41	and	and	CCONJ
fbem-13618	3	42	medium	medium	ADJ
fbem-13618	3	43	-	-	PUNCT
fbem-13618	3	44	sized	sized	ADJ
fbem-13618	3	45	shareholders	shareholder	NOUN
fbem-13618	3	46	,	,	PUNCT
fbem-13618	3	47	and	and	CCONJ
fbem-13618	3	48	some	some	DET
fbem-13618	3	49	problems	problem	NOUN
fbem-13618	3	50	such	such	ADJ
fbem-13618	3	51	as	as	ADP
fbem-13618	3	52	the	the	DET
fbem-13618	3	53	independence	independence	NOUN
fbem-13618	3	54	of	of	ADP
fbem-13618	3	55	independent	independent	ADJ
fbem-13618	3	56	directors	director	NOUN
fbem-13618	3	57	being	be	AUX
fbem-13618	3	58	questioned	question	VERB
fbem-13618	3	59	.	.	PUNCT
fbem-13618	4	1	through	through	ADP
fbem-13618	4	2	the	the	DET
fbem-13618	4	3	establishment	establishment	NOUN
fbem-13618	4	4	of	of	ADP
fbem-13618	4	5	some	some	DET
fbem-13618	4	6	british	british	ADJ
fbem-13618	4	7	committees	committee	NOUN
fbem-13618	4	8	,	,	PUNCT
fbem-13618	4	9	the	the	DET
fbem-13618	4	10	independent	independent	ADJ
fbem-13618	4	11	directors	director	NOUN
fbem-13618	4	12	have	have	AUX
fbem-13618	4	13	conducted	conduct	VERB
fbem-13618	4	14	in	in	ADP
fbem-13618	4	15	-	-	PUNCT
fbem-13618	4	16	depth	depth	NOUN
fbem-13618	4	17	studies	study	NOUN
fbem-13618	4	18	to	to	PART
fbem-13618	4	19	verify	verify	VERB
fbem-13618	4	20	the	the	DET
fbem-13618	4	21	problems	problem	NOUN
fbem-13618	4	22	of	of	ADP
fbem-13618	4	23	independent	independent	ADJ
fbem-13618	4	24	directors	director	NOUN
fbem-13618	4	25	,	,	PUNCT
fbem-13618	4	26	published	publish	VERB
fbem-13618	4	27	some	some	DET
fbem-13618	4	28	insightful	insightful	ADJ
fbem-13618	4	29	reports	report	NOUN
fbem-13618	4	30	and	and	CCONJ
fbem-13618	4	31	comments	comment	NOUN
fbem-13618	4	32	,	,	PUNCT
fbem-13618	4	33	and	and	CCONJ
fbem-13618	4	34	put	put	VERB
fbem-13618	4	35	forward	forward	ADV
fbem-13618	4	36	some	some	DET
fbem-13618	4	37	suggestions	suggestion	NOUN
fbem-13618	4	38	for	for	ADP
fbem-13618	4	39	improvement	improvement	NOUN
fbem-13618	4	40	.	.	PUNCT
fbem-13618	5	1	these	these	DET
fbem-13618	5	2	debates	debate	NOUN
fbem-13618	5	3	have	have	AUX
fbem-13618	5	4	affirmed	affirm	VERB
fbem-13618	5	5	the	the	DET
fbem-13618	5	6	supervisory	supervisory	ADJ
fbem-13618	5	7	function	function	NOUN
fbem-13618	5	8	played	play	VERB
fbem-13618	5	9	by	by	ADP
fbem-13618	5	10	independent	independent	ADJ
fbem-13618	5	11	directors	director	NOUN
fbem-13618	5	12	on	on	ADP
fbem-13618	5	13	the	the	DET
fbem-13618	5	14	one	one	NUM
fbem-13618	5	15	hand	hand	NOUN
fbem-13618	5	16	,	,	PUNCT
fbem-13618	5	17	and	and	CCONJ
fbem-13618	5	18	pointed	point	VERB
fbem-13618	5	19	out	out	ADP
fbem-13618	5	20	the	the	DET
fbem-13618	5	21	existing	exist	VERB
fbem-13618	5	22	problems	problem	NOUN
fbem-13618	5	23	on	on	ADP
fbem-13618	5	24	the	the	DET
fbem-13618	5	25	other	other	ADJ
fbem-13618	5	26	,	,	PUNCT
fbem-13618	5	27	but	but	CCONJ
fbem-13618	5	28	it	it	PRON
fbem-13618	5	29	is	be	AUX
fbem-13618	5	30	undeniable	undeniable	ADJ
fbem-13618	5	31	that	that	SCONJ
fbem-13618	5	32	the	the	DET
fbem-13618	5	33	existence	existence	NOUN
fbem-13618	5	34	of	of	ADP
fbem-13618	5	35	these	these	DET
fbem-13618	5	36	problems	problem	NOUN
fbem-13618	5	37	can	can	AUX
fbem-13618	5	38	not	not	PART
fbem-13618	5	39	erase	erase	VERB
fbem-13618	5	40	the	the	DET
fbem-13618	5	41	positive	positive	ADJ
fbem-13618	5	42	role	role	NOUN
fbem-13618	5	43	played	play	VERB
fbem-13618	5	44	by	by	ADP
fbem-13618	5	45	independent	independent	ADJ
fbem-13618	5	46	directors	director	NOUN
fbem-13618	5	47	in	in	ADP
fbem-13618	5	48	good	good	ADJ
fbem-13618	5	49	corporate	corporate	ADJ
fbem-13618	5	50	governance	governance	NOUN
fbem-13618	5	51	and	and	CCONJ
fbem-13618	5	52	their	their	PRON
fbem-13618	5	53	developmental	developmental	ADJ
fbem-13618	5	54	future	future	NOUN
fbem-13618	5	55	.	.	PUNCT
fbem-13618	6	1	therefore	therefore	ADV
fbem-13618	6	2	,	,	PUNCT
fbem-13618	6	3	continuous	continuous	ADJ
fbem-13618	6	4	improvement	improvement	NOUN
fbem-13618	6	5	of	of	ADP
fbem-13618	6	6	independent	independent	ADJ
fbem-13618	6	7	directors	director	NOUN
fbem-13618	6	8	to	to	PART
fbem-13618	6	9	highlight	highlight	VERB
fbem-13618	6	10	their	their	PRON
fbem-13618	6	11	advantages	advantage	NOUN
fbem-13618	6	12	in	in	ADP
fbem-13618	6	13	good	good	ADJ
fbem-13618	6	14	corporate	corporate	ADJ
fbem-13618	6	15	governance	governance	NOUN
fbem-13618	6	16	is	be	AUX
fbem-13618	6	17	the	the	DET
fbem-13618	6	18	direction	direction	NOUN
fbem-13618	6	19	for	for	SCONJ
fbem-13618	6	20	independent	independent	ADJ
fbem-13618	6	21	directors	director	NOUN
fbem-13618	6	22	to	to	PART
fbem-13618	6	23	move	move	VERB
fbem-13618	6	24	forward	forward	ADV
fbem-13618	6	25	in	in	ADP
fbem-13618	6	26	the	the	DET
fbem-13618	6	27	new	new	ADJ
fbem-13618	6	28	era	era	NOUN
fbem-13618	6	29	.	.	PUNCT
fbem-13618	7	1	keywords	keyword	NOUN
fbem-13618	7	2	:	:	PUNCT
fbem-13618	7	3	independent	independent	ADJ
fbem-13618	7	4	directors	director	NOUN
fbem-13618	7	5	,	,	PUNCT
fbem-13618	7	6	corporate	corporate	ADJ
fbem-13618	7	7	governance	governance	NOUN
fbem-13618	7	8	,	,	PUNCT
fbem-13618	7	9	independence	independence	NOUN
fbem-13618	7	10	,	,	PUNCT
fbem-13618	7	11	supervision	supervision	NOUN
fbem-13618	7	12	.	.	PUNCT
fbem-13618	8	1	1	1	X
fbem-13618	8	2	.	.	X
fbem-13618	8	3	introduction	introduction	NOUN
fbem-13618	8	4	a	a	DET
fbem-13618	8	5	director	director	NOUN
fbem-13618	8	6	who	who	PRON
fbem-13618	8	7	does	do	AUX
fbem-13618	8	8	not	not	PART
fbem-13618	8	9	work	work	VERB
fbem-13618	8	10	within	within	ADP
fbem-13618	8	11	the	the	DET
fbem-13618	8	12	company	company	NOUN
fbem-13618	8	13	but	but	CCONJ
fbem-13618	8	14	is	be	AUX
fbem-13618	8	15	able	able	ADJ
fbem-13618	8	16	to	to	PART
fbem-13618	8	17	make	make	VERB
fbem-13618	8	18	independent	independent	ADJ
fbem-13618	8	19	judgments	judgment	NOUN
fbem-13618	8	20	about	about	ADP
fbem-13618	8	21	the	the	DET
fbem-13618	8	22	company	company	NOUN
fbem-13618	8	23	's	's	PART
fbem-13618	8	24	affairs	affair	NOUN
fbem-13618	8	25	and	and	CCONJ
fbem-13618	8	26	is	be	AUX
fbem-13618	8	27	independent	independent	ADJ
fbem-13618	8	28	of	of	ADP
fbem-13618	8	29	the	the	DET
fbem-13618	8	30	company	company	NOUN
fbem-13618	8	31	's	's	PART
fbem-13618	8	32	shareholders	shareholder	NOUN
fbem-13618	8	33	,	,	PUNCT
fbem-13618	8	34	and	and	CCONJ
fbem-13618	8	35	has	have	VERB
fbem-13618	8	36	no	no	DET
fbem-13618	8	37	significant	significant	ADJ
fbem-13618	8	38	business	business	NOUN
fbem-13618	8	39	or	or	CCONJ
fbem-13618	8	40	professional	professional	ADJ
fbem-13618	8	41	ties	tie	NOUN
fbem-13618	8	42	to	to	ADP
fbem-13618	8	43	the	the	DET
fbem-13618	8	44	company	company	NOUN
fbem-13618	8	45	or	or	CCONJ
fbem-13618	8	46	its	its	PRON
fbem-13618	8	47	management	management	NOUN
fbem-13618	8	48	.	.	PUNCT
fbem-13618	9	1	independent	independent	ADJ
fbem-13618	9	2	directors	director	NOUN
fbem-13618	9	3	are	be	AUX
fbem-13618	9	4	a	a	DET
fbem-13618	9	5	means	means	NOUN
fbem-13618	9	6	of	of	ADP
fbem-13618	9	7	reducing	reduce	VERB
fbem-13618	9	8	agency	agency	NOUN
fbem-13618	9	9	costs	cost	NOUN
fbem-13618	9	10	between	between	ADP
fbem-13618	9	11	the	the	DET
fbem-13618	9	12	proprietor	proprietor	NOUN
fbem-13618	9	13	and	and	CCONJ
fbem-13618	9	14	the	the	DET
fbem-13618	9	15	owner	owner	NOUN
fbem-13618	9	16	of	of	ADP
fbem-13618	9	17	a	a	DET
fbem-13618	9	18	company	company	NOUN
fbem-13618	9	19	,	,	PUNCT
fbem-13618	9	20	acting	act	VERB
fbem-13618	9	21	as	as	ADP
fbem-13618	9	22	a	a	DET
fbem-13618	9	23	link	link	NOUN
fbem-13618	9	24	between	between	ADP
fbem-13618	9	25	the	the	DET
fbem-13618	9	26	right	right	NOUN
fbem-13618	9	27	to	to	PART
fbem-13618	9	28	allocate	allocate	VERB
fbem-13618	9	29	resources	resource	NOUN
fbem-13618	9	30	and	and	CCONJ
fbem-13618	9	31	the	the	DET
fbem-13618	9	32	ownership	ownership	NOUN
fbem-13618	9	33	of	of	ADP
fbem-13618	9	34	resources	resource	NOUN
fbem-13618	9	35	,	,	PUNCT
fbem-13618	9	36	and	and	CCONJ
fbem-13618	9	37	between	between	ADP
fbem-13618	9	38	the	the	DET
fbem-13618	9	39	majority	majority	NOUN
fbem-13618	9	40	and	and	CCONJ
fbem-13618	9	41	minority	minority	NOUN
fbem-13618	9	42	shareholders	shareholder	NOUN
fbem-13618	9	43	,	,	PUNCT
fbem-13618	9	44	and	and	CCONJ
fbem-13618	9	45	supervising	supervise	VERB
fbem-13618	9	46	that	that	SCONJ
fbem-13618	9	47	the	the	DET
fbem-13618	9	48	company	company	NOUN
fbem-13618	9	49	's	's	PART
fbem-13618	9	50	decisions	decision	NOUN
fbem-13618	9	51	do	do	AUX
fbem-13618	9	52	not	not	PART
fbem-13618	9	53	deviate	deviate	VERB
fbem-13618	9	54	from	from	ADP
fbem-13618	9	55	the	the	DET
fbem-13618	9	56	interests	interest	NOUN
fbem-13618	9	57	of	of	ADP
fbem-13618	9	58	the	the	DET
fbem-13618	9	59	investors[1	investors[1	PROPN
fbem-13618	9	60	]	]	PUNCT
fbem-13618	9	61	.	.	PUNCT
fbem-13618	10	1	this	this	PRON
fbem-13618	10	2	is	be	AUX
fbem-13618	10	3	how	how	SCONJ
fbem-13618	10	4	agency	agency	NOUN
fbem-13618	10	5	theory	theory	NOUN
fbem-13618	10	6	looks	look	VERB
fbem-13618	10	7	at	at	ADP
fbem-13618	10	8	independent	independent	ADJ
fbem-13618	10	9	directors	director	NOUN
fbem-13618	10	10	.	.	PUNCT
fbem-13618	11	1	the	the	DET
fbem-13618	11	2	independent	independent	ADJ
fbem-13618	11	3	director	director	NOUN
fbem-13618	11	4	is	be	AUX
fbem-13618	11	5	a	a	DET
fbem-13618	11	6	product	product	NOUN
fbem-13618	11	7	of	of	ADP
fbem-13618	11	8	the	the	DET
fbem-13618	11	9	differentiation	differentiation	NOUN
fbem-13618	11	10	of	of	ADP
fbem-13618	11	11	the	the	DET
fbem-13618	11	12	monolithic	monolithic	ADJ
fbem-13618	11	13	structure	structure	NOUN
fbem-13618	11	14	,	,	PUNCT
fbem-13618	11	15	and	and	CCONJ
fbem-13618	11	16	its	its	PRON
fbem-13618	11	17	core	core	NOUN
fbem-13618	11	18	purpose	purpose	NOUN
fbem-13618	11	19	is	be	AUX
fbem-13618	11	20	consistent	consistent	ADJ
fbem-13618	11	21	with	with	ADP
fbem-13618	11	22	the	the	DET
fbem-13618	11	23	agency	agency	NOUN
fbem-13618	11	24	theory	theory	NOUN
fbem-13618	11	25	,	,	PUNCT
fbem-13618	11	26	both	both	PRON
fbem-13618	11	27	of	of	ADP
fbem-13618	11	28	which	which	PRON
fbem-13618	11	29	play	play	VERB
fbem-13618	11	30	a	a	DET
fbem-13618	11	31	supervisory	supervisory	ADJ
fbem-13618	11	32	function	function	NOUN
fbem-13618	11	33	,	,	PUNCT
fbem-13618	11	34	according	accord	VERB
fbem-13618	11	35	to	to	ADP
fbem-13618	11	36	the	the	DET
fbem-13618	11	37	theory	theory	NOUN
fbem-13618	11	38	of	of	ADP
fbem-13618	11	39	differentiation	differentiation	NOUN
fbem-13618	11	40	of	of	ADP
fbem-13618	11	41	board	board	NOUN
fbem-13618	11	42	functions	function	NOUN
fbem-13618	11	43	,	,	PUNCT
fbem-13618	11	44	the	the	DET
fbem-13618	11	45	independent	independent	ADJ
fbem-13618	11	46	director	director	NOUN
fbem-13618	11	47	is	be	AUX
fbem-13618	11	48	a	a	DET
fbem-13618	11	49	product	product	NOUN
fbem-13618	11	50	of	of	ADP
fbem-13618	11	51	the	the	DET
fbem-13618	11	52	differentiation	differentiation	NOUN
fbem-13618	11	53	of	of	ADP
fbem-13618	11	54	the	the	DET
fbem-13618	11	55	monolithic	monolithic	ADJ
fbem-13618	11	56	structure	structure	NOUN
fbem-13618	11	57	,	,	PUNCT
fbem-13618	11	58	by	by	ADP
fbem-13618	11	59	reducing	reduce	VERB
fbem-13618	11	60	moral	moral	ADJ
fbem-13618	11	61	hazard	hazard	NOUN
fbem-13618	11	62	and	and	CCONJ
fbem-13618	11	63	adverse	adverse	ADJ
fbem-13618	11	64	selection	selection	NOUN
fbem-13618	11	65	in	in	ADP
fbem-13618	11	66	order	order	NOUN
fbem-13618	11	67	to	to	PART
fbem-13618	11	68	serve	serve	VERB
fbem-13618	11	69	the	the	DET
fbem-13618	11	70	owners	owner	NOUN
fbem-13618	11	71	of	of	ADP
fbem-13618	11	72	the	the	DET
fbem-13618	11	73	enterprise	enterprise	NOUN
fbem-13618	11	74	.	.	PUNCT
fbem-13618	12	1	in	in	ADP
fbem-13618	12	2	essence	essence	NOUN
fbem-13618	12	3	,	,	PUNCT
fbem-13618	12	4	independent	independent	ADJ
fbem-13618	12	5	directors	director	NOUN
fbem-13618	12	6	play	play	VERB
fbem-13618	12	7	a	a	DET
fbem-13618	12	8	significant	significant	ADJ
fbem-13618	12	9	role	role	NOUN
fbem-13618	12	10	when	when	SCONJ
fbem-13618	12	11	there	there	PRON
fbem-13618	12	12	is	be	VERB
fbem-13618	12	13	a	a	DET
fbem-13618	12	14	conflict	conflict	NOUN
fbem-13618	12	15	of	of	ADP
fbem-13618	12	16	interest	interest	NOUN
fbem-13618	12	17	between	between	ADP
fbem-13618	12	18	corporate	corporate	ADJ
fbem-13618	12	19	management	management	NOUN
fbem-13618	12	20	and	and	CCONJ
fbem-13618	12	21	shareholders[2	shareholders[2	NOUN
fbem-13618	12	22	]	]	PUNCT
fbem-13618	12	23	.	.	PUNCT
fbem-13618	13	1	understanding	understand	VERB
fbem-13618	13	2	the	the	DET
fbem-13618	13	3	complexity	complexity	NOUN
fbem-13618	13	4	of	of	ADP
fbem-13618	13	5	independent	independent	ADJ
fbem-13618	13	6	directors	director	NOUN
fbem-13618	13	7	on	on	ADP
fbem-13618	13	8	corporate	corporate	ADJ
fbem-13618	13	9	governance	governance	NOUN
fbem-13618	13	10	is	be	AUX
fbem-13618	13	11	vitally	vitally	ADV
fbem-13618	13	12	important	important	ADJ
fbem-13618	13	13	if	if	SCONJ
fbem-13618	13	14	we	we	PRON
fbem-13618	13	15	can	can	AUX
fbem-13618	13	16	attach	attach	VERB
fbem-13618	13	17	importance	importance	NOUN
fbem-13618	13	18	to	to	ADP
fbem-13618	13	19	the	the	DET
fbem-13618	13	20	functional	functional	ADJ
fbem-13618	13	21	role	role	NOUN
fbem-13618	13	22	of	of	ADP
fbem-13618	13	23	independent	independent	ADJ
fbem-13618	13	24	directors	director	NOUN
fbem-13618	13	25	,	,	PUNCT
fbem-13618	13	26	it	it	PRON
fbem-13618	13	27	will	will	AUX
fbem-13618	13	28	have	have	VERB
fbem-13618	13	29	a	a	DET
fbem-13618	13	30	good	good	ADJ
fbem-13618	13	31	effect	effect	NOUN
fbem-13618	13	32	on	on	ADP
fbem-13618	13	33	corporate	corporate	ADJ
fbem-13618	13	34	governance	governance	NOUN
fbem-13618	13	35	.	.	PUNCT
fbem-13618	14	1	understand	understand	VERB
fbem-13618	14	2	the	the	DET
fbem-13618	14	3	origins	origin	NOUN
fbem-13618	14	4	and	and	CCONJ
fbem-13618	14	5	changing	change	VERB
fbem-13618	14	6	roles	role	NOUN
fbem-13618	14	7	of	of	ADP
fbem-13618	14	8	independent	independent	ADJ
fbem-13618	14	9	directors	director	NOUN
fbem-13618	14	10	.	.	PUNCT
fbem-13618	15	1	second	second	ADJ
fbem-13618	15	2	,	,	PUNCT
fbem-13618	15	3	the	the	DET
fbem-13618	15	4	functional	functional	ADJ
fbem-13618	15	5	role	role	NOUN
fbem-13618	15	6	of	of	ADP
fbem-13618	15	7	independent	independent	ADJ
fbem-13618	15	8	directors	director	NOUN
fbem-13618	15	9	is	be	AUX
fbem-13618	15	10	discussed	discuss	VERB
fbem-13618	15	11	in	in	ADP
fbem-13618	15	12	detail	detail	NOUN
fbem-13618	15	13	,	,	PUNCT
fbem-13618	15	14	especially	especially	ADV
fbem-13618	15	15	its	its	PRON
fbem-13618	15	16	role	role	NOUN
fbem-13618	15	17	in	in	ADP
fbem-13618	15	18	good	good	ADJ
fbem-13618	15	19	corporate	corporate	ADJ
fbem-13618	15	20	governance[3	governance[3	NOUN
fbem-13618	15	21	]	]	X
fbem-13618	15	22	.	.	PUNCT
fbem-13618	16	1	thirdly	thirdly	ADV
fbem-13618	16	2	,	,	PUNCT
fbem-13618	16	3	it	it	PRON
fbem-13618	16	4	critically	critically	ADV
fbem-13618	16	5	analyzes	analyze	VERB
fbem-13618	16	6	the	the	DET
fbem-13618	16	7	defects	defect	NOUN
fbem-13618	16	8	of	of	ADP
fbem-13618	16	9	independent	independent	ADJ
fbem-13618	16	10	directors	director	NOUN
fbem-13618	16	11	in	in	ADP
fbem-13618	16	12	corporate	corporate	ADJ
fbem-13618	16	13	governance	governance	NOUN
fbem-13618	16	14	and	and	CCONJ
fbem-13618	16	15	gives	give	VERB
fbem-13618	16	16	suggestions	suggestion	NOUN
fbem-13618	16	17	.	.	PUNCT
fbem-13618	17	1	finally	finally	ADV
fbem-13618	17	2	,	,	PUNCT
fbem-13618	17	3	it	it	PRON
fbem-13618	17	4	can	can	AUX
fbem-13618	17	5	be	be	AUX
fbem-13618	17	6	found	find	VERB
fbem-13618	17	7	that	that	SCONJ
fbem-13618	17	8	the	the	DET
fbem-13618	17	9	defects	defect	NOUN
fbem-13618	17	10	always	always	ADV
fbem-13618	17	11	exist	exist	VERB
fbem-13618	17	12	in	in	ADP
fbem-13618	17	13	the	the	DET
fbem-13618	17	14	development	development	NOUN
fbem-13618	17	15	process	process	NOUN
fbem-13618	17	16	of	of	ADP
fbem-13618	17	17	independent	independent	ADJ
fbem-13618	17	18	directors	director	NOUN
fbem-13618	17	19	are	be	AUX
fbem-13618	17	20	difficult	difficult	ADJ
fbem-13618	17	21	to	to	PART
fbem-13618	17	22	avoid	avoid	VERB
fbem-13618	17	23	.	.	PUNCT
fbem-13618	18	1	however	however	ADV
fbem-13618	18	2	,	,	PUNCT
fbem-13618	18	3	it	it	PRON
fbem-13618	18	4	can	can	AUX
fbem-13618	18	5	not	not	PART
fbem-13618	18	6	be	be	AUX
fbem-13618	18	7	denied	deny	VERB
fbem-13618	18	8	that	that	SCONJ
fbem-13618	18	9	the	the	DET
fbem-13618	18	10	emergence	emergence	NOUN
fbem-13618	18	11	of	of	ADP
fbem-13618	18	12	independent	independent	ADJ
fbem-13618	18	13	directors	director	NOUN
fbem-13618	18	14	is	be	AUX
fbem-13618	18	15	of	of	ADP
fbem-13618	18	16	positive	positive	ADJ
fbem-13618	18	17	significance	significance	NOUN
fbem-13618	18	18	to	to	ADP
fbem-13618	18	19	corporate	corporate	ADJ
fbem-13618	18	20	governance	governance	NOUN
fbem-13618	18	21	,	,	PUNCT
fbem-13618	18	22	especially	especially	ADV
fbem-13618	18	23	in	in	ADP
fbem-13618	18	24	terms	term	NOUN
fbem-13618	18	25	of	of	ADP
fbem-13618	18	26	restricting	restrict	VERB
fbem-13618	18	27	and	and	CCONJ
fbem-13618	18	28	supervising	supervise	VERB
fbem-13618	18	29	directors	director	NOUN
fbem-13618	18	30	and	and	CCONJ
fbem-13618	18	31	protecting	protect	VERB
fbem-13618	18	32	the	the	DET
fbem-13618	18	33	interests	interest	NOUN
fbem-13618	18	34	of	of	ADP
fbem-13618	18	35	minority	minority	NOUN
fbem-13618	18	36	shareholders[4].however	shareholders[4].however	PRON
fbem-13618	18	37	the	the	DET
fbem-13618	18	38	issue	issue	NOUN
fbem-13618	18	39	of	of	ADP
fbem-13618	18	40	the	the	DET
fbem-13618	18	41	existing	exist	VERB
fbem-13618	18	42	defects	defect	NOUN
fbem-13618	18	43	of	of	ADP
fbem-13618	18	44	independent	independent	ADJ
fbem-13618	18	45	directors	director	NOUN
fbem-13618	18	46	can	can	AUX
fbem-13618	18	47	not	not	PART
fbem-13618	18	48	play	play	VERB
fbem-13618	18	49	the	the	DET
fbem-13618	18	50	role	role	NOUN
fbem-13618	18	51	of	of	ADP
fbem-13618	18	52	ensuring	ensure	VERB
fbem-13618	18	53	good	good	ADJ
fbem-13618	18	54	corporate	corporate	ADJ
fbem-13618	18	55	governance	governance	NOUN
fbem-13618	18	56	has	have	AUX
fbem-13618	18	57	been	be	AUX
fbem-13618	18	58	a	a	DET
fbem-13618	18	59	controversial	controversial	ADJ
fbem-13618	18	60	and	and	CCONJ
fbem-13618	18	61	much	much	ADV
fbem-13618	18	62	disputed	dispute	VERB
fbem-13618	18	63	subject	subject	NOUN
fbem-13618	18	64	within	within	ADP
fbem-13618	18	65	the	the	DET
fbem-13618	18	66	field	field	NOUN
fbem-13618	18	67	of	of	ADP
fbem-13618	18	68	corporate	corporate	ADJ
fbem-13618	18	69	governance	governance	NOUN
fbem-13618	18	70	.	.	PUNCT
fbem-13618	19	1	this	this	DET
fbem-13618	19	2	paper	paper	NOUN
fbem-13618	19	3	has	have	VERB
fbem-13618	19	4	four	four	NUM
fbem-13618	19	5	key	key	ADJ
fbem-13618	19	6	aims	aim	NOUN
fbem-13618	19	7	.	.	PUNCT
fbem-13618	20	1	firstly	firstly	ADV
fbem-13618	20	2	,	,	PUNCT
fbem-13618	20	3	understand	understand	VERB
fbem-13618	20	4	the	the	DET
fbem-13618	20	5	origins	origin	NOUN
fbem-13618	20	6	and	and	CCONJ
fbem-13618	20	7	changing	change	VERB
fbem-13618	20	8	roles	role	NOUN
fbem-13618	20	9	of	of	ADP
fbem-13618	20	10	independent	independent	ADJ
fbem-13618	20	11	directors	director	NOUN
fbem-13618	20	12	.	.	PUNCT
fbem-13618	21	1	second	second	ADJ
fbem-13618	21	2	,	,	PUNCT
fbem-13618	21	3	the	the	DET
fbem-13618	21	4	functional	functional	ADJ
fbem-13618	21	5	role	role	NOUN
fbem-13618	21	6	of	of	ADP
fbem-13618	21	7	independent	independent	ADJ
fbem-13618	21	8	directors	director	NOUN
fbem-13618	21	9	is	be	AUX
fbem-13618	21	10	discussed	discuss	VERB
fbem-13618	21	11	in	in	ADP
fbem-13618	21	12	detail	detail	NOUN
fbem-13618	21	13	,	,	PUNCT
fbem-13618	21	14	especially	especially	ADV
fbem-13618	21	15	its	its	PRON
fbem-13618	21	16	role	role	NOUN
fbem-13618	21	17	in	in	ADP
fbem-13618	21	18	good	good	ADJ
fbem-13618	21	19	corporate	corporate	ADJ
fbem-13618	21	20	governance	governance	NOUN
fbem-13618	21	21	.	.	PUNCT
fbem-13618	22	1	thirdly	thirdly	ADV
fbem-13618	22	2	,	,	PUNCT
fbem-13618	22	3	it	it	PRON
fbem-13618	22	4	critically	critically	ADV
fbem-13618	22	5	analyzes	analyze	VERB
fbem-13618	22	6	the	the	DET
fbem-13618	22	7	defects	defect	NOUN
fbem-13618	22	8	of	of	ADP
fbem-13618	22	9	independent	independent	ADJ
fbem-13618	22	10	directors	director	NOUN
fbem-13618	22	11	in	in	ADP
fbem-13618	22	12	corporate	corporate	ADJ
fbem-13618	22	13	governance	governance	NOUN
fbem-13618	22	14	and	and	CCONJ
fbem-13618	22	15	gives	give	VERB
fbem-13618	22	16	suggestions	suggestion	NOUN
fbem-13618	22	17	.	.	PUNCT
fbem-13618	23	1	finally	finally	ADV
fbem-13618	23	2	,	,	PUNCT
fbem-13618	23	3	it	it	PRON
fbem-13618	23	4	can	can	AUX
fbem-13618	23	5	be	be	AUX
fbem-13618	23	6	found	find	VERB
fbem-13618	23	7	that	that	SCONJ
fbem-13618	23	8	the	the	DET
fbem-13618	23	9	defects	defect	NOUN
fbem-13618	23	10	always	always	ADV
fbem-13618	23	11	exist	exist	VERB
fbem-13618	23	12	in	in	ADP
fbem-13618	23	13	the	the	DET
fbem-13618	23	14	development	development	NOUN
fbem-13618	23	15	process	process	NOUN
fbem-13618	23	16	of	of	ADP
fbem-13618	23	17	independent	independent	ADJ
fbem-13618	23	18	directors	director	NOUN
fbem-13618	23	19	are	be	AUX
fbem-13618	23	20	difficult	difficult	ADJ
fbem-13618	23	21	to	to	PART
fbem-13618	23	22	avoid	avoid	VERB
fbem-13618	23	23	.	.	PUNCT
fbem-13618	24	1	however	however	ADV
fbem-13618	24	2	,	,	PUNCT
fbem-13618	24	3	it	it	PRON
fbem-13618	24	4	can	can	AUX
fbem-13618	24	5	not	not	PART
fbem-13618	24	6	be	be	AUX
fbem-13618	24	7	denied	deny	VERB
fbem-13618	24	8	that	that	SCONJ
fbem-13618	24	9	the	the	DET
fbem-13618	24	10	emergence	emergence	NOUN
fbem-13618	24	11	of	of	ADP
fbem-13618	24	12	independent	independent	ADJ
fbem-13618	24	13	directors	director	NOUN
fbem-13618	24	14	is	be	AUX
fbem-13618	24	15	of	of	ADP
fbem-13618	24	16	positive	positive	ADJ
fbem-13618	24	17	significance	significance	NOUN
fbem-13618	24	18	to	to	ADP
fbem-13618	24	19	corporate	corporate	ADJ
fbem-13618	24	20	governance	governance	NOUN
fbem-13618	24	21	,	,	PUNCT
fbem-13618	24	22	especially	especially	ADV
fbem-13618	24	23	in	in	ADP
fbem-13618	24	24	terms	term	NOUN
fbem-13618	24	25	of	of	ADP
fbem-13618	24	26	restricting	restrict	VERB
fbem-13618	24	27	and	and	CCONJ
fbem-13618	24	28	supervising	supervise	VERB
fbem-13618	24	29	directors	director	NOUN
fbem-13618	24	30	and	and	CCONJ
fbem-13618	24	31	protecting	protect	VERB
fbem-13618	24	32	the	the	DET
fbem-13618	24	33	interests	interest	NOUN
fbem-13618	24	34	of	of	ADP
fbem-13618	24	35	minority	minority	NOUN
fbem-13618	24	36	shareholders[5	shareholders[5	NOUN
fbem-13618	24	37	]	]	PUNCT
fbem-13618	24	38	.	.	PUNCT
fbem-13618	25	1	the	the	DET
fbem-13618	25	2	system	system	NOUN
fbem-13618	25	3	of	of	ADP
fbem-13618	25	4	independent	independent	ADJ
fbem-13618	25	5	directors	director	NOUN
fbem-13618	25	6	originated	originate	VERB
fbem-13618	25	7	in	in	ADP
fbem-13618	25	8	the	the	DET
fbem-13618	25	9	united	united	PROPN
fbem-13618	25	10	states	states	PROPN
fbem-13618	25	11	,	,	PUNCT
fbem-13618	25	12	and	and	CCONJ
fbem-13618	25	13	it	it	PRON
fbem-13618	25	14	is	be	AUX
fbem-13618	25	15	mainly	mainly	ADV
fbem-13618	25	16	used	use	VERB
fbem-13618	25	17	as	as	ADP
fbem-13618	25	18	part	part	NOUN
fbem-13618	25	19	of	of	ADP
fbem-13618	25	20	the	the	DET
fbem-13618	25	21	governance	governance	NOUN
fbem-13618	25	22	structure	structure	NOUN
fbem-13618	25	23	to	to	PART
fbem-13618	25	24	perform	perform	VERB
fbem-13618	25	25	the	the	DET
fbem-13618	25	26	supervisory	supervisory	ADJ
fbem-13618	25	27	function	function	NOUN
fbem-13618	25	28	with	with	ADP
fbem-13618	25	29	the	the	DET
fbem-13618	25	30	characteristic	characteristic	NOUN
fbem-13618	25	31	of	of	ADP
fbem-13618	25	32	independence	independence	NOUN
fbem-13618	25	33	,	,	PUNCT
fbem-13618	25	34	the	the	DET
fbem-13618	25	35	most	most	ADV
fbem-13618	25	36	essential	essential	ADJ
fbem-13618	25	37	characteristic	characteristic	NOUN
fbem-13618	25	38	of	of	ADP
fbem-13618	25	39	independent	independent	ADJ
fbem-13618	25	40	directors	director	NOUN
fbem-13618	25	41	is	be	AUX
fbem-13618	25	42	that	that	SCONJ
fbem-13618	25	43	they	they	PRON
fbem-13618	25	44	do	do	AUX
fbem-13618	25	45	not	not	PART
fbem-13618	25	46	have	have	VERB
fbem-13618	25	47	any	any	DET
fbem-13618	25	48	interest	interest	NOUN
fbem-13618	25	49	in	in	ADP
fbem-13618	25	50	the	the	DET
fbem-13618	25	51	company	company	NOUN
fbem-13618	25	52	and	and	CCONJ
fbem-13618	25	53	its	its	PRON
fbem-13618	25	54	major	major	ADJ
fbem-13618	25	55	shareholders	shareholder	NOUN
fbem-13618	25	56	,	,	PUNCT
fbem-13618	25	57	emphasizing	emphasize	VERB
fbem-13618	25	58	that	that	SCONJ
fbem-13618	25	59	independent	independent	ADJ
fbem-13618	25	60	directors	director	NOUN
fbem-13618	25	61	have	have	VERB
fbem-13618	25	62	the	the	DET
fbem-13618	25	63	independence	independence	NOUN
fbem-13618	25	64	of	of	ADP
fbem-13618	25	65	identity	identity	NOUN
fbem-13618	25	66	and	and	CCONJ
fbem-13618	25	67	the	the	DET
fbem-13618	25	68	objectivity	objectivity	NOUN
fbem-13618	25	69	of	of	ADP
fbem-13618	25	70	judgment	judgment	NOUN
fbem-13618	25	71	.	.	PUNCT
fbem-13618	26	1	about	about	ADP
fbem-13618	26	2	the	the	DET
fbem-13618	26	3	role	role	NOUN
fbem-13618	26	4	of	of	ADP
fbem-13618	26	5	the	the	DET
fbem-13618	26	6	company	company	NOUN
fbem-13618	26	7	and	and	CCONJ
fbem-13618	26	8	the	the	DET
fbem-13618	26	9	responsibility	responsibility	NOUN
fbem-13618	26	10	of	of	ADP
fbem-13618	26	11	directors	director	NOUN
fbem-13618	26	12	in	in	ADP
fbem-13618	26	13	the	the	DET
fbem-13618	26	14	united	united	PROPN
fbem-13618	26	15	states	states	PROPN
fbem-13618	26	16	around	around	ADP
fbem-13618	26	17	2003	2003	NUM
fbem-13618	26	18	and	and	CCONJ
fbem-13618	26	19	in	in	ADP
fbem-13618	26	20	the	the	DET
fbem-13618	26	21	1930s	1930	NOUN
fbem-13618	26	22	there	there	ADV
fbem-13618	26	23	have	have	AUX
fbem-13618	26	24	been	be	AUX
fbem-13618	26	25	important	important	ADJ
fbem-13618	26	26	writings	writing	NOUN
fbem-13618	26	27	and	and	CCONJ
fbem-13618	26	28	heated	heated	ADJ
fbem-13618	26	29	debates	debate	NOUN
fbem-13618	26	30	,	,	PUNCT
fbem-13618	26	31	initially	initially	ADV
fbem-13618	26	32	the	the	DET
fbem-13618	26	33	concerns	concern	NOUN
fbem-13618	26	34	of	of	ADP
fbem-13618	26	35	the	the	DET
fbem-13618	26	36	1960s	1960	NOUN
fbem-13618	26	37	movement	movement	NOUN
fbem-13618	26	38	were	be	AUX
fbem-13618	26	39	not	not	PART
fbem-13618	26	40	considered	consider	VERB
fbem-13618	26	41	to	to	PART
fbem-13618	26	42	be	be	AUX
fbem-13618	26	43	about	about	ADP
fbem-13618	26	44	'	'	PUNCT
fbem-13618	26	45	corporate	corporate	ADJ
fbem-13618	26	46	governance	governance	NOUN
fbem-13618	26	47	'	'	PUNCT
fbem-13618	26	48	,	,	PUNCT
fbem-13618	26	49	a	a	DET
fbem-13618	26	50	phrase	phrase	NOUN
fbem-13618	26	51	that	that	PRON
fbem-13618	26	52	had	have	AUX
fbem-13618	26	53	not	not	PART
fbem-13618	26	54	yet	yet	ADV
fbem-13618	26	55	emerged[6	emerged[6	VERB
fbem-13618	26	56	]	]	X
fbem-13618	26	57	.	.	PUNCT
fbem-13618	27	1	however	however	ADV
fbem-13618	27	2	,	,	PUNCT
fbem-13618	27	3	the	the	DET
fbem-13618	27	4	period	period	NOUN
fbem-13618	27	5	beginning	begin	VERB
fbem-13618	27	6	in	in	ADP
fbem-13618	27	7	the	the	DET
fbem-13618	27	8	late	late	ADJ
fbem-13618	27	9	1960s	1960	NOUN
fbem-13618	27	10	,	,	PUNCT
fbem-13618	27	11	with	with	ADP
fbem-13618	27	12	the	the	DET
fbem-13618	27	13	rise	rise	NOUN
fbem-13618	27	14	of	of	ADP
fbem-13618	27	15	the	the	DET
fbem-13618	27	16	corporate	corporate	ADJ
fbem-13618	27	17	social	social	ADJ
fbem-13618	27	18	responsibility	responsibility	NOUN
fbem-13618	27	19	movement	movement	NOUN
fbem-13618	27	20	,	,	PUNCT
fbem-13618	27	21	the	the	DET
fbem-13618	27	22	numerous	numerous	ADJ
fbem-13618	27	23	corporate	corporate	ADJ
fbem-13618	27	24	scandals	scandal	NOUN
fbem-13618	27	25	arising	arise	VERB
fbem-13618	27	26	from	from	ADP
fbem-13618	27	27	the	the	DET
fbem-13618	27	28	watergate	watergate	NOUN
fbem-13618	27	29	scandal	scandal	NOUN
fbem-13618	27	30	and	and	CCONJ
fbem-13618	27	31	the	the	DET
fbem-13618	27	32	failure	failure	NOUN
fbem-13618	27	33	of	of	ADP
fbem-13618	27	34	boards	board	NOUN
fbem-13618	27	35	of	of	ADP
fbem-13618	27	36	directors	director	NOUN
fbem-13618	27	37	to	to	PART
fbem-13618	27	38	act	act	VERB
fbem-13618	27	39	as	as	ADP
fbem-13618	27	40	insider	insider	NOUN
fbem-13618	27	41	advisory	advisory	ADJ
fbem-13618	27	42	teams	team	NOUN
fbem-13618	27	43	,	,	PUNCT
fbem-13618	27	44	led	lead	VERB
fbem-13618	27	45	to	to	ADP
fbem-13618	27	46	a	a	DET
fbem-13618	27	47	change	change	NOUN
fbem-13618	27	48	in	in	ADP
fbem-13618	27	49	the	the	DET
fbem-13618	27	50	way	way	NOUN
fbem-13618	27	51	corporate	corporate	ADJ
fbem-13618	27	52	boards	board	NOUN
fbem-13618	27	53	were	be	AUX
fbem-13618	27	54	perceived	perceive	VERB
fbem-13618	27	55	in	in	ADP
fbem-13618	27	56	the	the	DET
fbem-13618	27	57	united	united	PROPN
fbem-13618	27	58	states	states	PROPN
fbem-13618	27	59	as	as	ADP
fbem-13618	27	60	a	a	DET
fbem-13618	27	61	primary	primary	ADJ
fbem-13618	27	62	function	function	NOUN
fbem-13618	27	63	.	.	PUNCT
fbem-13618	28	1	the	the	DET
fbem-13618	28	2	board	board	NOUN
fbem-13618	28	3	system	system	NOUN
fbem-13618	28	4	underwent	undergo	VERB
fbem-13618	28	5	an	an	DET
fbem-13618	28	6	important	important	ADJ
fbem-13618	28	7	8	8	NUM
fbem-13618	28	8	transformation	transformation	NOUN
fbem-13618	28	9	from	from	ADP
fbem-13618	28	10	a	a	DET
fbem-13618	28	11	friendly	friendly	ADJ
fbem-13618	28	12	,	,	PUNCT
fbem-13618	28	13	trusted	trust	VERB
fbem-13618	28	14	advisor	advisor	NOUN
fbem-13618	28	15	group	group	NOUN
fbem-13618	28	16	to	to	ADP
fbem-13618	28	17	the	the	DET
fbem-13618	28	18	ceo	ceo	NOUN
fbem-13618	28	19	to	to	ADP
fbem-13618	28	20	an	an	DET
fbem-13618	28	21	independent	independent	ADJ
fbem-13618	28	22	watchdog	watchdog	NOUN
fbem-13618	28	23	that	that	PRON
fbem-13618	28	24	focused	focus	VERB
fbem-13618	28	25	on	on	ADP
fbem-13618	28	26	the	the	DET
fbem-13618	28	27	internal	internal	ADJ
fbem-13618	28	28	workings	working	NOUN
fbem-13618	28	29	of	of	ADP
fbem-13618	28	30	the	the	DET
fbem-13618	28	31	company	company	NOUN
fbem-13618	28	32	,	,	PUNCT
fbem-13618	28	33	questioned	question	VERB
fbem-13618	28	34	the	the	DET
fbem-13618	28	35	company	company	NOUN
fbem-13618	28	36	's	's	PART
fbem-13618	28	37	decisionmaking	decisionmake	VERB
fbem-13618	28	38	process	process	NOUN
fbem-13618	28	39	and	and	CCONJ
fbem-13618	28	40	aimed	aim	VERB
fbem-13618	28	41	to	to	PART
fbem-13618	28	42	monitor	monitor	VERB
fbem-13618	28	43	the	the	DET
fbem-13618	28	44	ceo	ceo	NOUN
fbem-13618	28	45	and	and	CCONJ
fbem-13618	28	46	senior	senior	ADJ
fbem-13618	28	47	management[7	management[7	NOUN
fbem-13618	28	48	]	]	PUNCT
fbem-13618	28	49	.	.	PUNCT
fbem-13618	29	1	subsequently	subsequently	ADV
fbem-13618	29	2	,	,	PUNCT
fbem-13618	29	3	at	at	ADP
fbem-13618	29	4	the	the	DET
fbem-13618	29	5	request	request	NOUN
fbem-13618	29	6	of	of	ADP
fbem-13618	29	7	the	the	DET
fbem-13618	29	8	us	us	PROPN
fbem-13618	29	9	securities	securities	PROPN
fbem-13618	29	10	and	and	CCONJ
fbem-13618	29	11	exchange	exchange	PROPN
fbem-13618	29	12	commission	commission	PROPN
fbem-13618	29	13	,	,	PUNCT
fbem-13618	29	14	the	the	DET
fbem-13618	29	15	new	new	PROPN
fbem-13618	29	16	york	york	PROPN
fbem-13618	29	17	stock	stock	PROPN
fbem-13618	29	18	exchange	exchange	PROPN
fbem-13618	29	19	amended	amend	VERB
fbem-13618	29	20	its	its	PRON
fbem-13618	29	21	listing	listing	NOUN
fbem-13618	29	22	rules	rule	NOUN
fbem-13618	29	23	to	to	PART
fbem-13618	29	24	require	require	VERB
fbem-13618	29	25	all	all	DET
fbem-13618	29	26	listed	list	VERB
fbem-13618	29	27	companies	company	NOUN
fbem-13618	29	28	to	to	PART
fbem-13618	29	29	have	have	VERB
fbem-13618	29	30	an	an	DET
fbem-13618	29	31	audit	audit	NOUN
fbem-13618	29	32	committee	committee	NOUN
fbem-13618	29	33	comprised	comprise	VERB
fbem-13618	29	34	of	of	ADP
fbem-13618	29	35	directors	director	NOUN
fbem-13618	29	36	independent	independent	ADJ
fbem-13618	29	37	of	of	ADP
fbem-13618	29	38	management	management	NOUN
fbem-13618	29	39	.	.	PUNCT
fbem-13618	30	1	while	while	SCONJ
fbem-13618	30	2	us	we	PRON
fbem-13618	30	3	courts	court	NOUN
fbem-13618	30	4	did	do	AUX
fbem-13618	30	5	not	not	PART
fbem-13618	30	6	require	require	VERB
fbem-13618	30	7	independent	independent	ADJ
fbem-13618	30	8	directors	director	NOUN
fbem-13618	30	9	on	on	ADP
fbem-13618	30	10	the	the	DET
fbem-13618	30	11	board	board	NOUN
fbem-13618	30	12	,	,	PUNCT
fbem-13618	30	13	they	they	PRON
fbem-13618	30	14	did	do	AUX
fbem-13618	30	15	support	support	VERB
fbem-13618	30	16	the	the	DET
fbem-13618	30	17	board	board	NOUN
fbem-13618	30	18	-	-	PUNCT
fbem-13618	30	19	asoversight	asoversight	NOUN
fbem-13618	30	20	-	-	PUNCT
fbem-13618	30	21	committee	committee	NOUN
fbem-13618	30	22	model	model	NOUN
fbem-13618	30	23	through	through	ADP
fbem-13618	30	24	jurisprudence	jurisprudence	NOUN
fbem-13618	30	25	,	,	PUNCT
fbem-13618	30	26	and	and	CCONJ
fbem-13618	30	27	those	those	DET
fbem-13618	30	28	directors	director	NOUN
fbem-13618	30	29	independent	independent	ADJ
fbem-13618	30	30	of	of	ADP
fbem-13618	30	31	management	management	NOUN
fbem-13618	30	32	laid	lay	VERB
fbem-13618	30	33	the	the	DET
fbem-13618	30	34	foundation	foundation	NOUN
fbem-13618	30	35	for	for	ADP
fbem-13618	30	36	the	the	DET
fbem-13618	30	37	us	us	PROPN
fbem-13618	30	38	corporate	corporate	ADJ
fbem-13618	30	39	governance	governance	NOUN
fbem-13618	30	40	model	model	NOUN
fbem-13618	30	41	to	to	PART
fbem-13618	30	42	become	become	VERB
fbem-13618	30	43	central[8	central[8	NOUN
fbem-13618	30	44	]	]	PUNCT
fbem-13618	30	45	.	.	PUNCT
fbem-13618	31	1	for	for	ADP
fbem-13618	31	2	the	the	DET
fbem-13618	31	3	uk	uk	PROPN
fbem-13618	31	4	,	,	PUNCT
fbem-13618	31	5	in	in	ADP
fbem-13618	31	6	the	the	DET
fbem-13618	31	7	late	late	ADJ
fbem-13618	31	8	1980s	1980	NOUN
fbem-13618	31	9	,	,	PUNCT
fbem-13618	31	10	the	the	DET
fbem-13618	31	11	collapse	collapse	NOUN
fbem-13618	31	12	of	of	ADP
fbem-13618	31	13	some	some	DET
fbem-13618	31	14	wellknown	wellknown	ADJ
fbem-13618	31	15	uk	uk	PROPN
fbem-13618	31	16	companies	company	NOUN
fbem-13618	31	17	such	such	ADJ
fbem-13618	31	18	as	as	ADP
fbem-13618	31	19	blue	blue	ADJ
fbem-13618	31	20	arrow	arrow	NOUN
fbem-13618	31	21	,	,	PUNCT
fbem-13618	31	22	coral	coral	ADJ
fbem-13618	31	23	rolls	roll	NOUN
fbem-13618	31	24	and	and	CCONJ
fbem-13618	31	25	polly	polly	ADV
fbem-13618	31	26	peck	peck	VERB
fbem-13618	31	27	after	after	ADP
fbem-13618	31	28	years	year	NOUN
fbem-13618	31	29	of	of	ADP
fbem-13618	31	30	prosperity	prosperity	NOUN
fbem-13618	31	31	led	lead	VERB
fbem-13618	31	32	to	to	ADP
fbem-13618	31	33	a	a	DET
fbem-13618	31	34	discussion	discussion	NOUN
fbem-13618	31	35	of	of	ADP
fbem-13618	31	36	corporate	corporate	ADJ
fbem-13618	31	37	governance	governance	NOUN
fbem-13618	31	38	in	in	ADP
fbem-13618	31	39	the	the	DET
fbem-13618	31	40	uk	uk	PROPN
fbem-13618	31	41	.	.	PUNCT
fbem-13618	32	1	shareholders	shareholder	NOUN
fbem-13618	32	2	felt	feel	VERB
fbem-13618	32	3	that	that	SCONJ
fbem-13618	32	4	the	the	DET
fbem-13618	32	5	directors	director	NOUN
fbem-13618	32	6	were	be	AUX
fbem-13618	32	7	not	not	PART
fbem-13618	32	8	doing	do	VERB
fbem-13618	32	9	their	their	PRON
fbem-13618	32	10	job	job	NOUN
fbem-13618	32	11	as	as	ADP
fbem-13618	32	12	supervisors	supervisor	NOUN
fbem-13618	32	13	and	and	CCONJ
fbem-13618	32	14	had	have	VERB
fbem-13618	32	15	no	no	DET
fbem-13618	32	16	idea	idea	NOUN
fbem-13618	32	17	what	what	PRON
fbem-13618	32	18	was	be	AUX
fbem-13618	32	19	going	go	VERB
fbem-13618	32	20	on	on	ADP
fbem-13618	32	21	in	in	ADP
fbem-13618	32	22	the	the	DET
fbem-13618	32	23	companies	company	NOUN
fbem-13618	32	24	they	they	PRON
fbem-13618	32	25	were	be	AUX
fbem-13618	32	26	responsible	responsible	ADJ
fbem-13618	32	27	for	for	ADP
fbem-13618	32	28	.	.	PUNCT
fbem-13618	33	1	this	this	PRON
fbem-13618	33	2	has	have	AUX
fbem-13618	33	3	had	have	VERB
fbem-13618	33	4	a	a	DET
fbem-13618	33	5	significant	significant	ADJ
fbem-13618	33	6	impact	impact	NOUN
fbem-13618	33	7	on	on	ADP
fbem-13618	33	8	investor	investor	NOUN
fbem-13618	33	9	confidence	confidence	NOUN
fbem-13618	33	10	in	in	ADP
fbem-13618	33	11	company	company	NOUN
fbem-13618	33	12	boards	board	NOUN
fbem-13618	33	13	and	and	CCONJ
fbem-13618	33	14	has	have	AUX
fbem-13618	33	15	led	lead	VERB
fbem-13618	33	16	to	to	ADP
fbem-13618	33	17	calls	call	NOUN
fbem-13618	33	18	for	for	ADP
fbem-13618	33	19	reform	reform	NOUN
fbem-13618	33	20	of	of	ADP
fbem-13618	33	21	the	the	DET
fbem-13618	33	22	current	current	ADJ
fbem-13618	33	23	corporate	corporate	ADJ
fbem-13618	33	24	governance	governance	NOUN
fbem-13618	33	25	structure[9	structure[9	PROPN
fbem-13618	33	26	]	]	PUNCT
fbem-13618	33	27	.	.	PUNCT
fbem-13618	34	1	in	in	ADP
fbem-13618	34	2	order	order	NOUN
fbem-13618	34	3	to	to	PART
fbem-13618	34	4	ensure	ensure	VERB
fbem-13618	34	5	fair	fair	ADJ
fbem-13618	34	6	and	and	CCONJ
fbem-13618	34	7	transparent	transparent	ADJ
fbem-13618	34	8	board	board	NOUN
fbem-13618	34	9	operations	operation	NOUN
fbem-13618	34	10	and	and	CCONJ
fbem-13618	34	11	to	to	PART
fbem-13618	34	12	restore	restore	VERB
fbem-13618	34	13	investor	investor	NOUN
fbem-13618	34	14	confidence	confidence	NOUN
fbem-13618	34	15	,	,	PUNCT
fbem-13618	34	16	the	the	DET
fbem-13618	34	17	uk	uk	PROPN
fbem-13618	34	18	took	take	VERB
fbem-13618	34	19	a	a	DET
fbem-13618	34	20	cue	cue	NOUN
fbem-13618	34	21	from	from	ADP
fbem-13618	34	22	the	the	DET
fbem-13618	34	23	us	us	PROPN
fbem-13618	34	24	and	and	CCONJ
fbem-13618	34	25	introduced	introduce	VERB
fbem-13618	34	26	independent	independent	ADJ
fbem-13618	34	27	directors	director	NOUN
fbem-13618	34	28	to	to	ADP
fbem-13618	34	29	its	its	PRON
fbem-13618	34	30	board	board	NOUN
fbem-13618	34	31	of	of	ADP
fbem-13618	34	32	directors	director	NOUN
fbem-13618	34	33	.	.	PUNCT
fbem-13618	35	1	although	although	SCONJ
fbem-13618	35	2	the	the	DET
fbem-13618	35	3	initial	initial	ADJ
fbem-13618	35	4	version	version	NOUN
fbem-13618	35	5	of	of	ADP
fbem-13618	35	6	the	the	DET
fbem-13618	35	7	uk	uk	PROPN
fbem-13618	35	8	corporate	corporate	ADJ
fbem-13618	35	9	governance	governance	NOUN
fbem-13618	35	10	code	code	NOUN
fbem-13618	35	11	largely	largely	ADV
fbem-13618	35	12	adopted	adopt	VERB
fbem-13618	35	13	the	the	DET
fbem-13618	35	14	us	us	PROPN
fbem-13618	35	15	concept	concept	NOUN
fbem-13618	35	16	of	of	ADP
fbem-13618	35	17	independent	independent	ADJ
fbem-13618	35	18	directors	director	NOUN
fbem-13618	35	19	,	,	PUNCT
fbem-13618	35	20	i.e.	i.e.	X
fbem-13618	35	21	it	it	PRON
fbem-13618	35	22	did	do	AUX
fbem-13618	35	23	not	not	PART
fbem-13618	35	24	explicitly	explicitly	ADV
fbem-13618	35	25	require	require	VERB
fbem-13618	35	26	independent	independent	ADJ
fbem-13618	35	27	directors	director	NOUN
fbem-13618	35	28	to	to	PART
fbem-13618	35	29	be	be	AUX
fbem-13618	35	30	independent	independent	ADJ
fbem-13618	35	31	of	of	ADP
fbem-13618	35	32	major	major	ADJ
fbem-13618	35	33	shareholders	shareholder	NOUN
fbem-13618	35	34	,	,	PUNCT
fbem-13618	35	35	the	the	DET
fbem-13618	35	36	first	first	ADJ
fbem-13618	35	37	revision	revision	NOUN
fbem-13618	35	38	in	in	ADP
fbem-13618	35	39	2003	2003	NUM
fbem-13618	35	40	began	begin	VERB
fbem-13618	35	41	to	to	PART
fbem-13618	35	42	require	require	VERB
fbem-13618	35	43	independent	independent	ADJ
fbem-13618	35	44	directors	director	NOUN
fbem-13618	35	45	to	to	PART
fbem-13618	35	46	be	be	AUX
fbem-13618	35	47	independent	independent	ADJ
fbem-13618	35	48	of	of	ADP
fbem-13618	35	49	management	management	NOUN
fbem-13618	35	50	and	and	CCONJ
fbem-13618	35	51	significant	significant	ADJ
fbem-13618	35	52	shareholders	shareholder	NOUN
fbem-13618	35	53	,	,	PUNCT
fbem-13618	35	54	thus	thus	ADV
fbem-13618	35	55	parting	part	VERB
fbem-13618	35	56	ways	way	NOUN
fbem-13618	35	57	with	with	ADP
fbem-13618	35	58	the	the	DET
fbem-13618	35	59	us	us	PROPN
fbem-13618	35	60	-	-	PUNCT
fbem-13618	35	61	style	style	NOUN
fbem-13618	35	62	definition	definition	NOUN
fbem-13618	35	63	of	of	ADP
fbem-13618	35	64	independence[10	independence[10	PRON
fbem-13618	35	65	]	]	PUNCT
fbem-13618	35	66	.	.	PUNCT
fbem-13618	36	1	2	2	X
fbem-13618	36	2	.	.	X
fbem-13618	36	3	benefits	benefit	NOUN
fbem-13618	36	4	to	to	ADP
fbem-13618	36	5	corporate	corporate	ADJ
fbem-13618	36	6	governance	governance	NOUN
fbem-13618	36	7	:	:	PUNCT
fbem-13618	36	8	to	to	PART
fbem-13618	36	9	discuss	discuss	VERB
fbem-13618	36	10	the	the	DET
fbem-13618	36	11	role	role	NOUN
fbem-13618	36	12	of	of	ADP
fbem-13618	36	13	independent	independent	ADJ
fbem-13618	36	14	directors	director	NOUN
fbem-13618	36	15	in	in	ADP
fbem-13618	36	16	good	good	ADJ
fbem-13618	36	17	corporate	corporate	ADJ
fbem-13618	36	18	governance	governance	NOUN
fbem-13618	36	19	,	,	PUNCT
fbem-13618	36	20	the	the	DET
fbem-13618	36	21	first	first	ADJ
fbem-13618	36	22	thing	thing	NOUN
fbem-13618	36	23	to	to	PART
fbem-13618	36	24	understand	understand	VERB
fbem-13618	36	25	is	be	AUX
fbem-13618	36	26	the	the	DET
fbem-13618	36	27	functionality	functionality	NOUN
fbem-13618	36	28	of	of	ADP
fbem-13618	36	29	independent	independent	ADJ
fbem-13618	36	30	directors	director	NOUN
fbem-13618	36	31	themselves	themselves	PRON
fbem-13618	36	32	.	.	PUNCT
fbem-13618	37	1	firstly	firstly	ADV
fbem-13618	37	2	,	,	PUNCT
fbem-13618	37	3	the	the	DET
fbem-13618	37	4	establishment	establishment	NOUN
fbem-13618	37	5	of	of	ADP
fbem-13618	37	6	independent	independent	ADJ
fbem-13618	37	7	directors	director	NOUN
fbem-13618	37	8	can	can	AUX
fbem-13618	37	9	oversee	oversee	VERB
fbem-13618	37	10	the	the	DET
fbem-13618	37	11	prevention	prevention	NOUN
fbem-13618	37	12	and	and	CCONJ
fbem-13618	37	13	containment	containment	NOUN
fbem-13618	37	14	of	of	ADP
fbem-13618	37	15	insider	insider	NOUN
fbem-13618	37	16	control	control	NOUN
fbem-13618	37	17	and	and	CCONJ
fbem-13618	37	18	safeguard	safeguard	VERB
fbem-13618	37	19	the	the	DET
fbem-13618	37	20	legitimate	legitimate	ADJ
fbem-13618	37	21	interests	interest	NOUN
fbem-13618	37	22	of	of	ADP
fbem-13618	37	23	shareholders	shareholder	NOUN
fbem-13618	37	24	.	.	PUNCT
fbem-13618	38	1	the	the	DET
fbem-13618	38	2	uk	uk	PROPN
fbem-13618	38	3	relies	rely	VERB
fbem-13618	38	4	on	on	ADP
fbem-13618	38	5	its	its	PRON
fbem-13618	38	6	highly	highly	ADV
fbem-13618	38	7	developed	develop	VERB
fbem-13618	38	8	capital	capital	NOUN
fbem-13618	38	9	markets	market	NOUN
fbem-13618	38	10	for	for	ADP
fbem-13618	38	11	much	much	ADJ
fbem-13618	38	12	of	of	ADP
fbem-13618	38	13	its	its	PRON
fbem-13618	38	14	financing	financing	NOUN
fbem-13618	38	15	,	,	PUNCT
fbem-13618	38	16	and	and	CCONJ
fbem-13618	38	17	its	its	PRON
fbem-13618	38	18	capital	capital	NOUN
fbem-13618	38	19	structure	structure	NOUN
fbem-13618	38	20	is	be	AUX
fbem-13618	38	21	dominated	dominate	VERB
fbem-13618	38	22	by	by	ADP
fbem-13618	38	23	equity	equity	NOUN
fbem-13618	38	24	and	and	CCONJ
fbem-13618	38	25	supplemented	supplement	VERB
fbem-13618	38	26	by	by	ADP
fbem-13618	38	27	debt	debt	NOUN
fbem-13618	38	28	.	.	PUNCT
fbem-13618	39	1	the	the	DET
fbem-13618	39	2	high	high	ADJ
fbem-13618	39	3	degree	degree	NOUN
fbem-13618	39	4	of	of	ADP
fbem-13618	39	5	fragmentation	fragmentation	NOUN
fbem-13618	39	6	of	of	ADP
fbem-13618	39	7	shareholding	shareholding	NOUN
fbem-13618	39	8	makes	make	VERB
fbem-13618	39	9	it	it	PRON
fbem-13618	39	10	impossible	impossible	ADJ
fbem-13618	39	11	for	for	SCONJ
fbem-13618	39	12	each	each	DET
fbem-13618	39	13	single	single	ADJ
fbem-13618	39	14	shareholder	shareholder	NOUN
fbem-13618	39	15	to	to	PART
fbem-13618	39	16	achieve	achieve	VERB
fbem-13618	39	17	an	an	DET
fbem-13618	39	18	effective	effective	ADJ
fbem-13618	39	19	exercise	exercise	NOUN
fbem-13618	39	20	of	of	ADP
fbem-13618	39	21	their	their	PRON
fbem-13618	39	22	shareholder	shareholder	NOUN
fbem-13618	39	23	decisionmaking	decisionmake	VERB
fbem-13618	39	24	role	role	NOUN
fbem-13618	39	25	in	in	ADP
fbem-13618	39	26	the	the	DET
fbem-13618	39	27	affairs	affair	NOUN
fbem-13618	39	28	of	of	ADP
fbem-13618	39	29	the	the	DET
fbem-13618	39	30	company	company	NOUN
fbem-13618	39	31	,	,	PUNCT
fbem-13618	39	32	and	and	CCONJ
fbem-13618	39	33	the	the	DET
fbem-13618	39	34	company	company	NOUN
fbem-13618	39	35	's	's	PART
fbem-13618	39	36	shareholders	shareholder	NOUN
fbem-13618	39	37	are	be	AUX
fbem-13618	39	38	a	a	DET
fbem-13618	39	39	highly	highly	ADV
fbem-13618	39	40	mobile	mobile	ADJ
fbem-13618	39	41	group	group	NOUN
fbem-13618	39	42	,	,	PUNCT
fbem-13618	39	43	lacking	lack	VERB
fbem-13618	39	44	regular	regular	ADJ
fbem-13618	39	45	and	and	CCONJ
fbem-13618	39	46	close	close	ADJ
fbem-13618	39	47	ties	tie	NOUN
fbem-13618	39	48	between	between	ADP
fbem-13618	39	49	them[11	them[11	PROPN
fbem-13618	39	50	]	]	PUNCT
fbem-13618	39	51	.	.	PUNCT
fbem-13618	40	1	shareholders	shareholder	NOUN
fbem-13618	40	2	often	often	ADV
fbem-13618	40	3	have	have	VERB
fbem-13618	40	4	little	little	ADJ
fbem-13618	40	5	incentive	incentive	NOUN
fbem-13618	40	6	in	in	ADP
fbem-13618	40	7	practice	practice	NOUN
fbem-13618	40	8	to	to	PART
fbem-13618	40	9	protect	protect	VERB
fbem-13618	40	10	their	their	PRON
fbem-13618	40	11	rights	right	NOUN
fbem-13618	40	12	and	and	CCONJ
fbem-13618	40	13	interests	interest	NOUN
fbem-13618	40	14	,	,	PUNCT
fbem-13618	40	15	preferring	prefer	VERB
fbem-13618	40	16	to	to	PART
fbem-13618	40	17	participate	participate	VERB
fbem-13618	40	18	more	more	ADV
fbem-13618	40	19	in	in	ADP
fbem-13618	40	20	the	the	DET
fbem-13618	40	21	stock	stock	NOUN
fbem-13618	40	22	market	market	NOUN
fbem-13618	40	23	and	and	CCONJ
fbem-13618	40	24	leave	leave	VERB
fbem-13618	40	25	the	the	DET
fbem-13618	40	26	company	company	NOUN
fbem-13618	40	27	as	as	ADP
fbem-13618	40	28	the	the	DET
fbem-13618	40	29	only	only	ADJ
fbem-13618	40	30	means	mean	NOUN
fbem-13618	40	31	of	of	ADP
fbem-13618	40	32	protecting	protect	VERB
fbem-13618	40	33	their	their	PRON
fbem-13618	40	34	interests[12	interests[12	NOUN
fbem-13618	40	35	]	]	X
fbem-13618	40	36	.	.	PUNCT
fbem-13618	41	1	although	although	SCONJ
fbem-13618	41	2	institutional	institutional	ADJ
fbem-13618	41	3	investors	investor	NOUN
fbem-13618	41	4	in	in	ADP
fbem-13618	41	5	the	the	DET
fbem-13618	41	6	uk	uk	PROPN
fbem-13618	41	7	have	have	AUX
fbem-13618	41	8	grown	grow	VERB
fbem-13618	41	9	rapidly	rapidly	ADV
fbem-13618	41	10	in	in	ADP
fbem-13618	41	11	recent	recent	ADJ
fbem-13618	41	12	years	year	NOUN
fbem-13618	41	13	,	,	PUNCT
fbem-13618	41	14	they	they	PRON
fbem-13618	41	15	have	have	AUX
fbem-13618	41	16	not	not	PART
fbem-13618	41	17	fundamentally	fundamentally	ADV
fbem-13618	41	18	changed	change	VERB
fbem-13618	41	19	the	the	DET
fbem-13618	41	20	highly	highly	ADV
fbem-13618	41	21	fragmented	fragmented	ADJ
fbem-13618	41	22	nature	nature	NOUN
fbem-13618	41	23	of	of	ADP
fbem-13618	41	24	shareholding	shareholding	NOUN
fbem-13618	41	25	.	.	PUNCT
fbem-13618	42	1	institutional	institutional	ADJ
fbem-13618	42	2	investors	investor	NOUN
fbem-13618	42	3	hold	hold	VERB
fbem-13618	42	4	shares	share	NOUN
fbem-13618	42	5	mostly	mostly	ADV
fbem-13618	42	6	for	for	ADP
fbem-13618	42	7	the	the	DET
fbem-13618	42	8	purpose	purpose	NOUN
fbem-13618	42	9	of	of	ADP
fbem-13618	42	10	generating	generate	VERB
fbem-13618	42	11	returns	return	NOUN
fbem-13618	42	12	from	from	ADP
fbem-13618	42	13	the	the	DET
fbem-13618	42	14	spread	spread	NOUN
fbem-13618	42	15	between	between	ADP
fbem-13618	42	16	the	the	DET
fbem-13618	42	17	purchase	purchase	NOUN
fbem-13618	42	18	and	and	CCONJ
fbem-13618	42	19	sale	sale	NOUN
fbem-13618	42	20	of	of	ADP
fbem-13618	42	21	shares	share	NOUN
fbem-13618	42	22	,	,	PUNCT
fbem-13618	42	23	rather	rather	ADV
fbem-13618	42	24	than	than	SCONJ
fbem-13618	42	25	to	to	PART
fbem-13618	42	26	establish	establish	VERB
fbem-13618	42	27	a	a	DET
fbem-13618	42	28	long	long	ADJ
fbem-13618	42	29	-	-	PUNCT
fbem-13618	42	30	term	term	NOUN
fbem-13618	42	31	investment	investment	NOUN
fbem-13618	42	32	relationship	relationship	NOUN
fbem-13618	42	33	with	with	ADP
fbem-13618	42	34	the	the	DET
fbem-13618	42	35	company	company	NOUN
fbem-13618	42	36	.	.	PUNCT
fbem-13618	43	1	this	this	PRON
fbem-13618	43	2	has	have	AUX
fbem-13618	43	3	led	lead	VERB
fbem-13618	43	4	to	to	ADP
fbem-13618	43	5	a	a	DET
fbem-13618	43	6	lack	lack	NOUN
fbem-13618	43	7	of	of	ADP
fbem-13618	43	8	incentive	incentive	NOUN
fbem-13618	43	9	for	for	SCONJ
fbem-13618	43	10	institutional	institutional	ADJ
fbem-13618	43	11	investors	investor	NOUN
fbem-13618	43	12	to	to	PART
fbem-13618	43	13	stabilise	stabilise	VERB
fbem-13618	43	14	long	long	ADJ
fbem-13618	43	15	-	-	PUNCT
fbem-13618	43	16	term	term	NOUN
fbem-13618	43	17	shareholdings	shareholding	NOUN
fbem-13618	43	18	in	in	ADP
fbem-13618	43	19	a	a	DET
fbem-13618	43	20	particular	particular	ADJ
fbem-13618	43	21	company	company	NOUN
fbem-13618	43	22	,	,	PUNCT
fbem-13618	43	23	and	and	CCONJ
fbem-13618	43	24	as	as	ADP
fbem-13618	43	25	a	a	DET
fbem-13618	43	26	result	result	NOUN
fbem-13618	43	27	institutional	institutional	ADJ
fbem-13618	43	28	investors	investor	NOUN
fbem-13618	43	29	'	'	PART
fbem-13618	43	30	holdings	holding	NOUN
fbem-13618	43	31	remain	remain	VERB
fbem-13618	43	32	relatively	relatively	ADV
fbem-13618	43	33	fragmented[13	fragmented[13	ADV
fbem-13618	43	34	]	]	PUNCT
fbem-13618	43	35	.	.	PUNCT
fbem-13618	44	1	this	this	DET
fbem-13618	44	2	high	high	ADJ
fbem-13618	44	3	degree	degree	NOUN
fbem-13618	44	4	of	of	ADP
fbem-13618	44	5	fragmentation	fragmentation	NOUN
fbem-13618	44	6	and	and	CCONJ
fbem-13618	44	7	liquidity	liquidity	NOUN
fbem-13618	44	8	of	of	ADP
fbem-13618	44	9	shareholdings	shareholding	NOUN
fbem-13618	44	10	leaves	leave	VERB
fbem-13618	44	11	shareholders	shareholder	NOUN
fbem-13618	44	12	in	in	ADP
fbem-13618	44	13	general	general	ADJ
fbem-13618	44	14	,	,	PUNCT
fbem-13618	44	15	and	and	CCONJ
fbem-13618	44	16	small	small	ADJ
fbem-13618	44	17	and	and	CCONJ
fbem-13618	44	18	medium	medium	ADJ
fbem-13618	44	19	-	-	PUNCT
fbem-13618	44	20	sized	sized	ADJ
fbem-13618	44	21	shareholders	shareholder	NOUN
fbem-13618	44	22	in	in	ADP
fbem-13618	44	23	particular	particular	ADJ
fbem-13618	44	24	,	,	PUNCT
fbem-13618	44	25	in	in	ADP
fbem-13618	44	26	a	a	DET
fbem-13618	44	27	state	state	NOUN
fbem-13618	44	28	of	of	ADP
fbem-13618	44	29	information	information	NOUN
fbem-13618	44	30	asymmetry	asymmetry	NOUN
fbem-13618	44	31	with	with	ADP
fbem-13618	44	32	the	the	DET
fbem-13618	44	33	company	company	NOUN
fbem-13618	44	34	and	and	CCONJ
fbem-13618	44	35	its	its	PRON
fbem-13618	44	36	proprietors	proprietor	NOUN
fbem-13618	44	37	.	.	PUNCT
fbem-13618	45	1	based	base	VERB
fbem-13618	45	2	on	on	ADP
fbem-13618	45	3	the	the	DET
fbem-13618	45	4	cost	cost	NOUN
fbem-13618	45	5	of	of	ADP
fbem-13618	45	6	participation	participation	NOUN
fbem-13618	45	7	,	,	PUNCT
fbem-13618	45	8	shareholders	shareholder	NOUN
fbem-13618	45	9	exercise	exercise	VERB
fbem-13618	45	10	their	their	PRON
fbem-13618	45	11	rights	right	NOUN
fbem-13618	45	12	not	not	PART
fbem-13618	45	13	by	by	ADP
fbem-13618	45	14	voting	vote	VERB
fbem-13618	45	15	with	with	ADP
fbem-13618	45	16	their	their	PRON
fbem-13618	45	17	hands	hand	NOUN
fbem-13618	45	18	at	at	ADP
fbem-13618	45	19	general	general	ADJ
fbem-13618	45	20	meetings	meeting	NOUN
fbem-13618	45	21	,	,	PUNCT
fbem-13618	45	22	but	but	CCONJ
fbem-13618	45	23	by	by	ADP
fbem-13618	45	24	voting	vote	VERB
fbem-13618	45	25	with	with	ADP
fbem-13618	45	26	their	their	PRON
fbem-13618	45	27	feet	foot	NOUN
fbem-13618	45	28	on	on	ADP
fbem-13618	45	29	the	the	DET
fbem-13618	45	30	stock	stock	NOUN
fbem-13618	45	31	market	market	NOUN
fbem-13618	45	32	.	.	PUNCT
fbem-13618	46	1	in	in	ADP
fbem-13618	46	2	short	short	ADJ
fbem-13618	46	3	,	,	PUNCT
fbem-13618	46	4	it	it	PRON
fbem-13618	46	5	is	be	AUX
fbem-13618	46	6	difficult	difficult	ADJ
fbem-13618	46	7	for	for	SCONJ
fbem-13618	46	8	a	a	DET
fbem-13618	46	9	single	single	ADJ
fbem-13618	46	10	shareholder	shareholder	NOUN
fbem-13618	46	11	in	in	ADP
fbem-13618	46	12	the	the	DET
fbem-13618	46	13	uk	uk	PROPN
fbem-13618	46	14	to	to	PART
fbem-13618	46	15	form	form	VERB
fbem-13618	46	16	a	a	DET
fbem-13618	46	17	controlling	control	VERB
fbem-13618	46	18	shareholder	shareholder	NOUN
fbem-13618	46	19	position	position	NOUN
fbem-13618	46	20	in	in	ADP
fbem-13618	46	21	a	a	DET
fbem-13618	46	22	company	company	NOUN
fbem-13618	46	23	,	,	PUNCT
fbem-13618	46	24	and	and	CCONJ
fbem-13618	46	25	shareholders	shareholder	NOUN
fbem-13618	46	26	can	can	AUX
fbem-13618	46	27	not	not	PART
fbem-13618	46	28	effectively	effectively	ADV
fbem-13618	46	29	unite	unite	VERB
fbem-13618	46	30	to	to	PART
fbem-13618	46	31	exercise	exercise	VERB
fbem-13618	46	32	shareholder	shareholder	NOUN
fbem-13618	46	33	power	power	NOUN
fbem-13618	46	34	against	against	ADP
fbem-13618	46	35	management	management	NOUN
fbem-13618	46	36	,	,	PUNCT
fbem-13618	46	37	thus	thus	ADV
fbem-13618	46	38	creating	create	VERB
fbem-13618	46	39	a	a	DET
fbem-13618	46	40	"	"	PUNCT
fbem-13618	46	41	weak	weak	ADJ
fbem-13618	46	42	shareholder	shareholder	NOUN
fbem-13618	46	43	,	,	PUNCT
fbem-13618	46	44	strong	strong	ADJ
fbem-13618	46	45	management	management	NOUN
fbem-13618	46	46	"	"	PUNCT
fbem-13618	46	47	corporate	corporate	ADJ
fbem-13618	46	48	governance	governance	NOUN
fbem-13618	46	49	structure	structure	NOUN
fbem-13618	46	50	in	in	ADP
fbem-13618	46	51	the	the	DET
fbem-13618	46	52	uk	uk	PROPN
fbem-13618	46	53	,	,	PUNCT
fbem-13618	46	54	which	which	PRON
fbem-13618	46	55	has	have	AUX
fbem-13618	46	56	led	lead	VERB
fbem-13618	46	57	to	to	ADP
fbem-13618	46	58	the	the	DET
fbem-13618	46	59	problem	problem	NOUN
fbem-13618	46	60	of	of	ADP
fbem-13618	46	61	insider	insider	NOUN
fbem-13618	46	62	control[14	control[14	PROPN
fbem-13618	46	63	]	]	PUNCT
fbem-13618	46	64	.	.	PUNCT
fbem-13618	47	1	insider	insider	NOUN
fbem-13618	47	2	control	control	NOUN
fbem-13618	47	3	can	can	AUX
fbem-13618	47	4	easily	easily	ADV
fbem-13618	47	5	get	get	VERB
fbem-13618	47	6	out	out	ADP
fbem-13618	47	7	of	of	ADP
fbem-13618	47	8	hand	hand	NOUN
fbem-13618	47	9	,	,	PUNCT
fbem-13618	47	10	as	as	SCONJ
fbem-13618	47	11	managers	manager	NOUN
fbem-13618	47	12	have	have	VERB
fbem-13618	47	13	the	the	DET
fbem-13618	47	14	incentive	incentive	NOUN
fbem-13618	47	15	and	and	CCONJ
fbem-13618	47	16	desire	desire	NOUN
fbem-13618	47	17	to	to	PART
fbem-13618	47	18	expand	expand	VERB
fbem-13618	47	19	their	their	PRON
fbem-13618	47	20	power	power	NOUN
fbem-13618	47	21	,	,	PUNCT
fbem-13618	47	22	as	as	ADV
fbem-13618	47	23	well	well	ADV
fbem-13618	47	24	as	as	ADP
fbem-13618	47	25	the	the	DET
fbem-13618	47	26	means	mean	NOUN
fbem-13618	47	27	to	to	PART
fbem-13618	47	28	do	do	AUX
fbem-13618	47	29	so	so	ADV
fbem-13618	47	30	.	.	PUNCT
fbem-13618	48	1	this	this	DET
fbem-13618	48	2	loss	loss	NOUN
fbem-13618	48	3	of	of	ADP
fbem-13618	48	4	control	control	NOUN
fbem-13618	48	5	can	can	AUX
fbem-13618	48	6	lead	lead	VERB
fbem-13618	48	7	to	to	ADP
fbem-13618	48	8	a	a	DET
fbem-13618	48	9	loss	loss	NOUN
fbem-13618	48	10	of	of	ADP
fbem-13618	48	11	corporate	corporate	ADJ
fbem-13618	48	12	interests	interest	NOUN
fbem-13618	48	13	and	and	CCONJ
fbem-13618	48	14	ultimately	ultimately	ADV
fbem-13618	48	15	infringe	infringe	VERB
fbem-13618	48	16	on	on	ADP
fbem-13618	48	17	the	the	DET
fbem-13618	48	18	interests	interest	NOUN
fbem-13618	48	19	of	of	ADP
fbem-13618	48	20	shareholders	shareholder	NOUN
fbem-13618	48	21	.	.	PUNCT
fbem-13618	49	1	there	there	PRON
fbem-13618	49	2	is	be	VERB
fbem-13618	49	3	therefore	therefore	ADV
fbem-13618	49	4	a	a	DET
fbem-13618	49	5	great	great	ADJ
fbem-13618	49	6	need	need	NOUN
fbem-13618	49	7	to	to	PART
fbem-13618	49	8	monitor	monitor	VERB
fbem-13618	49	9	the	the	DET
fbem-13618	49	10	business	business	NOUN
fbem-13618	49	11	conduct	conduct	NOUN
fbem-13618	49	12	of	of	ADP
fbem-13618	49	13	insider	insider	NOUN
fbem-13618	49	14	management	management	NOUN
fbem-13618	49	15	managers	manager	NOUN
fbem-13618	49	16	.	.	PUNCT
fbem-13618	50	1	the	the	DET
fbem-13618	50	2	introduction	introduction	NOUN
fbem-13618	50	3	of	of	ADP
fbem-13618	50	4	independent	independent	ADJ
fbem-13618	50	5	directors	director	NOUN
fbem-13618	50	6	marks	mark	VERB
fbem-13618	50	7	a	a	DET
fbem-13618	50	8	reduction	reduction	NOUN
fbem-13618	50	9	in	in	ADP
fbem-13618	50	10	the	the	DET
fbem-13618	50	11	proportion	proportion	NOUN
fbem-13618	50	12	of	of	ADP
fbem-13618	50	13	insider	insider	NOUN
fbem-13618	50	14	directors	director	NOUN
fbem-13618	50	15	on	on	ADP
fbem-13618	50	16	the	the	DET
fbem-13618	50	17	board	board	NOUN
fbem-13618	50	18	of	of	ADP
fbem-13618	50	19	directors	director	NOUN
fbem-13618	50	20	,	,	PUNCT
fbem-13618	50	21	thereby	thereby	ADV
fbem-13618	50	22	reducing	reduce	VERB
fbem-13618	50	23	the	the	DET
fbem-13618	50	24	overlap	overlap	NOUN
fbem-13618	50	25	between	between	ADP
fbem-13618	50	26	the	the	DET
fbem-13618	50	27	decision	decision	NOUN
fbem-13618	50	28	-	-	PUNCT
fbem-13618	50	29	making	make	VERB
fbem-13618	50	30	and	and	CCONJ
fbem-13618	50	31	operating	operate	VERB
fbem-13618	50	32	powers	power	NOUN
fbem-13618	50	33	of	of	ADP
fbem-13618	50	34	the	the	DET
fbem-13618	50	35	company	company	NOUN
fbem-13618	50	36	and	and	CCONJ
fbem-13618	50	37	enhancing	enhance	VERB
fbem-13618	50	38	the	the	DET
fbem-13618	50	39	supervisory	supervisory	ADJ
fbem-13618	50	40	function	function	NOUN
fbem-13618	50	41	of	of	ADP
fbem-13618	50	42	the	the	DET
fbem-13618	50	43	board	board	NOUN
fbem-13618	50	44	of	of	ADP
fbem-13618	50	45	directors[15	directors[15	PROPN
fbem-13618	50	46	]	]	PUNCT
fbem-13618	50	47	.	.	PUNCT
fbem-13618	51	1	the	the	DET
fbem-13618	51	2	establishment	establishment	NOUN
fbem-13618	51	3	of	of	ADP
fbem-13618	51	4	independent	independent	ADJ
fbem-13618	51	5	directors	director	NOUN
fbem-13618	51	6	can	can	AUX
fbem-13618	51	7	check	check	VERB
fbem-13618	51	8	the	the	DET
fbem-13618	51	9	dominance	dominance	NOUN
fbem-13618	51	10	of	of	ADP
fbem-13618	51	11	one	one	NUM
fbem-13618	51	12	management	management	NOUN
fbem-13618	51	13	and	and	CCONJ
fbem-13618	51	14	also	also	ADV
fbem-13618	51	15	improve	improve	VERB
fbem-13618	51	16	the	the	DET
fbem-13618	51	17	level	level	NOUN
fbem-13618	51	18	of	of	ADP
fbem-13618	51	19	decision	decision	NOUN
fbem-13618	51	20	-	-	PUNCT
fbem-13618	51	21	making	making	NOUN
fbem-13618	51	22	by	by	ADP
fbem-13618	51	23	the	the	DET
fbem-13618	51	24	board	board	NOUN
fbem-13618	51	25	of	of	ADP
fbem-13618	51	26	directors	director	NOUN
fbem-13618	51	27	.	.	PUNCT
fbem-13618	52	1	according	accord	VERB
fbem-13618	52	2	to	to	ADP
fbem-13618	52	3	the	the	DET
fbem-13618	52	4	traditional	traditional	ADJ
fbem-13618	52	5	company	company	NOUN
fbem-13618	52	6	law	law	NOUN
fbem-13618	52	7	theory	theory	NOUN
fbem-13618	52	8	,	,	PUNCT
fbem-13618	52	9	the	the	DET
fbem-13618	52	10	management	management	NOUN
fbem-13618	52	11	objective	objective	NOUN
fbem-13618	52	12	of	of	ADP
fbem-13618	52	13	a	a	DET
fbem-13618	52	14	company	company	NOUN
fbem-13618	52	15	is	be	AUX
fbem-13618	52	16	to	to	PART
fbem-13618	52	17	maximise	maximise	VERB
fbem-13618	52	18	the	the	DET
fbem-13618	52	19	interests	interest	NOUN
fbem-13618	52	20	of	of	ADP
fbem-13618	52	21	shareholders	shareholder	NOUN
fbem-13618	52	22	,	,	PUNCT
fbem-13618	52	23	and	and	CCONJ
fbem-13618	52	24	directors	director	NOUN
fbem-13618	52	25	are	be	AUX
fbem-13618	52	26	regarded	regard	VERB
fbem-13618	52	27	as	as	ADP
fbem-13618	52	28	the	the	DET
fbem-13618	52	29	agents	agent	NOUN
fbem-13618	52	30	or	or	CCONJ
fbem-13618	52	31	trustees	trustee	NOUN
fbem-13618	52	32	of	of	ADP
fbem-13618	52	33	shareholders	shareholder	NOUN
fbem-13618	52	34	,	,	PUNCT
fbem-13618	52	35	and	and	CCONJ
fbem-13618	52	36	the	the	DET
fbem-13618	52	37	interests	interest	NOUN
fbem-13618	52	38	of	of	ADP
fbem-13618	52	39	shareholders	shareholder	NOUN
fbem-13618	52	40	are	be	AUX
fbem-13618	52	41	their	their	PRON
fbem-13618	52	42	highest	high	ADJ
fbem-13618	52	43	and	and	CCONJ
fbem-13618	52	44	only	only	ADV
fbem-13618	52	45	objective	objective	ADJ
fbem-13618	52	46	.	.	PUNCT
fbem-13618	53	1	the	the	DET
fbem-13618	53	2	directors	director	NOUN
fbem-13618	53	3	are	be	AUX
fbem-13618	53	4	dependent	dependent	ADJ
fbem-13618	53	5	on	on	ADP
fbem-13618	53	6	the	the	DET
fbem-13618	53	7	shareholders	shareholder	NOUN
fbem-13618	53	8	,	,	PUNCT
fbem-13618	53	9	and	and	CCONJ
fbem-13618	53	10	the	the	DET
fbem-13618	53	11	will	will	NOUN
fbem-13618	53	12	of	of	ADP
fbem-13618	53	13	the	the	DET
fbem-13618	53	14	two	two	NUM
fbem-13618	53	15	is	be	AUX
fbem-13618	53	16	united	unite	VERB
fbem-13618	53	17	,	,	PUNCT
fbem-13618	53	18	and	and	CCONJ
fbem-13618	53	19	the	the	DET
fbem-13618	53	20	directors	director	NOUN
fbem-13618	53	21	have	have	VERB
fbem-13618	53	22	no	no	DET
fbem-13618	53	23	independent	independent	ADJ
fbem-13618	53	24	will[16	will[16	NOUN
fbem-13618	53	25	]	]	PUNCT
fbem-13618	53	26	.	.	PUNCT
fbem-13618	54	1	however	however	ADV
fbem-13618	54	2	,	,	PUNCT
fbem-13618	54	3	since	since	SCONJ
fbem-13618	54	4	the	the	DET
fbem-13618	54	5	beginning	beginning	NOUN
fbem-13618	54	6	of	of	ADP
fbem-13618	54	7	the	the	DET
fbem-13618	54	8	20th	20th	ADJ
fbem-13618	54	9	century	century	NOUN
fbem-13618	54	10	,	,	PUNCT
fbem-13618	54	11	the	the	DET
fbem-13618	54	12	structure	structure	NOUN
fbem-13618	54	13	of	of	ADP
fbem-13618	54	14	shareholdings	shareholding	NOUN
fbem-13618	54	15	in	in	ADP
fbem-13618	54	16	common	common	ADJ
fbem-13618	54	17	law	law	NOUN
fbem-13618	54	18	countries	country	NOUN
fbem-13618	54	19	has	have	AUX
fbem-13618	54	20	undergone	undergo	VERB
fbem-13618	54	21	significant	significant	ADJ
fbem-13618	54	22	changes	change	NOUN
fbem-13618	54	23	,	,	PUNCT
fbem-13618	54	24	with	with	ADP
fbem-13618	54	25	shareholdings	shareholding	NOUN
fbem-13618	54	26	becoming	become	VERB
fbem-13618	54	27	more	more	ADV
fbem-13618	54	28	and	and	CCONJ
fbem-13618	54	29	more	more	ADV
fbem-13618	54	30	fragmented	fragmented	ADJ
fbem-13618	54	31	and	and	CCONJ
fbem-13618	54	32	the	the	DET
fbem-13618	54	33	separation	separation	NOUN
fbem-13618	54	34	of	of	ADP
fbem-13618	54	35	ownership	ownership	NOUN
fbem-13618	54	36	from	from	ADP
fbem-13618	54	37	management	management	NOUN
fbem-13618	54	38	,	,	PUNCT
fbem-13618	54	39	and	and	CCONJ
fbem-13618	54	40	the	the	DET
fbem-13618	54	41	board	board	NOUN
fbem-13618	54	42	of	of	ADP
fbem-13618	54	43	directors	director	NOUN
fbem-13618	54	44	gradually	gradually	ADV
fbem-13618	54	45	being	be	AUX
fbem-13618	54	46	manipulated	manipulate	VERB
fbem-13618	54	47	by	by	ADP
fbem-13618	54	48	management	management	NOUN
fbem-13618	54	49	,	,	PUNCT
fbem-13618	54	50	led	lead	VERB
fbem-13618	54	51	by	by	ADP
fbem-13618	54	52	the	the	DET
fbem-13618	54	53	managing	manage	VERB
fbem-13618	54	54	director	director	NOUN
fbem-13618	54	55	,	,	PUNCT
fbem-13618	54	56	with	with	ADP
fbem-13618	54	57	the	the	DET
fbem-13618	54	58	will	will	NOUN
fbem-13618	54	59	of	of	ADP
fbem-13618	54	60	shareholders	shareholder	NOUN
fbem-13618	54	61	diverging	diverge	VERB
fbem-13618	54	62	from	from	ADP
fbem-13618	54	63	that	that	PRON
fbem-13618	54	64	of	of	ADP
fbem-13618	54	65	management	management	NOUN
fbem-13618	54	66	.	.	PUNCT
fbem-13618	55	1	in	in	ADP
fbem-13618	55	2	response	response	NOUN
fbem-13618	55	3	,	,	PUNCT
fbem-13618	55	4	common	common	ADJ
fbem-13618	55	5	law	law	NOUN
fbem-13618	55	6	countries	country	NOUN
fbem-13618	55	7	have	have	AUX
fbem-13618	55	8	introduced	introduce	VERB
fbem-13618	55	9	independent	independent	ADJ
fbem-13618	55	10	directorships	directorship	NOUN
fbem-13618	55	11	,	,	PUNCT
fbem-13618	55	12	the	the	DET
fbem-13618	55	13	primary	primary	ADJ
fbem-13618	55	14	purpose	purpose	NOUN
fbem-13618	55	15	of	of	ADP
fbem-13618	55	16	which	which	PRON
fbem-13618	55	17	is	be	AUX
fbem-13618	55	18	to	to	ADP
fbem-13618	55	19	counterbalance	counterbalance	NOUN
fbem-13618	55	20	management	management	NOUN
fbem-13618	55	21	's	's	PART
fbem-13618	55	22	de	de	X
fbem-13618	55	23	facto	facto	X
fbem-13618	55	24	control	control	NOUN
fbem-13618	55	25	over	over	ADP
fbem-13618	55	26	the	the	DET
fbem-13618	55	27	company	company	NOUN
fbem-13618	55	28	and	and	CCONJ
fbem-13618	55	29	to	to	PART
fbem-13618	55	30	expand	expand	VERB
fbem-13618	55	31	the	the	DET
fbem-13618	55	32	board	board	NOUN
fbem-13618	55	33	's	's	PART
fbem-13618	55	34	vision	vision	NOUN
fbem-13618	55	35	by	by	ADP
fbem-13618	55	36	including	include	VERB
fbem-13618	55	37	external	external	ADJ
fbem-13618	55	38	members	member	NOUN
fbem-13618	55	39	,	,	PUNCT
fbem-13618	55	40	thereby	thereby	ADV
fbem-13618	55	41	achieving	achieve	VERB
fbem-13618	55	42	a	a	DET
fbem-13618	55	43	diversity	diversity	NOUN
fbem-13618	55	44	of	of	ADP
fbem-13618	55	45	decision	decision	NOUN
fbem-13618	55	46	-	-	PUNCT
fbem-13618	55	47	making	make	VERB
fbem-13618	55	48	interests	interest	NOUN
fbem-13618	55	49	.	.	PUNCT
fbem-13618	56	1	the	the	DET
fbem-13618	56	2	introduction	introduction	NOUN
fbem-13618	56	3	of	of	ADP
fbem-13618	56	4	independent	independent	ADJ
fbem-13618	56	5	directors	director	NOUN
fbem-13618	56	6	can	can	AUX
fbem-13618	56	7	improve	improve	VERB
fbem-13618	56	8	the	the	DET
fbem-13618	56	9	quality	quality	NOUN
fbem-13618	56	10	structure	structure	NOUN
fbem-13618	56	11	of	of	ADP
fbem-13618	56	12	the	the	DET
fbem-13618	56	13	board	board	NOUN
fbem-13618	56	14	of	of	ADP
fbem-13618	56	15	directors	director	NOUN
fbem-13618	56	16	and	and	CCONJ
fbem-13618	56	17	enhance	enhance	VERB
fbem-13618	56	18	the	the	DET
fbem-13618	56	19	board	board	NOUN
fbem-13618	56	20	's	's	PART
fbem-13618	56	21	vision	vision	NOUN
fbem-13618	56	22	and	and	CCONJ
fbem-13618	56	23	decision	decision	NOUN
fbem-13618	56	24	-	-	PUNCT
fbem-13618	56	25	making	make	VERB
fbem-13618	56	26	ability	ability	NOUN
fbem-13618	56	27	.	.	PUNCT
fbem-13618	57	1	professor	professor	NOUN
fbem-13618	57	2	clark	clark	NOUN
fbem-13618	57	3	of	of	ADP
fbem-13618	57	4	the	the	DET
fbem-13618	57	5	united	united	PROPN
fbem-13618	57	6	states	states	PROPN
fbem-13618	57	7	believes	believe	VERB
fbem-13618	57	8	that	that	SCONJ
fbem-13618	57	9	the	the	DET
fbem-13618	57	10	duty	duty	NOUN
fbem-13618	57	11	of	of	ADP
fbem-13618	57	12	independent	independent	ADJ
fbem-13618	57	13	directors	director	NOUN
fbem-13618	57	14	is	be	AUX
fbem-13618	57	15	not	not	PART
fbem-13618	57	16	to	to	PART
fbem-13618	57	17	make	make	VERB
fbem-13618	57	18	specific	specific	ADJ
fbem-13618	57	19	business	business	NOUN
fbem-13618	57	20	judgments	judgment	NOUN
fbem-13618	57	21	,	,	PUNCT
fbem-13618	57	22	but	but	CCONJ
fbem-13618	57	23	to	to	PART
fbem-13618	57	24	monitor	monitor	VERB
fbem-13618	57	25	the	the	DET
fbem-13618	57	26	work	work	NOUN
fbem-13618	57	27	of	of	ADP
fbem-13618	57	28	insiders	insider	NOUN
fbem-13618	57	29	,	,	PUNCT
fbem-13618	57	30	especially	especially	ADV
fbem-13618	57	31	to	to	PART
fbem-13618	57	32	review	review	VERB
fbem-13618	57	33	decisions	decision	NOUN
fbem-13618	57	34	made	make	VERB
fbem-13618	57	35	by	by	ADP
fbem-13618	57	36	insiders	insider	NOUN
fbem-13618	57	37	with	with	ADP
fbem-13618	57	38	a	a	DET
fbem-13618	57	39	stake	stake	NOUN
fbem-13618	57	40	in	in	ADP
fbem-13618	57	41	the	the	DET
fbem-13618	57	42	company	company	NOUN
fbem-13618	57	43	,	,	PUNCT
fbem-13618	57	44	who	who	PRON
fbem-13618	57	45	are	be	AUX
fbem-13618	57	46	prone	prone	ADJ
fbem-13618	57	47	to	to	PART
fbem-13618	57	48	fall	fall	VERB
fbem-13618	57	49	into	into	ADP
fbem-13618	57	50	stereotypes	stereotype	NOUN
fbem-13618	57	51	in	in	ADP
fbem-13618	57	52	their	their	PRON
fbem-13618	57	53	thinking	thinking	NOUN
fbem-13618	57	54	and	and	CCONJ
fbem-13618	57	55	actions	action	NOUN
fbem-13618	57	56	,	,	PUNCT
fbem-13618	57	57	while	while	SCONJ
fbem-13618	57	58	outsiders	outsider	NOUN
fbem-13618	57	59	can	can	AUX
fbem-13618	57	60	offer	offer	VERB
fbem-13618	57	61	unique	unique	ADJ
fbem-13618	57	62	and	and	CCONJ
fbem-13618	57	63	novel	novel	ADJ
fbem-13618	57	64	opinions	opinion	NOUN
fbem-13618	57	65	on	on	ADP
fbem-13618	57	66	the	the	DET
fbem-13618	57	67	company	company	NOUN
fbem-13618	57	68	,	,	PUNCT
fbem-13618	57	69	preventing	prevent	VERB
fbem-13618	57	70	the	the	DET
fbem-13618	57	71	key	key	NOUN
fbem-13618	57	72	to	to	ADP
fbem-13618	57	73	repeating	repeat	VERB
fbem-13618	57	74	the	the	DET
fbem-13618	57	75	same	same	ADJ
fbem-13618	57	76	mistakes	mistake	NOUN
fbem-13618	57	77	.	.	PUNCT
fbem-13618	58	1	secondly	secondly	ADV
fbem-13618	58	2	,	,	PUNCT
fbem-13618	58	3	not	not	PART
fbem-13618	58	4	only	only	ADV
fbem-13618	58	5	do	do	AUX
fbem-13618	58	6	independent	independent	ADJ
fbem-13618	58	7	directors	director	NOUN
fbem-13618	58	8	come	come	VERB
fbem-13618	58	9	from	from	ADP
fbem-13618	58	10	outside	outside	NOUN
fbem-13618	58	11	,	,	PUNCT
fbem-13618	58	12	they	they	PRON
fbem-13618	58	13	are	be	AUX
fbem-13618	58	14	not	not	PART
fbem-13618	58	15	employed	employ	VERB
fbem-13618	58	16	by	by	ADP
fbem-13618	58	17	the	the	DET
fbem-13618	58	18	company	company	NOUN
fbem-13618	58	19	and	and	CCONJ
fbem-13618	58	20	have	have	VERB
fbem-13618	58	21	no	no	DET
fbem-13618	58	22	hierarchical	hierarchical	ADJ
fbem-13618	58	23	relationship	relationship	NOUN
fbem-13618	58	24	with	with	ADP
fbem-13618	58	25	the	the	DET
fbem-13618	58	26	inside	inside	ADJ
fbem-13618	58	27	directors	director	NOUN
fbem-13618	58	28	,	,	PUNCT
fbem-13618	58	29	so	so	SCONJ
fbem-13618	58	30	they	they	PRON
fbem-13618	58	31	are	be	AUX
fbem-13618	58	32	less	less	ADV
fbem-13618	58	33	subject	subject	ADJ
fbem-13618	58	34	to	to	ADP
fbem-13618	58	35	the	the	DET
fbem-13618	58	36	constraints	constraint	NOUN
fbem-13618	58	37	of	of	ADP
fbem-13618	58	38	the	the	DET
fbem-13618	58	39	inside	inside	ADJ
fbem-13618	58	40	directors	director	NOUN
fbem-13618	58	41	,	,	PUNCT
fbem-13618	58	42	and	and	CCONJ
fbem-13618	58	43	they	they	PRON
fbem-13618	58	44	are	be	AUX
fbem-13618	58	45	not	not	PART
fbem-13618	58	46	involved	involve	VERB
fbem-13618	58	47	in	in	ADP
fbem-13618	58	48	the	the	DET
fbem-13618	58	49	management	management	NOUN
fbem-13618	58	50	,	,	PUNCT
fbem-13618	58	51	so	so	SCONJ
fbem-13618	58	52	they	they	PRON
fbem-13618	58	53	can	can	AUX
fbem-13618	58	54	make	make	VERB
fbem-13618	58	55	an	an	DET
fbem-13618	58	56	objective	objective	ADJ
fbem-13618	58	57	evaluation	evaluation	NOUN
fbem-13618	58	58	and	and	CCONJ
fbem-13618	58	59	supervision	supervision	NOUN
fbem-13618	58	60	of	of	ADP
fbem-13618	58	61	the	the	DET
fbem-13618	58	62	management	management	NOUN
fbem-13618	58	63	decisions[17	decisions[17	X
fbem-13618	58	64	]	]	X
fbem-13618	58	65	.	.	PUNCT
fbem-13618	59	1	thirdly	thirdly	ADV
fbem-13618	59	2	,	,	PUNCT
fbem-13618	59	3	the	the	DET
fbem-13618	59	4	establishment	establishment	NOUN
fbem-13618	59	5	of	of	ADP
fbem-13618	59	6	independent	independent	ADJ
fbem-13618	59	7	directors	director	NOUN
fbem-13618	59	8	can	can	AUX
fbem-13618	59	9	monitor	monitor	VERB
fbem-13618	59	10	the	the	DET
fbem-13618	59	11	collusion	collusion	NOUN
fbem-13618	59	12	between	between	ADP
fbem-13618	59	13	the	the	DET
fbem-13618	59	14	board	board	NOUN
fbem-13618	59	15	of	of	ADP
fbem-13618	59	16	directors	director	NOUN
fbem-13618	59	17	and	and	CCONJ
fbem-13618	59	18	the	the	DET
fbem-13618	59	19	9	9	NUM
fbem-13618	59	20	managers	manager	NOUN
fbem-13618	59	21	and	and	CCONJ
fbem-13618	59	22	avoid	avoid	VERB
fbem-13618	59	23	the	the	DET
fbem-13618	59	24	moral	moral	ADJ
fbem-13618	59	25	hazard	hazard	NOUN
fbem-13618	59	26	problem	problem	NOUN
fbem-13618	59	27	of	of	ADP
fbem-13618	59	28	collusion	collusion	NOUN
fbem-13618	59	29	between	between	ADP
fbem-13618	59	30	the	the	DET
fbem-13618	59	31	directors	director	NOUN
fbem-13618	59	32	and	and	CCONJ
fbem-13618	59	33	the	the	DET
fbem-13618	59	34	managers	manager	NOUN
fbem-13618	59	35	.	.	PUNCT
fbem-13618	60	1	theoretically	theoretically	ADV
fbem-13618	60	2	,	,	PUNCT
fbem-13618	60	3	the	the	DET
fbem-13618	60	4	general	general	ADJ
fbem-13618	60	5	meeting	meeting	NOUN
fbem-13618	60	6	of	of	ADP
fbem-13618	60	7	shareholders	shareholder	NOUN
fbem-13618	60	8	is	be	AUX
fbem-13618	60	9	the	the	DET
fbem-13618	60	10	highest	high	ADJ
fbem-13618	60	11	authority	authority	NOUN
fbem-13618	60	12	of	of	ADP
fbem-13618	60	13	the	the	DET
fbem-13618	60	14	company	company	NOUN
fbem-13618	60	15	,	,	PUNCT
fbem-13618	60	16	but	but	CCONJ
fbem-13618	60	17	as	as	SCONJ
fbem-13618	60	18	mentioned	mention	VERB
fbem-13618	60	19	above	above	ADV
fbem-13618	60	20	,	,	PUNCT
fbem-13618	60	21	the	the	DET
fbem-13618	60	22	actual	actual	ADJ
fbem-13618	60	23	power	power	NOUN
fbem-13618	60	24	of	of	ADP
fbem-13618	60	25	the	the	DET
fbem-13618	60	26	company	company	NOUN
fbem-13618	60	27	in	in	ADP
fbem-13618	60	28	the	the	DET
fbem-13618	60	29	uk	uk	PROPN
fbem-13618	60	30	is	be	AUX
fbem-13618	60	31	held	hold	VERB
fbem-13618	60	32	by	by	ADP
fbem-13618	60	33	the	the	DET
fbem-13618	60	34	management	management	NOUN
fbem-13618	60	35	.	.	PUNCT
fbem-13618	61	1	in	in	ADP
fbem-13618	61	2	addition	addition	NOUN
fbem-13618	61	3	,	,	PUNCT
fbem-13618	61	4	there	there	PRON
fbem-13618	61	5	is	be	VERB
fbem-13618	61	6	no	no	DET
fbem-13618	61	7	separate	separate	ADJ
fbem-13618	61	8	supervisory	supervisory	ADJ
fbem-13618	61	9	body	body	NOUN
fbem-13618	61	10	in	in	ADP
fbem-13618	61	11	uk	uk	PROPN
fbem-13618	61	12	companies	company	NOUN
fbem-13618	61	13	,	,	PUNCT
fbem-13618	61	14	and	and	CCONJ
fbem-13618	61	15	the	the	DET
fbem-13618	61	16	board	board	NOUN
fbem-13618	61	17	of	of	ADP
fbem-13618	61	18	directors	director	NOUN
fbem-13618	61	19	exercises	exercise	VERB
fbem-13618	61	20	supervisory	supervisory	ADJ
fbem-13618	61	21	authority	authority	NOUN
fbem-13618	61	22	over	over	ADP
fbem-13618	61	23	the	the	DET
fbem-13618	61	24	top	top	ADJ
fbem-13618	61	25	management	management	NOUN
fbem-13618	61	26	of	of	ADP
fbem-13618	61	27	the	the	DET
fbem-13618	61	28	company	company	NOUN
fbem-13618	61	29	,	,	PUNCT
fbem-13618	61	30	making	make	VERB
fbem-13618	61	31	the	the	DET
fbem-13618	61	32	executive	executive	ADJ
fbem-13618	61	33	and	and	CCONJ
fbem-13618	61	34	supervisory	supervisory	ADJ
fbem-13618	61	35	bodies	body	NOUN
fbem-13618	61	36	of	of	ADP
fbem-13618	61	37	the	the	DET
fbem-13618	61	38	business	business	NOUN
fbem-13618	61	39	one	one	NUM
fbem-13618	61	40	and	and	CCONJ
fbem-13618	61	41	the	the	DET
fbem-13618	61	42	same	same	ADJ
fbem-13618	61	43	.	.	PUNCT
fbem-13618	62	1	this	this	DET
fbem-13618	62	2	'	'	PUNCT
fbem-13618	62	3	monolithic	monolithic	ADJ
fbem-13618	62	4	'	'	PUNCT
fbem-13618	62	5	framework	framework	NOUN
fbem-13618	62	6	is	be	AUX
fbem-13618	62	7	also	also	ADV
fbem-13618	62	8	a	a	DET
fbem-13618	62	9	logical	logical	ADJ
fbem-13618	62	10	consequence	consequence	NOUN
fbem-13618	62	11	of	of	ADP
fbem-13618	62	12	the	the	DET
fbem-13618	62	13	developed	develop	VERB
fbem-13618	62	14	external	external	ADJ
fbem-13618	62	15	control	control	NOUN
fbem-13618	62	16	model	model	NOUN
fbem-13618	62	17	in	in	ADP
fbem-13618	62	18	the	the	DET
fbem-13618	62	19	uk	uk	PROPN
fbem-13618	62	20	and	and	CCONJ
fbem-13618	62	21	us[18	us[18	PROPN
fbem-13618	62	22	]	]	PUNCT
fbem-13618	62	23	.	.	PUNCT
fbem-13618	63	1	the	the	DET
fbem-13618	63	2	existence	existence	NOUN
fbem-13618	63	3	of	of	ADP
fbem-13618	63	4	an	an	DET
fbem-13618	63	5	effective	effective	ADJ
fbem-13618	63	6	external	external	ADJ
fbem-13618	63	7	control	control	NOUN
fbem-13618	63	8	model	model	NOUN
fbem-13618	63	9	has	have	AUX
fbem-13618	63	10	weakened	weaken	VERB
fbem-13618	63	11	the	the	DET
fbem-13618	63	12	internal	internal	ADJ
fbem-13618	63	13	control	control	NOUN
fbem-13618	63	14	system	system	NOUN
fbem-13618	63	15	of	of	ADP
fbem-13618	63	16	the	the	DET
fbem-13618	63	17	company	company	NOUN
fbem-13618	63	18	.	.	PUNCT
fbem-13618	64	1	however	however	ADV
fbem-13618	64	2	,	,	PUNCT
fbem-13618	64	3	the	the	DET
fbem-13618	64	4	impartiality	impartiality	NOUN
fbem-13618	64	5	of	of	ADP
fbem-13618	64	6	the	the	DET
fbem-13618	64	7	board	board	NOUN
fbem-13618	64	8	of	of	ADP
fbem-13618	64	9	directors	director	NOUN
fbem-13618	64	10	is	be	AUX
fbem-13618	64	11	often	often	ADV
fbem-13618	64	12	questioned	question	VERB
fbem-13618	64	13	when	when	SCONJ
fbem-13618	64	14	they	they	PRON
fbem-13618	64	15	also	also	ADV
fbem-13618	64	16	hold	hold	VERB
fbem-13618	64	17	management	management	NOUN
fbem-13618	64	18	positions	position	NOUN
fbem-13618	64	19	and	and	CCONJ
fbem-13618	64	20	are	be	AUX
fbem-13618	64	21	their	their	PRON
fbem-13618	64	22	own	own	ADJ
fbem-13618	64	23	judges[19	judges[19	NOUN
fbem-13618	64	24	]	]	PUNCT
fbem-13618	64	25	.	.	PUNCT
fbem-13618	65	1	this	this	PRON
fbem-13618	65	2	is	be	AUX
fbem-13618	65	3	particularly	particularly	ADV
fbem-13618	65	4	the	the	DET
fbem-13618	65	5	case	case	NOUN
fbem-13618	65	6	when	when	SCONJ
fbem-13618	65	7	the	the	DET
fbem-13618	65	8	chairman	chairman	NOUN
fbem-13618	65	9	of	of	ADP
fbem-13618	65	10	the	the	DET
fbem-13618	65	11	board	board	NOUN
fbem-13618	65	12	is	be	AUX
fbem-13618	65	13	also	also	ADV
fbem-13618	65	14	the	the	DET
fbem-13618	65	15	ceo	ceo	NOUN
fbem-13618	65	16	,	,	PUNCT
fbem-13618	65	17	which	which	PRON
fbem-13618	65	18	can	can	AUX
fbem-13618	65	19	easily	easily	ADV
fbem-13618	65	20	lead	lead	VERB
fbem-13618	65	21	to	to	ADP
fbem-13618	65	22	problems	problem	NOUN
fbem-13618	65	23	of	of	ADP
fbem-13618	65	24	insider	insider	NOUN
fbem-13618	65	25	control	control	NOUN
fbem-13618	65	26	.	.	PUNCT
fbem-13618	66	1	it	it	PRON
fbem-13618	66	2	was	be	AUX
fbem-13618	66	3	in	in	ADP
fbem-13618	66	4	response	response	NOUN
fbem-13618	66	5	to	to	ADP
fbem-13618	66	6	this	this	DET
fbem-13618	66	7	problem	problem	NOUN
fbem-13618	66	8	that	that	SCONJ
fbem-13618	66	9	the	the	DET
fbem-13618	66	10	independent	independent	ADJ
fbem-13618	66	11	directorship	directorship	NOUN
fbem-13618	66	12	was	be	AUX
fbem-13618	66	13	established	establish	VERB
fbem-13618	66	14	,	,	PUNCT
fbem-13618	66	15	hoping	hope	VERB
fbem-13618	66	16	to	to	PART
fbem-13618	66	17	create	create	VERB
fbem-13618	66	18	checks	check	NOUN
fbem-13618	66	19	and	and	CCONJ
fbem-13618	66	20	balances	balance	NOUN
fbem-13618	66	21	on	on	ADP
fbem-13618	66	22	the	the	DET
fbem-13618	66	23	internal	internal	ADJ
fbem-13618	66	24	body	body	NOUN
fbem-13618	66	25	of	of	ADP
fbem-13618	66	26	the	the	DET
fbem-13618	66	27	board	board	NOUN
fbem-13618	66	28	of	of	ADP
fbem-13618	66	29	directors	director	NOUN
fbem-13618	66	30	,	,	PUNCT
fbem-13618	66	31	introduce	introduce	VERB
fbem-13618	66	32	objective	objective	ADJ
fbem-13618	66	33	judgement	judgement	NOUN
fbem-13618	66	34	independent	independent	ADJ
fbem-13618	66	35	of	of	ADP
fbem-13618	66	36	the	the	DET
fbem-13618	66	37	management	management	NOUN
fbem-13618	66	38	and	and	CCONJ
fbem-13618	66	39	check	check	VERB
fbem-13618	66	40	arbitrary	arbitrary	ADJ
fbem-13618	66	41	collusion	collusion	NOUN
fbem-13618	66	42	between	between	ADP
fbem-13618	66	43	the	the	DET
fbem-13618	66	44	board	board	NOUN
fbem-13618	66	45	and	and	CCONJ
fbem-13618	66	46	the	the	DET
fbem-13618	66	47	management	management	NOUN
fbem-13618	66	48	.	.	PUNCT
fbem-13618	67	1	in	in	ADP
fbem-13618	67	2	the	the	DET
fbem-13618	67	3	early	early	ADJ
fbem-13618	67	4	studies	study	NOUN
fbem-13618	67	5	of	of	ADP
fbem-13618	67	6	the	the	DET
fbem-13618	67	7	independent	independent	ADJ
fbem-13618	67	8	directorship	directorship	NOUN
fbem-13618	67	9	,	,	PUNCT
fbem-13618	67	10	research	research	NOUN
fbem-13618	67	11	focused	focus	VERB
fbem-13618	67	12	on	on	ADP
fbem-13618	67	13	the	the	DET
fbem-13618	67	14	board	board	NOUN
fbem-13618	67	15	of	of	ADP
fbem-13618	67	16	directors	director	NOUN
fbem-13618	67	17	as	as	ADP
fbem-13618	67	18	a	a	DET
fbem-13618	67	19	whole	whole	NOUN
fbem-13618	67	20	.	.	PUNCT
fbem-13618	68	1	scholars	scholar	NOUN
fbem-13618	68	2	examined	examine	VERB
fbem-13618	68	3	the	the	DET
fbem-13618	68	4	effects	effect	NOUN
fbem-13618	68	5	of	of	ADP
fbem-13618	68	6	independent	independent	ADJ
fbem-13618	68	7	directorships	directorship	NOUN
fbem-13618	68	8	by	by	ADP
fbem-13618	68	9	examining	examine	VERB
fbem-13618	68	10	the	the	DET
fbem-13618	68	11	impact	impact	NOUN
fbem-13618	68	12	of	of	ADP
fbem-13618	68	13	the	the	DET
fbem-13618	68	14	introduction	introduction	NOUN
fbem-13618	68	15	of	of	ADP
fbem-13618	68	16	independent	independent	ADJ
fbem-13618	68	17	directorships	directorship	NOUN
fbem-13618	68	18	on	on	ADP
fbem-13618	68	19	the	the	DET
fbem-13618	68	20	level	level	NOUN
fbem-13618	68	21	of	of	ADP
fbem-13618	68	22	operations	operation	NOUN
fbem-13618	68	23	or	or	CCONJ
fbem-13618	68	24	quality	quality	NOUN
fbem-13618	68	25	of	of	ADP
fbem-13618	68	26	governance	governance	NOUN
fbem-13618	68	27	of	of	ADP
fbem-13618	68	28	companies	company	NOUN
fbem-13618	68	29	,	,	PUNCT
fbem-13618	68	30	or	or	CCONJ
fbem-13618	68	31	the	the	DET
fbem-13618	68	32	relationship	relationship	NOUN
fbem-13618	68	33	between	between	ADP
fbem-13618	68	34	the	the	DET
fbem-13618	68	35	proportion	proportion	NOUN
fbem-13618	68	36	of	of	ADP
fbem-13618	68	37	independent	independent	ADJ
fbem-13618	68	38	directors	director	NOUN
fbem-13618	68	39	on	on	ADP
fbem-13618	68	40	the	the	DET
fbem-13618	68	41	board	board	NOUN
fbem-13618	68	42	and	and	CCONJ
fbem-13618	68	43	the	the	DET
fbem-13618	68	44	characteristics	characteristic	NOUN
fbem-13618	68	45	of	of	ADP
fbem-13618	68	46	the	the	DET
fbem-13618	68	47	company	company	NOUN
fbem-13618	68	48	.	.	PUNCT
fbem-13618	69	1	previous	previous	ADJ
fbem-13618	69	2	literature	literature	NOUN
fbem-13618	69	3	has	have	AUX
fbem-13618	69	4	found	find	VERB
fbem-13618	69	5	that	that	SCONJ
fbem-13618	69	6	when	when	SCONJ
fbem-13618	69	7	the	the	DET
fbem-13618	69	8	proportion	proportion	NOUN
fbem-13618	69	9	of	of	ADP
fbem-13618	69	10	independent	independent	ADJ
fbem-13618	69	11	board	board	NOUN
fbem-13618	69	12	members	member	NOUN
fbem-13618	69	13	to	to	ADP
fbem-13618	69	14	the	the	DET
fbem-13618	69	15	total	total	ADJ
fbem-13618	69	16	number	number	NOUN
fbem-13618	69	17	of	of	ADP
fbem-13618	69	18	board	board	NOUN
fbem-13618	69	19	members	member	NOUN
fbem-13618	69	20	is	be	AUX
fbem-13618	69	21	higher	high	ADJ
fbem-13618	69	22	,	,	PUNCT
fbem-13618	69	23	companies	company	NOUN
fbem-13618	69	24	disclose	disclose	VERB
fbem-13618	69	25	more	more	ADJ
fbem-13618	69	26	information	information	NOUN
fbem-13618	69	27	related	relate	VERB
fbem-13618	69	28	to	to	ADP
fbem-13618	69	29	corporate	corporate	ADJ
fbem-13618	69	30	strategy	strategy	NOUN
fbem-13618	69	31	,	,	PUNCT
fbem-13618	69	32	the	the	DET
fbem-13618	69	33	more	more	ADV
fbem-13618	69	34	transparent	transparent	ADJ
fbem-13618	69	35	the	the	DET
fbem-13618	69	36	information	information	NOUN
fbem-13618	69	37	of	of	ADP
fbem-13618	69	38	listed	list	VERB
fbem-13618	69	39	companies	company	NOUN
fbem-13618	69	40	,	,	PUNCT
fbem-13618	69	41	the	the	PRON
fbem-13618	69	42	higher	high	ADJ
fbem-13618	69	43	the	the	DET
fbem-13618	69	44	content	content	NOUN
fbem-13618	69	45	of	of	ADP
fbem-13618	69	46	surplus	surplus	ADJ
fbem-13618	69	47	information	information	NOUN
fbem-13618	69	48	,	,	PUNCT
fbem-13618	69	49	the	the	PRON
fbem-13618	69	50	higher	high	ADJ
fbem-13618	69	51	the	the	DET
fbem-13618	69	52	firm	firm	NOUN
fbem-13618	69	53	's	's	PART
fbem-13618	69	54	performance	performance	NOUN
fbem-13618	69	55	.	.	PUNCT
fbem-13618	70	1	in	in	ADP
fbem-13618	70	2	addition	addition	NOUN
fbem-13618	70	3	,	,	PUNCT
fbem-13618	70	4	the	the	DET
fbem-13618	70	5	ratio	ratio	NOUN
fbem-13618	70	6	of	of	ADP
fbem-13618	70	7	independent	independent	ADJ
fbem-13618	70	8	directors	director	NOUN
fbem-13618	70	9	to	to	ADP
fbem-13618	70	10	the	the	DET
fbem-13618	70	11	total	total	ADJ
fbem-13618	70	12	number	number	NOUN
fbem-13618	70	13	of	of	ADP
fbem-13618	70	14	board	board	NOUN
fbem-13618	70	15	members	member	NOUN
fbem-13618	70	16	is	be	AUX
fbem-13618	70	17	negatively	negatively	ADV
fbem-13618	70	18	associated	associate	VERB
fbem-13618	70	19	with	with	ADP
fbem-13618	70	20	financial	financial	ADJ
fbem-13618	70	21	fraud	fraud	NOUN
fbem-13618	70	22	,	,	PUNCT
fbem-13618	70	23	and	and	CCONJ
fbem-13618	70	24	capital	capital	NOUN
fbem-13618	70	25	appropriation	appropriation	NOUN
fbem-13618	70	26	by	by	ADP
fbem-13618	70	27	listed	listed	ADJ
fbem-13618	70	28	companies[20	companies[20	NOUN
fbem-13618	70	29	]	]	PUNCT
fbem-13618	70	30	.	.	PUNCT
fbem-13618	71	1	on	on	ADP
fbem-13618	71	2	the	the	DET
fbem-13618	71	3	other	other	ADJ
fbem-13618	71	4	hand	hand	NOUN
fbem-13618	71	5	,	,	PUNCT
fbem-13618	71	6	there	there	PRON
fbem-13618	71	7	is	be	VERB
fbem-13618	71	8	also	also	ADV
fbem-13618	71	9	literature	literature	NOUN
fbem-13618	71	10	that	that	PRON
fbem-13618	71	11	questions	question	VERB
fbem-13618	71	12	the	the	DET
fbem-13618	71	13	role	role	NOUN
fbem-13618	71	14	of	of	ADP
fbem-13618	71	15	independent	independent	ADJ
fbem-13618	71	16	directors	director	NOUN
fbem-13618	71	17	.	.	PUNCT
fbem-13618	72	1	in	in	ADP
fbem-13618	72	2	terms	term	NOUN
fbem-13618	72	3	of	of	ADP
fbem-13618	72	4	a	a	DET
fbem-13618	72	5	company	company	NOUN
fbem-13618	72	6	's	's	PART
fbem-13618	72	7	innovative	innovative	ADJ
fbem-13618	72	8	r&d	r&d	NOUN
fbem-13618	72	9	activities	activity	NOUN
fbem-13618	72	10	,	,	PUNCT
fbem-13618	72	11	a	a	DET
fbem-13618	72	12	more	more	ADV
fbem-13618	72	13	independent	independent	ADJ
fbem-13618	72	14	board	board	NOUN
fbem-13618	72	15	is	be	AUX
fbem-13618	72	16	more	more	ADV
fbem-13618	72	17	likely	likely	ADJ
fbem-13618	72	18	to	to	PART
fbem-13618	72	19	focus	focus	VERB
fbem-13618	72	20	on	on	ADP
fbem-13618	72	21	familiar	familiar	ADJ
fbem-13618	72	22	and	and	CCONJ
fbem-13618	72	23	competitive	competitive	ADJ
fbem-13618	72	24	areas	area	NOUN
fbem-13618	72	25	rather	rather	ADV
fbem-13618	72	26	than	than	ADP
fbem-13618	72	27	steering	steer	VERB
fbem-13618	72	28	the	the	DET
fbem-13618	72	29	company	company	NOUN
fbem-13618	72	30	towards	towards	ADP
fbem-13618	72	31	riskier	risky	ADJ
fbem-13618	72	32	innovation	innovation	NOUN
fbem-13618	72	33	strategies	strategy	NOUN
fbem-13618	72	34	.	.	PUNCT
fbem-13618	73	1	according	accord	VERB
fbem-13618	73	2	to	to	ADP
fbem-13618	73	3	the	the	DET
fbem-13618	73	4	"	"	PUNCT
fbem-13618	73	5	mutual	mutual	ADJ
fbem-13618	73	6	benefit	benefit	NOUN
fbem-13618	73	7	"	"	PUNCT
fbem-13618	73	8	theory	theory	NOUN
fbem-13618	73	9	,	,	PUNCT
fbem-13618	73	10	excessive	excessive	ADJ
fbem-13618	73	11	cash	cash	NOUN
fbem-13618	73	12	remuneration	remuneration	NOUN
fbem-13618	73	13	of	of	ADP
fbem-13618	73	14	independent	independent	ADJ
fbem-13618	73	15	directors	director	NOUN
fbem-13618	73	16	may	may	AUX
fbem-13618	73	17	undermine	undermine	VERB
fbem-13618	73	18	their	their	PRON
fbem-13618	73	19	independence	independence	NOUN
fbem-13618	73	20	by	by	ADP
fbem-13618	73	21	compromising	compromise	VERB
fbem-13618	73	22	their	their	PRON
fbem-13618	73	23	oversight	oversight	NOUN
fbem-13618	73	24	function[21	function[21	X
fbem-13618	73	25	]	]	PUNCT
fbem-13618	73	26	.	.	PUNCT
fbem-13618	74	1	due	due	ADP
fbem-13618	74	2	to	to	ADP
fbem-13618	74	3	the	the	DET
fbem-13618	74	4	cost	cost	NOUN
fbem-13618	74	5	constraints	constraint	NOUN
fbem-13618	74	6	and	and	CCONJ
fbem-13618	74	7	limited	limited	ADJ
fbem-13618	74	8	rationality	rationality	NOUN
fbem-13618	74	9	of	of	ADP
fbem-13618	74	10	independent	independent	ADJ
fbem-13618	74	11	directors	director	NOUN
fbem-13618	74	12	in	in	ADP
fbem-13618	74	13	an	an	DET
fbem-13618	74	14	informationally	informationally	ADV
fbem-13618	74	15	disadvantaged	disadvantaged	ADJ
fbem-13618	74	16	position	position	NOUN
fbem-13618	74	17	,	,	PUNCT
fbem-13618	74	18	it	it	PRON
fbem-13618	74	19	is	be	AUX
fbem-13618	74	20	difficult	difficult	ADJ
fbem-13618	74	21	for	for	SCONJ
fbem-13618	74	22	independent	independent	ADJ
fbem-13618	74	23	directors	director	NOUN
fbem-13618	74	24	to	to	PART
fbem-13618	74	25	play	play	VERB
fbem-13618	74	26	a	a	DET
fbem-13618	74	27	timely	timely	ADJ
fbem-13618	74	28	and	and	CCONJ
fbem-13618	74	29	effective	effective	ADJ
fbem-13618	74	30	role	role	NOUN
fbem-13618	74	31	in	in	ADP
fbem-13618	74	32	business	business	NOUN
fbem-13618	74	33	decision	decision	NOUN
fbem-13618	74	34	-	-	PUNCT
fbem-13618	74	35	making	making	NOUN
fbem-13618	74	36	and	and	CCONJ
fbem-13618	74	37	monitoring	monitoring	NOUN
fbem-13618	74	38	.	.	PUNCT
fbem-13618	75	1	due	due	ADP
fbem-13618	75	2	to	to	ADP
fbem-13618	75	3	the	the	DET
fbem-13618	75	4	difference	difference	NOUN
fbem-13618	75	5	in	in	ADP
fbem-13618	75	6	status	status	NOUN
fbem-13618	75	7	hierarchy	hierarchy	NOUN
fbem-13618	75	8	within	within	ADP
fbem-13618	75	9	the	the	DET
fbem-13618	75	10	board	board	NOUN
fbem-13618	75	11	,	,	PUNCT
fbem-13618	75	12	in	in	ADP
fbem-13618	75	13	order	order	NOUN
fbem-13618	75	14	to	to	PART
fbem-13618	75	15	avoid	avoid	VERB
fbem-13618	75	16	hostility	hostility	NOUN
fbem-13618	75	17	from	from	ADP
fbem-13618	75	18	high	high	ADJ
fbem-13618	75	19	-	-	PUNCT
fbem-13618	75	20	status	status	NOUN
fbem-13618	75	21	directors	director	NOUN
fbem-13618	75	22	and	and	CCONJ
fbem-13618	75	23	ostracism	ostracism	NOUN
fbem-13618	75	24	from	from	ADP
fbem-13618	75	25	other	other	ADJ
fbem-13618	75	26	directors	director	NOUN
fbem-13618	75	27	,	,	PUNCT
fbem-13618	75	28	independent	independent	ADJ
fbem-13618	75	29	directors	director	NOUN
fbem-13618	75	30	with	with	ADP
fbem-13618	75	31	low	low	ADJ
fbem-13618	75	32	status	status	NOUN
fbem-13618	75	33	tend	tend	VERB
fbem-13618	75	34	to	to	PART
fbem-13618	75	35	choose	choose	VERB
fbem-13618	75	36	to	to	PART
fbem-13618	75	37	follow	follow	VERB
fbem-13618	75	38	the	the	DET
fbem-13618	75	39	advice	advice	NOUN
fbem-13618	75	40	of	of	ADP
fbem-13618	75	41	highstatus	highstatus	NOUN
fbem-13618	75	42	directors	director	NOUN
fbem-13618	75	43	.	.	PUNCT
fbem-13618	76	1	studies	study	NOUN
fbem-13618	76	2	have	have	AUX
fbem-13618	76	3	found	find	VERB
fbem-13618	76	4	that	that	SCONJ
fbem-13618	76	5	independent	independent	ADJ
fbem-13618	76	6	directors	director	NOUN
fbem-13618	76	7	'	'	PART
fbem-13618	76	8	social	social	ADJ
fbem-13618	76	9	connections	connection	NOUN
fbem-13618	76	10	with	with	ADP
fbem-13618	76	11	company	company	NOUN
fbem-13618	76	12	directors	director	NOUN
fbem-13618	76	13	and	and	CCONJ
fbem-13618	76	14	management	management	NOUN
fbem-13618	76	15	can	can	AUX
fbem-13618	76	16	also	also	ADV
fbem-13618	76	17	have	have	VERB
fbem-13618	76	18	a	a	DET
fbem-13618	76	19	negative	negative	ADJ
fbem-13618	76	20	impact	impact	NOUN
fbem-13618	76	21	on	on	ADP
fbem-13618	76	22	their	their	PRON
fbem-13618	76	23	performance	performance	NOUN
fbem-13618	76	24	behaviour[22	behaviour[22	NOUN
fbem-13618	76	25	]	]	PUNCT
fbem-13618	76	26	.	.	PUNCT
fbem-13618	77	1	3	3	X
fbem-13618	77	2	.	.	NOUN
fbem-13618	77	3	problems	problem	NOUN
fbem-13618	77	4	with	with	ADP
fbem-13618	77	5	the	the	DET
fbem-13618	77	6	uk	uk	PROPN
fbem-13618	77	7	independent	independent	ADJ
fbem-13618	77	8	directorship	directorship	NOUN
fbem-13618	77	9	the	the	DET
fbem-13618	77	10	uk	uk	PROPN
fbem-13618	77	11	's	's	PART
fbem-13618	77	12	independent	independent	ADJ
fbem-13618	77	13	directorship	directorship	NOUN
fbem-13618	77	14	system	system	NOUN
fbem-13618	77	15	has	have	AUX
fbem-13618	77	16	also	also	ADV
fbem-13618	77	17	experienced	experience	VERB
fbem-13618	77	18	a	a	DET
fbem-13618	77	19	number	number	NOUN
fbem-13618	77	20	of	of	ADP
fbem-13618	77	21	problems	problem	NOUN
fbem-13618	77	22	over	over	ADP
fbem-13618	77	23	its	its	PRON
fbem-13618	77	24	long	long	ADJ
fbem-13618	77	25	history	history	NOUN
fbem-13618	77	26	of	of	ADP
fbem-13618	77	27	operation	operation	NOUN
fbem-13618	77	28	.	.	PUNCT
fbem-13618	78	1	these	these	DET
fbem-13618	78	2	problems	problem	NOUN
fbem-13618	78	3	have	have	AUX
fbem-13618	78	4	attracted	attract	VERB
fbem-13618	78	5	the	the	DET
fbem-13618	78	6	establishment	establishment	NOUN
fbem-13618	78	7	of	of	ADP
fbem-13618	78	8	a	a	DET
fbem-13618	78	9	number	number	NOUN
fbem-13618	78	10	of	of	ADP
fbem-13618	78	11	committees	committee	NOUN
fbem-13618	78	12	in	in	ADP
fbem-13618	78	13	the	the	DET
fbem-13618	78	14	uk	uk	PROPN
fbem-13618	78	15	:	:	PUNCT
fbem-13618	78	16	the	the	DET
fbem-13618	78	17	cadbury	cadbury	PROPN
fbem-13618	78	18	committee	committee	NOUN
fbem-13618	78	19	,	,	PUNCT
fbem-13618	78	20	the	the	DET
fbem-13618	78	21	greenbury	greenbury	PROPN
fbem-13618	78	22	committee	committee	PROPN
fbem-13618	78	23	and	and	CCONJ
fbem-13618	78	24	the	the	DET
fbem-13618	78	25	hampel	hampel	PROPN
fbem-13618	78	26	committee	committee	NOUN
fbem-13618	78	27	,	,	PUNCT
fbem-13618	78	28	as	as	ADV
fbem-13618	78	29	well	well	ADV
fbem-13618	78	30	as	as	ADP
fbem-13618	78	31	the	the	DET
fbem-13618	78	32	derek	derek	PROPN
fbem-13618	78	33	higgs	higgs	PROPN
fbem-13618	78	34	chair	chair	PROPN
fbem-13618	78	35	and	and	CCONJ
fbem-13618	78	36	david	david	PROPN
fbem-13618	78	37	walker	walker	PROPN
fbem-13618	78	38	.	.	PUNCT
fbem-13618	79	1	these	these	DET
fbem-13618	79	2	committees	committee	NOUN
fbem-13618	79	3	have	have	AUX
fbem-13618	79	4	conducted	conduct	VERB
fbem-13618	79	5	in	in	ADP
fbem-13618	79	6	-	-	PUNCT
fbem-13618	79	7	depth	depth	NOUN
fbem-13618	79	8	studies	study	NOUN
fbem-13618	79	9	of	of	ADP
fbem-13618	79	10	the	the	DET
fbem-13618	79	11	independent	independent	ADJ
fbem-13618	79	12	director	director	NOUN
fbem-13618	79	13	system	system	NOUN
fbem-13618	79	14	,	,	PUNCT
fbem-13618	79	15	identified	identify	VERB
fbem-13618	79	16	problems	problem	NOUN
fbem-13618	79	17	and	and	CCONJ
fbem-13618	79	18	weaknesses	weakness	NOUN
fbem-13618	79	19	in	in	ADP
fbem-13618	79	20	the	the	DET
fbem-13618	79	21	independent	independent	ADJ
fbem-13618	79	22	director	director	NOUN
fbem-13618	79	23	system	system	NOUN
fbem-13618	79	24	,	,	PUNCT
fbem-13618	79	25	published	publish	VERB
fbem-13618	79	26	influential	influential	ADJ
fbem-13618	79	27	they	they	PRON
fbem-13618	79	28	have	have	AUX
fbem-13618	79	29	published	publish	VERB
fbem-13618	79	30	a	a	DET
fbem-13618	79	31	number	number	NOUN
fbem-13618	79	32	of	of	ADP
fbem-13618	79	33	influential	influential	ADJ
fbem-13618	79	34	reports	report	NOUN
fbem-13618	79	35	and	and	CCONJ
fbem-13618	79	36	reviews	review	NOUN
fbem-13618	79	37	,	,	PUNCT
fbem-13618	79	38	and	and	CCONJ
fbem-13618	79	39	have	have	AUX
fbem-13618	79	40	made	make	VERB
fbem-13618	79	41	a	a	DET
fbem-13618	79	42	number	number	NOUN
fbem-13618	79	43	of	of	ADP
fbem-13618	79	44	recommendations	recommendation	NOUN
fbem-13618	79	45	for	for	ADP
fbem-13618	79	46	the	the	DET
fbem-13618	79	47	improvement	improvement	NOUN
fbem-13618	79	48	of	of	ADP
fbem-13618	79	49	the	the	DET
fbem-13618	79	50	independent	independent	ADJ
fbem-13618	79	51	director	director	NOUN
fbem-13618	79	52	system	system	NOUN
fbem-13618	79	53	.	.	PUNCT
fbem-13618	80	1	3.1	3.1	NUM
fbem-13618	80	2	.	.	PUNCT
fbem-13618	80	3	independence	independence	NOUN
fbem-13618	80	4	of	of	ADP
fbem-13618	80	5	independent	independent	ADJ
fbem-13618	80	6	directors	director	NOUN
fbem-13618	80	7	independent	independent	ADJ
fbem-13618	80	8	directors	director	NOUN
fbem-13618	80	9	are	be	AUX
fbem-13618	80	10	expected	expect	VERB
fbem-13618	80	11	to	to	PART
fbem-13618	80	12	provide	provide	VERB
fbem-13618	80	13	their	their	PRON
fbem-13618	80	14	independent	independent	ADJ
fbem-13618	80	15	views	view	NOUN
fbem-13618	80	16	to	to	ADP
fbem-13618	80	17	the	the	DET
fbem-13618	80	18	company	company	NOUN
fbem-13618	80	19	and	and	CCONJ
fbem-13618	80	20	the	the	DET
fbem-13618	80	21	cadbury	cadbury	PROPN
fbem-13618	80	22	committee	committee	NOUN
fbem-13618	80	23	report	report	NOUN
fbem-13618	80	24	emphasises	emphasise	VERB
fbem-13618	80	25	that	that	SCONJ
fbem-13618	80	26	the	the	DET
fbem-13618	80	27	function	function	NOUN
fbem-13618	80	28	of	of	ADP
fbem-13618	80	29	independent	independent	ADJ
fbem-13618	80	30	directors	director	NOUN
fbem-13618	80	31	is	be	AUX
fbem-13618	80	32	to	to	PART
fbem-13618	80	33	provide	provide	VERB
fbem-13618	80	34	their	their	PRON
fbem-13618	80	35	independent	independent	ADJ
fbem-13618	80	36	judgement	judgement	NOUN
fbem-13618	80	37	.	.	PUNCT
fbem-13618	81	1	because	because	SCONJ
fbem-13618	81	2	independent	independent	ADJ
fbem-13618	81	3	directors	director	NOUN
fbem-13618	81	4	are	be	AUX
fbem-13618	81	5	not	not	PART
fbem-13618	81	6	involved	involve	VERB
fbem-13618	81	7	in	in	ADP
fbem-13618	81	8	the	the	DET
fbem-13618	81	9	day	day	NOUN
fbem-13618	81	10	-	-	PUNCT
fbem-13618	81	11	to	to	ADP
fbem-13618	81	12	-	-	PUNCT
fbem-13618	81	13	day	day	NOUN
fbem-13618	81	14	operations	operation	NOUN
fbem-13618	81	15	of	of	ADP
fbem-13618	81	16	the	the	DET
fbem-13618	81	17	company	company	NOUN
fbem-13618	81	18	,	,	PUNCT
fbem-13618	81	19	they	they	PRON
fbem-13618	81	20	are	be	AUX
fbem-13618	81	21	able	able	ADJ
fbem-13618	81	22	to	to	PART
fbem-13618	81	23	provide	provide	VERB
fbem-13618	81	24	an	an	DET
fbem-13618	81	25	objective	objective	ADJ
fbem-13618	81	26	and	and	CCONJ
fbem-13618	81	27	impartial	impartial	ADJ
fbem-13618	81	28	perspective	perspective	NOUN
fbem-13618	81	29	on	on	ADP
fbem-13618	81	30	the	the	DET
fbem-13618	81	31	company	company	NOUN
fbem-13618	81	32	's	's	PART
fbem-13618	81	33	affairs[23	affairs[23	NOUN
fbem-13618	81	34	]	]	X
fbem-13618	81	35	.	.	PUNCT
fbem-13618	82	1	however	however	ADV
fbem-13618	82	2	,	,	PUNCT
fbem-13618	82	3	most	most	ADV
fbem-13618	82	4	independent	independent	ADJ
fbem-13618	82	5	directors	director	NOUN
fbem-13618	82	6	are	be	AUX
fbem-13618	82	7	elected	elect	VERB
fbem-13618	82	8	through	through	ADP
fbem-13618	82	9	the	the	DET
fbem-13618	82	10	executive	executive	ADJ
fbem-13618	82	11	directors	director	NOUN
fbem-13618	82	12	and	and	CCONJ
fbem-13618	82	13	may	may	AUX
fbem-13618	82	14	have	have	AUX
fbem-13618	82	15	had	have	VERB
fbem-13618	82	16	previous	previous	ADJ
fbem-13618	82	17	business	business	NOUN
fbem-13618	82	18	dealings	dealing	NOUN
fbem-13618	82	19	with	with	ADP
fbem-13618	82	20	the	the	DET
fbem-13618	82	21	company	company	NOUN
fbem-13618	82	22	.	.	PUNCT
fbem-13618	83	1	some	some	DET
fbem-13618	83	2	independent	independent	ADJ
fbem-13618	83	3	directors	director	NOUN
fbem-13618	83	4	are	be	AUX
fbem-13618	83	5	executive	executive	ADJ
fbem-13618	83	6	directors	director	NOUN
fbem-13618	83	7	of	of	ADP
fbem-13618	83	8	other	other	ADJ
fbem-13618	83	9	companies	company	NOUN
fbem-13618	83	10	or	or	CCONJ
fbem-13618	83	11	have	have	VERB
fbem-13618	83	12	previous	previous	ADJ
fbem-13618	83	13	management	management	NOUN
fbem-13618	83	14	experience	experience	NOUN
fbem-13618	83	15	.	.	PUNCT
fbem-13618	84	1	as	as	ADP
fbem-13618	84	2	such	such	ADJ
fbem-13618	84	3	,	,	PUNCT
fbem-13618	84	4	they	they	PRON
fbem-13618	84	5	share	share	VERB
fbem-13618	84	6	similar	similar	ADJ
fbem-13618	84	7	backgrounds	background	NOUN
fbem-13618	84	8	and	and	CCONJ
fbem-13618	84	9	interests	interest	NOUN
fbem-13618	84	10	with	with	ADP
fbem-13618	84	11	the	the	DET
fbem-13618	84	12	executive	executive	ADJ
fbem-13618	84	13	directors	director	NOUN
fbem-13618	84	14	of	of	ADP
fbem-13618	84	15	the	the	DET
fbem-13618	84	16	company	company	NOUN
fbem-13618	84	17	.	.	PUNCT
fbem-13618	85	1	they	they	PRON
fbem-13618	85	2	also	also	ADV
fbem-13618	85	3	rely	rely	VERB
fbem-13618	85	4	on	on	ADP
fbem-13618	85	5	the	the	DET
fbem-13618	85	6	executive	executive	ADJ
fbem-13618	85	7	directors	director	NOUN
fbem-13618	85	8	to	to	PART
fbem-13618	85	9	provide	provide	VERB
fbem-13618	85	10	them	they	PRON
fbem-13618	85	11	with	with	ADP
fbem-13618	85	12	the	the	DET
fbem-13618	85	13	information	information	NOUN
fbem-13618	85	14	they	they	PRON
fbem-13618	85	15	need	need	VERB
fbem-13618	85	16	to	to	PART
fbem-13618	85	17	carry	carry	VERB
fbem-13618	85	18	out	out	ADP
fbem-13618	85	19	their	their	PRON
fbem-13618	85	20	duties	duty	NOUN
fbem-13618	85	21	.	.	PUNCT
fbem-13618	86	1	they	they	PRON
fbem-13618	86	2	therefore	therefore	ADV
fbem-13618	86	3	need	need	VERB
fbem-13618	86	4	to	to	PART
fbem-13618	86	5	maintain	maintain	VERB
fbem-13618	86	6	a	a	DET
fbem-13618	86	7	good	good	ADJ
fbem-13618	86	8	relationship	relationship	NOUN
fbem-13618	86	9	with	with	ADP
fbem-13618	86	10	the	the	DET
fbem-13618	86	11	executive	executive	ADJ
fbem-13618	86	12	directors	director	NOUN
fbem-13618	86	13	in	in	ADP
fbem-13618	86	14	order	order	NOUN
fbem-13618	86	15	to	to	PART
fbem-13618	86	16	perform	perform	VERB
fbem-13618	86	17	their	their	PRON
fbem-13618	86	18	functions	function	NOUN
fbem-13618	86	19	better	well	ADV
fbem-13618	86	20	.	.	PUNCT
fbem-13618	87	1	as	as	ADP
fbem-13618	87	2	a	a	DET
fbem-13618	87	3	result	result	NOUN
fbem-13618	87	4	,	,	PUNCT
fbem-13618	87	5	their	their	PRON
fbem-13618	87	6	"	"	PUNCT
fbem-13618	87	7	independence	independence	NOUN
fbem-13618	87	8	"	"	PUNCT
fbem-13618	87	9	is	be	AUX
fbem-13618	87	10	questionable	questionable	ADJ
fbem-13618	87	11	.	.	PUNCT
fbem-13618	88	1	3.2	3.2	NUM
fbem-13618	88	2	.	.	PUNCT
fbem-13618	88	3	limited	limited	ADJ
fbem-13618	88	4	access	access	NOUN
fbem-13618	88	5	to	to	ADP
fbem-13618	88	6	information	information	NOUN
fbem-13618	88	7	independent	independent	ADJ
fbem-13618	88	8	directors	director	NOUN
fbem-13618	88	9	rely	rely	VERB
fbem-13618	88	10	on	on	SCONJ
fbem-13618	88	11	managers	manager	NOUN
fbem-13618	88	12	to	to	PART
fbem-13618	88	13	provide	provide	VERB
fbem-13618	88	14	information	information	NOUN
fbem-13618	88	15	in	in	ADP
fbem-13618	88	16	order	order	NOUN
fbem-13618	88	17	to	to	PART
fbem-13618	88	18	carry	carry	VERB
fbem-13618	88	19	out	out	ADP
fbem-13618	88	20	their	their	PRON
fbem-13618	88	21	functions	function	NOUN
fbem-13618	88	22	.	.	PUNCT
fbem-13618	89	1	if	if	SCONJ
fbem-13618	89	2	the	the	DET
fbem-13618	89	3	executive	executive	ADJ
fbem-13618	89	4	directors	director	NOUN
fbem-13618	89	5	block	block	VERB
fbem-13618	89	6	their	their	PRON
fbem-13618	89	7	sources	source	NOUN
fbem-13618	89	8	of	of	ADP
fbem-13618	89	9	information	information	NOUN
fbem-13618	89	10	,	,	PUNCT
fbem-13618	89	11	the	the	DET
fbem-13618	89	12	independent	independent	ADJ
fbem-13618	89	13	directors	director	NOUN
fbem-13618	89	14	will	will	AUX
fbem-13618	89	15	not	not	PART
fbem-13618	89	16	be	be	AUX
fbem-13618	89	17	able	able	ADJ
fbem-13618	89	18	to	to	PART
fbem-13618	89	19	carry	carry	VERB
fbem-13618	89	20	out	out	ADP
fbem-13618	89	21	their	their	PRON
fbem-13618	89	22	duties	duty	NOUN
fbem-13618	89	23	.	.	PUNCT
fbem-13618	90	1	without	without	ADP
fbem-13618	90	2	sufficient	sufficient	ADJ
fbem-13618	90	3	authority	authority	NOUN
fbem-13618	90	4	and	and	CCONJ
fbem-13618	90	5	information	information	NOUN
fbem-13618	90	6	,	,	PUNCT
fbem-13618	90	7	it	it	PRON
fbem-13618	90	8	is	be	AUX
fbem-13618	90	9	difficult	difficult	ADJ
fbem-13618	90	10	for	for	SCONJ
fbem-13618	90	11	independent	independent	ADJ
fbem-13618	90	12	directors	director	NOUN
fbem-13618	90	13	to	to	PART
fbem-13618	90	14	effectively	effectively	ADV
fbem-13618	90	15	monitor	monitor	VERB
fbem-13618	90	16	companies[24	companies[24	NOUN
fbem-13618	90	17	]	]	PUNCT
fbem-13618	90	18	.	.	PUNCT
fbem-13618	91	1	3.3	3.3	NUM
fbem-13618	91	2	.	.	PUNCT
fbem-13618	91	3	ambiguity	ambiguity	NOUN
fbem-13618	91	4	in	in	ADP
fbem-13618	91	5	the	the	DET
fbem-13618	91	6	powers	power	NOUN
fbem-13618	91	7	and	and	CCONJ
fbem-13618	91	8	responsibilities	responsibility	NOUN
fbem-13618	91	9	of	of	ADP
fbem-13618	91	10	independent	independent	ADJ
fbem-13618	91	11	directors	director	NOUN
fbem-13618	91	12	the	the	DET
fbem-13618	91	13	law	law	NOUN
fbem-13618	91	14	plays	play	VERB
fbem-13618	91	15	a	a	DET
fbem-13618	91	16	minor	minor	ADJ
fbem-13618	91	17	role	role	NOUN
fbem-13618	91	18	in	in	ADP
fbem-13618	91	19	giving	give	VERB
fbem-13618	91	20	independent	independent	ADJ
fbem-13618	91	21	directors	director	NOUN
fbem-13618	91	22	the	the	DET
fbem-13618	91	23	financial	financial	ADJ
fbem-13618	91	24	incentive	incentive	NOUN
fbem-13618	91	25	to	to	PART
fbem-13618	91	26	carry	carry	VERB
fbem-13618	91	27	out	out	ADP
fbem-13618	91	28	their	their	PRON
fbem-13618	91	29	duties	duty	NOUN
fbem-13618	91	30	.	.	PUNCT
fbem-13618	92	1	directors	director	NOUN
fbem-13618	92	2	are	be	AUX
fbem-13618	92	3	bound	bind	VERB
fbem-13618	92	4	by	by	ADP
fbem-13618	92	5	the	the	DET
fbem-13618	92	6	same	same	ADJ
fbem-13618	92	7	laws	law	NOUN
fbem-13618	92	8	,	,	PUNCT
fbem-13618	92	9	regardless	regardless	ADV
fbem-13618	92	10	of	of	ADP
fbem-13618	92	11	whether	whether	SCONJ
fbem-13618	92	12	they	they	PRON
fbem-13618	92	13	are	be	AUX
fbem-13618	92	14	independent	independent	ADJ
fbem-13618	92	15	or	or	CCONJ
fbem-13618	92	16	executive	executive	ADJ
fbem-13618	92	17	directors	director	NOUN
fbem-13618	92	18	.	.	PUNCT
fbem-13618	93	1	issues	issue	NOUN
fbem-13618	93	2	arising	arise	VERB
fbem-13618	93	3	in	in	ADP
fbem-13618	93	4	the	the	DET
fbem-13618	93	5	uk	uk	PROPN
fbem-13618	93	6	:	:	PUNCT
fbem-13618	93	7	in	in	ADP
fbem-13618	93	8	a	a	DET
fbem-13618	93	9	unitary	unitary	ADJ
fbem-13618	93	10	model	model	NOUN
fbem-13618	93	11	board	board	NOUN
fbem-13618	93	12	,	,	PUNCT
fbem-13618	93	13	the	the	DET
fbem-13618	93	14	independent	independent	ADJ
fbem-13618	93	15	directors	director	NOUN
fbem-13618	93	16	and	and	CCONJ
fbem-13618	93	17	the	the	DET
fbem-13618	93	18	executive	executive	ADJ
fbem-13618	93	19	directors	director	NOUN
fbem-13618	93	20	have	have	VERB
fbem-13618	93	21	the	the	DET
fbem-13618	93	22	same	same	ADJ
fbem-13618	93	23	responsibilities	responsibility	NOUN
fbem-13618	93	24	for	for	ADP
fbem-13618	93	25	the	the	DET
fbem-13618	93	26	management	management	NOUN
fbem-13618	93	27	of	of	ADP
fbem-13618	93	28	the	the	DET
fbem-13618	93	29	company	company	NOUN
fbem-13618	93	30	and	and	CCONJ
fbem-13618	93	31	are	be	AUX
fbem-13618	93	32	jointly	jointly	ADV
fbem-13618	93	33	accountable	accountable	ADJ
fbem-13618	93	34	for	for	ADP
fbem-13618	93	35	the	the	DET
fbem-13618	93	36	decisions	decision	NOUN
fbem-13618	93	37	made	make	VERB
fbem-13618	93	38	by	by	ADP
fbem-13618	93	39	the	the	DET
fbem-13618	93	40	board[25	board[25	PROPN
fbem-13618	93	41	]	]	PUNCT
fbem-13618	93	42	.	.	PUNCT
fbem-13618	94	1	independent	independent	ADJ
fbem-13618	94	2	directors	director	NOUN
fbem-13618	94	3	do	do	AUX
fbem-13618	94	4	not	not	PART
fbem-13618	94	5	work	work	VERB
fbem-13618	94	6	full	full	ADJ
fbem-13618	94	7	time	time	NOUN
fbem-13618	94	8	on	on	ADP
fbem-13618	94	9	the	the	DET
fbem-13618	94	10	board	board	NOUN
fbem-13618	94	11	and	and	CCONJ
fbem-13618	94	12	receive	receive	VERB
fbem-13618	94	13	a	a	DET
fbem-13618	94	14	lesser	less	ADJ
fbem-13618	94	15	salary	salary	NOUN
fbem-13618	94	16	package	package	NOUN
fbem-13618	94	17	than	than	ADP
fbem-13618	94	18	executive	executive	ADJ
fbem-13618	94	19	directors	director	NOUN
fbem-13618	94	20	,	,	PUNCT
fbem-13618	94	21	but	but	CCONJ
fbem-13618	94	22	are	be	AUX
fbem-13618	94	23	held	hold	VERB
fbem-13618	94	24	to	to	ADP
fbem-13618	94	25	the	the	DET
fbem-13618	94	26	same	same	ADJ
fbem-13618	94	27	responsibilities	responsibility	NOUN
fbem-13618	94	28	as	as	ADP
fbem-13618	94	29	executive	executive	ADJ
fbem-13618	94	30	directors	director	NOUN
fbem-13618	94	31	.	.	PUNCT
fbem-13618	95	1	4	4	X
fbem-13618	95	2	.	.	X
fbem-13618	95	3	good	good	ADJ
fbem-13618	95	4	advice	advice	NOUN
fbem-13618	95	5	can	can	AUX
fbem-13618	95	6	be	be	AUX
fbem-13618	95	7	provided	provide	VERB
fbem-13618	95	8	around	around	ADP
fbem-13618	95	9	the	the	DET
fbem-13618	95	10	committee	committee	NOUN
fbem-13618	95	11	's	's	PART
fbem-13618	95	12	report	report	NOUN
fbem-13618	95	13	:	:	PUNCT
fbem-13618	95	14	firstly	firstly	ADV
fbem-13618	95	15	,	,	PUNCT
fbem-13618	95	16	with	with	ADP
fbem-13618	95	17	regard	regard	NOUN
fbem-13618	95	18	to	to	ADP
fbem-13618	95	19	the	the	DET
fbem-13618	95	20	independence	independence	NOUN
fbem-13618	95	21	of	of	ADP
fbem-13618	95	22	independent	independent	ADJ
fbem-13618	95	23	10	10	NUM
fbem-13618	95	24	directors	director	NOUN
fbem-13618	95	25	,	,	PUNCT
fbem-13618	95	26	the	the	DET
fbem-13618	95	27	cadbury	cadbury	PROPN
fbem-13618	95	28	committee	committee	NOUN
fbem-13618	95	29	report	report	NOUN
fbem-13618	95	30	emphasises	emphasise	VERB
fbem-13618	95	31	the	the	DET
fbem-13618	95	32	importance	importance	NOUN
fbem-13618	95	33	of	of	ADP
fbem-13618	95	34	independent	independent	ADJ
fbem-13618	95	35	directors	director	NOUN
fbem-13618	95	36	providing	provide	VERB
fbem-13618	95	37	their	their	PRON
fbem-13618	95	38	independent	independent	ADJ
fbem-13618	95	39	views	view	NOUN
fbem-13618	95	40	and	and	CCONJ
fbem-13618	95	41	judgements	judgement	NOUN
fbem-13618	95	42	on	on	ADP
fbem-13618	95	43	the	the	DET
fbem-13618	95	44	company	company	NOUN
fbem-13618	95	45	's	's	PART
fbem-13618	95	46	strategic	strategic	ADJ
fbem-13618	95	47	resources	resource	NOUN
fbem-13618	95	48	,	,	PUNCT
fbem-13618	95	49	including	include	VERB
fbem-13618	95	50	the	the	DET
fbem-13618	95	51	allocation	allocation	NOUN
fbem-13618	95	52	of	of	ADP
fbem-13618	95	53	personnel	personnel	NOUN
fbem-13618	95	54	.	.	PUNCT
fbem-13618	96	1	in	in	ADP
fbem-13618	96	2	addition	addition	NOUN
fbem-13618	96	3	,	,	PUNCT
fbem-13618	96	4	independent	independent	ADJ
fbem-13618	96	5	directors	director	NOUN
fbem-13618	96	6	should	should	AUX
fbem-13618	96	7	be	be	AUX
fbem-13618	96	8	independent	independent	ADJ
fbem-13618	96	9	of	of	ADP
fbem-13618	96	10	management	management	NOUN
fbem-13618	96	11	and	and	CCONJ
fbem-13618	96	12	have	have	VERB
fbem-13618	96	13	no	no	DET
fbem-13618	96	14	other	other	ADJ
fbem-13618	96	15	relationship	relationship	NOUN
fbem-13618	96	16	with	with	ADP
fbem-13618	96	17	the	the	DET
fbem-13618	96	18	company[26	company[26	NOUN
fbem-13618	96	19	]	]	PUNCT
fbem-13618	96	20	.	.	PUNCT
fbem-13618	97	1	in	in	ADP
fbem-13618	97	2	fact	fact	NOUN
fbem-13618	97	3	,	,	PUNCT
fbem-13618	97	4	the	the	DET
fbem-13618	97	5	cadbury	cadbury	NOUN
fbem-13618	97	6	report	report	NOUN
fbem-13618	97	7	simply	simply	ADV
fbem-13618	97	8	highlights	highlight	VERB
fbem-13618	97	9	the	the	DET
fbem-13618	97	10	requirements	requirement	NOUN
fbem-13618	97	11	for	for	ADP
fbem-13618	97	12	independent	independent	ADJ
fbem-13618	97	13	directors	director	NOUN
fbem-13618	97	14	'	'	PART
fbem-13618	97	15	independence	independence	NOUN
fbem-13618	97	16	,	,	PUNCT
fbem-13618	97	17	without	without	ADP
fbem-13618	97	18	providing	provide	VERB
fbem-13618	97	19	clear	clear	ADJ
fbem-13618	97	20	criteria	criterion	NOUN
fbem-13618	97	21	for	for	ADP
fbem-13618	97	22	determining	determine	VERB
fbem-13618	97	23	independence	independence	NOUN
fbem-13618	97	24	.	.	PUNCT
fbem-13618	98	1	it	it	PRON
fbem-13618	98	2	is	be	AUX
fbem-13618	98	3	also	also	ADV
fbem-13618	98	4	common	common	ADJ
fbem-13618	98	5	for	for	SCONJ
fbem-13618	98	6	independent	independent	ADJ
fbem-13618	98	7	directors	director	NOUN
fbem-13618	98	8	to	to	PART
fbem-13618	98	9	have	have	VERB
fbem-13618	98	10	a	a	DET
fbem-13618	98	11	relationship	relationship	NOUN
fbem-13618	98	12	with	with	ADP
fbem-13618	98	13	the	the	DET
fbem-13618	98	14	company	company	NOUN
fbem-13618	98	15	,	,	PUNCT
fbem-13618	98	16	which	which	PRON
fbem-13618	98	17	is	be	AUX
fbem-13618	98	18	one	one	NUM
fbem-13618	98	19	way	way	NOUN
fbem-13618	98	20	in	in	ADP
fbem-13618	98	21	.minimum	.minimum	NUM
fbem-13618	98	22	of	of	ADP
fbem-13618	98	23	three	three	NUM
fbem-13618	98	24	independent	independent	ADJ
fbem-13618	98	25	directors	director	NOUN
fbem-13618	98	26	on	on	ADP
fbem-13618	98	27	the	the	DET
fbem-13618	98	28	board	board	NOUN
fbem-13618	98	29	and	and	CCONJ
fbem-13618	98	30	recommends	recommend	VERB
fbem-13618	98	31	that	that	SCONJ
fbem-13618	98	32	companies	company	NOUN
fbem-13618	98	33	establish	establish	VERB
fbem-13618	98	34	an	an	DET
fbem-13618	98	35	appointment	appointment	NOUN
fbem-13618	98	36	committee	committee	NOUN
fbem-13618	98	37	to	to	PART
fbem-13618	98	38	carry	carry	VERB
fbem-13618	98	39	out	out	ADP
fbem-13618	98	40	the	the	DET
fbem-13618	98	41	function	function	NOUN
fbem-13618	98	42	of	of	ADP
fbem-13618	98	43	selecting	select	VERB
fbem-13618	98	44	independent	independent	ADJ
fbem-13618	98	45	directors	director	NOUN
fbem-13618	98	46	.	.	PUNCT
fbem-13618	99	1	an	an	DET
fbem-13618	99	2	appointment	appointment	NOUN
fbem-13618	99	3	committee	committee	NOUN
fbem-13618	99	4	with	with	ADP
fbem-13618	99	5	a	a	DET
fbem-13618	99	6	majority	majority	NOUN
fbem-13618	99	7	of	of	ADP
fbem-13618	99	8	independent	independent	ADJ
fbem-13618	99	9	directors	director	NOUN
fbem-13618	99	10	would	would	AUX
fbem-13618	99	11	encourage	encourage	VERB
fbem-13618	99	12	the	the	DET
fbem-13618	99	13	company	company	NOUN
fbem-13618	99	14	to	to	PART
fbem-13618	99	15	appoint	appoint	VERB
fbem-13618	99	16	more	more	ADV
fbem-13618	99	17	independent	independent	ADJ
fbem-13618	99	18	directors	director	NOUN
fbem-13618	99	19	to	to	ADP
fbem-13618	99	20	the	the	DET
fbem-13618	99	21	board	board	NOUN
fbem-13618	99	22	.	.	PUNCT
fbem-13618	100	1	such	such	DET
fbem-13618	100	2	a	a	DET
fbem-13618	100	3	proposal	proposal	NOUN
fbem-13618	100	4	assumes	assume	VERB
fbem-13618	100	5	that	that	SCONJ
fbem-13618	100	6	an	an	DET
fbem-13618	100	7	appointment	appointment	NOUN
fbem-13618	100	8	committee	committee	NOUN
fbem-13618	100	9	with	with	ADP
fbem-13618	100	10	a	a	DET
fbem-13618	100	11	majority	majority	NOUN
fbem-13618	100	12	of	of	ADP
fbem-13618	100	13	independent	independent	ADJ
fbem-13618	100	14	directors	director	NOUN
fbem-13618	100	15	will	will	AUX
fbem-13618	100	16	ensure	ensure	VERB
fbem-13618	100	17	the	the	DET
fbem-13618	100	18	independence	independence	NOUN
fbem-13618	100	19	of	of	ADP
fbem-13618	100	20	independent	independent	ADJ
fbem-13618	100	21	directors[27	directors[27	PROPN
fbem-13618	100	22	]	]	PUNCT
fbem-13618	100	23	.	.	PUNCT
fbem-13618	101	1	however	however	ADV
fbem-13618	101	2	,	,	PUNCT
fbem-13618	101	3	on	on	ADP
fbem-13618	101	4	the	the	DET
fbem-13618	101	5	other	other	ADJ
fbem-13618	101	6	hand	hand	NOUN
fbem-13618	101	7	,	,	PUNCT
fbem-13618	101	8	the	the	DET
fbem-13618	101	9	number	number	NOUN
fbem-13618	101	10	of	of	ADP
fbem-13618	101	11	independent	independent	ADJ
fbem-13618	101	12	directors	director	NOUN
fbem-13618	101	13	on	on	ADP
fbem-13618	101	14	the	the	DET
fbem-13618	101	15	board	board	NOUN
fbem-13618	101	16	does	do	AUX
fbem-13618	101	17	not	not	PART
fbem-13618	101	18	mean	mean	VERB
fbem-13618	101	19	that	that	SCONJ
fbem-13618	101	20	they	they	PRON
fbem-13618	101	21	will	will	AUX
fbem-13618	101	22	be	be	AUX
fbem-13618	101	23	able	able	ADJ
fbem-13618	101	24	to	to	PART
fbem-13618	101	25	perform	perform	VERB
fbem-13618	101	26	their	their	PRON
fbem-13618	101	27	duties	duty	NOUN
fbem-13618	101	28	well	well	ADV
fbem-13618	101	29	.	.	PUNCT
fbem-13618	102	1	it	it	PRON
fbem-13618	102	2	is	be	AUX
fbem-13618	102	3	in	in	ADP
fbem-13618	102	4	fact	fact	NOUN
fbem-13618	102	5	easy	easy	ADJ
fbem-13618	102	6	for	for	SCONJ
fbem-13618	102	7	the	the	DET
fbem-13618	102	8	board	board	NOUN
fbem-13618	102	9	to	to	PART
fbem-13618	102	10	appoint	appoint	VERB
fbem-13618	102	11	unqualified	unqualified	ADJ
fbem-13618	102	12	independent	independent	ADJ
fbem-13618	102	13	directors	director	NOUN
fbem-13618	102	14	to	to	PART
fbem-13618	102	15	meet	meet	VERB
fbem-13618	102	16	the	the	DET
fbem-13618	102	17	required	require	VERB
fbem-13618	102	18	number	number	NOUN
fbem-13618	102	19	of	of	ADP
fbem-13618	102	20	independent	independent	ADJ
fbem-13618	102	21	directors	director	NOUN
fbem-13618	102	22	.	.	PUNCT
fbem-13618	103	1	it	it	PRON
fbem-13618	103	2	is	be	AUX
fbem-13618	103	3	therefore	therefore	ADV
fbem-13618	103	4	also	also	ADV
fbem-13618	103	5	important	important	ADJ
fbem-13618	103	6	to	to	PART
fbem-13618	103	7	raise	raise	VERB
fbem-13618	103	8	the	the	DET
fbem-13618	103	9	profile	profile	NOUN
fbem-13618	103	10	of	of	ADP
fbem-13618	103	11	the	the	DET
fbem-13618	103	12	appointment	appointment	NOUN
fbem-13618	103	13	of	of	ADP
fbem-13618	103	14	independent	independent	ADJ
fbem-13618	103	15	directors	director	NOUN
fbem-13618	103	16	.	.	PUNCT
fbem-13618	104	1	the	the	DET
fbem-13618	104	2	focus	focus	NOUN
fbem-13618	104	3	on	on	ADP
fbem-13618	104	4	ensuring	ensure	VERB
fbem-13618	104	5	the	the	DET
fbem-13618	104	6	independence	independence	NOUN
fbem-13618	104	7	of	of	ADP
fbem-13618	104	8	independent	independent	ADJ
fbem-13618	104	9	directors	director	NOUN
fbem-13618	104	10	is	be	AUX
fbem-13618	104	11	to	to	PART
fbem-13618	104	12	establish	establish	VERB
fbem-13618	104	13	a	a	DET
fbem-13618	104	14	mechanism	mechanism	NOUN
fbem-13618	104	15	that	that	PRON
fbem-13618	104	16	protects	protect	VERB
fbem-13618	104	17	their	their	PRON
fbem-13618	104	18	independence	independence	NOUN
fbem-13618	104	19	in	in	ADP
fbem-13618	104	20	the	the	DET
fbem-13618	104	21	discharge	discharge	NOUN
fbem-13618	104	22	of	of	ADP
fbem-13618	104	23	their	their	PRON
fbem-13618	104	24	duties	duty	NOUN
fbem-13618	104	25	.	.	PUNCT
fbem-13618	105	1	when	when	SCONJ
fbem-13618	105	2	appointing	appoint	VERB
fbem-13618	105	3	independent	independent	ADJ
fbem-13618	105	4	directors	director	NOUN
fbem-13618	105	5	,	,	PUNCT
fbem-13618	105	6	the	the	DET
fbem-13618	105	7	issue	issue	NOUN
fbem-13618	105	8	is	be	AUX
fbem-13618	105	9	their	their	PRON
fbem-13618	105	10	ability	ability	NOUN
fbem-13618	105	11	to	to	PART
fbem-13618	105	12	perform	perform	VERB
fbem-13618	105	13	their	their	PRON
fbem-13618	105	14	duties	duty	NOUN
fbem-13618	105	15	rather	rather	ADV
fbem-13618	105	16	than	than	ADP
fbem-13618	105	17	whether	whether	SCONJ
fbem-13618	105	18	they	they	PRON
fbem-13618	105	19	have	have	AUX
fbem-13618	105	20	had	have	VERB
fbem-13618	105	21	a	a	DET
fbem-13618	105	22	previous	previous	ADJ
fbem-13618	105	23	relationship	relationship	NOUN
fbem-13618	105	24	with	with	ADP
fbem-13618	105	25	the	the	DET
fbem-13618	105	26	company	company	NOUN
fbem-13618	105	27	.	.	PUNCT
fbem-13618	106	1	having	having	AUX
fbem-13618	106	2	appointed	appoint	VERB
fbem-13618	106	3	independent	independent	ADJ
fbem-13618	106	4	directors	director	NOUN
fbem-13618	106	5	,	,	PUNCT
fbem-13618	106	6	they	they	PRON
fbem-13618	106	7	need	need	VERB
fbem-13618	106	8	some	some	DET
fbem-13618	106	9	power	power	NOUN
fbem-13618	106	10	to	to	PART
fbem-13618	106	11	protect	protect	VERB
fbem-13618	106	12	themselves	themselves	PRON
fbem-13618	106	13	from	from	ADP
fbem-13618	106	14	being	be	AUX
fbem-13618	106	15	able	able	ADJ
fbem-13618	106	16	to	to	PART
fbem-13618	106	17	express	express	VERB
fbem-13618	106	18	their	their	PRON
fbem-13618	106	19	views	view	NOUN
fbem-13618	106	20	freely	freely	ADV
fbem-13618	106	21	and	and	CCONJ
fbem-13618	106	22	without	without	ADP
fbem-13618	106	23	fear	fear	NOUN
fbem-13618	106	24	of	of	ADP
fbem-13618	106	25	being	be	AUX
fbem-13618	106	26	expelled	expel	VERB
fbem-13618	106	27	from	from	ADP
fbem-13618	106	28	the	the	DET
fbem-13618	106	29	company	company	NOUN
fbem-13618	106	30	.	.	PUNCT
fbem-13618	107	1	they	they	PRON
fbem-13618	107	2	must	must	AUX
fbem-13618	107	3	not	not	PART
fbem-13618	107	4	be	be	AUX
fbem-13618	107	5	afraid	afraid	ADJ
fbem-13618	107	6	to	to	PART
fbem-13618	107	7	use	use	VERB
fbem-13618	107	8	their	their	PRON
fbem-13618	107	9	powers	power	NOUN
fbem-13618	107	10	in	in	ADP
fbem-13618	107	11	the	the	DET
fbem-13618	107	12	discharge	discharge	NOUN
fbem-13618	107	13	of	of	ADP
fbem-13618	107	14	their	their	PRON
fbem-13618	107	15	duties[28	duties[28	NOUN
fbem-13618	107	16	]	]	PUNCT
fbem-13618	107	17	.	.	PUNCT
fbem-13618	108	1	secondly	secondly	ADV
fbem-13618	108	2	,	,	PUNCT
fbem-13618	108	3	with	with	ADP
fbem-13618	108	4	regard	regard	NOUN
fbem-13618	108	5	to	to	ADP
fbem-13618	108	6	information	information	NOUN
fbem-13618	108	7	,	,	PUNCT
fbem-13618	108	8	the	the	DET
fbem-13618	108	9	cadbury	cadbury	PROPN
fbem-13618	108	10	committee	committee	NOUN
fbem-13618	108	11	emphasized	emphasize	VERB
fbem-13618	108	12	that	that	SCONJ
fbem-13618	108	13	independent	independent	ADJ
fbem-13618	108	14	directors	director	NOUN
fbem-13618	108	15	have	have	VERB
fbem-13618	108	16	the	the	DET
fbem-13618	108	17	same	same	ADJ
fbem-13618	108	18	powers	power	NOUN
fbem-13618	108	19	to	to	PART
fbem-13618	108	20	access	access	VERB
fbem-13618	108	21	information	information	NOUN
fbem-13618	108	22	as	as	ADP
fbem-13618	108	23	executive	executive	ADJ
fbem-13618	108	24	directors	director	NOUN
fbem-13618	108	25	and	and	CCONJ
fbem-13618	108	26	recognized	recognize	VERB
fbem-13618	108	27	that	that	SCONJ
fbem-13618	108	28	the	the	DET
fbem-13618	108	29	extent	extent	NOUN
fbem-13618	108	30	to	to	PART
fbem-13618	108	31	which	which	PRON
fbem-13618	108	32	independent	independent	ADJ
fbem-13618	108	33	directors	director	NOUN
fbem-13618	108	34	fulfil	fulfil	VERB
fbem-13618	108	35	their	their	PRON
fbem-13618	108	36	duties	duty	NOUN
fbem-13618	108	37	is	be	AUX
fbem-13618	108	38	closely	closely	ADV
fbem-13618	108	39	linked	link	VERB
fbem-13618	108	40	to	to	ADP
fbem-13618	108	41	the	the	DET
fbem-13618	108	42	quality	quality	NOUN
fbem-13618	108	43	of	of	ADP
fbem-13618	108	44	information	information	NOUN
fbem-13618	108	45	they	they	PRON
fbem-13618	108	46	obtain	obtain	VERB
fbem-13618	108	47	.	.	PUNCT
fbem-13618	109	1	however	however	ADV
fbem-13618	109	2	,	,	PUNCT
fbem-13618	109	3	it	it	PRON
fbem-13618	109	4	does	do	AUX
fbem-13618	109	5	not	not	PART
fbem-13618	109	6	provide	provide	VERB
fbem-13618	109	7	clear	clear	ADJ
fbem-13618	109	8	guidance	guidance	NOUN
fbem-13618	109	9	to	to	ADP
fbem-13618	109	10	independent	independent	ADJ
fbem-13618	109	11	directors	director	NOUN
fbem-13618	109	12	on	on	ADP
fbem-13618	109	13	how	how	SCONJ
fbem-13618	109	14	to	to	PART
fbem-13618	109	15	obtain	obtain	VERB
fbem-13618	109	16	the	the	DET
fbem-13618	109	17	information	information	NOUN
fbem-13618	109	18	they	they	PRON
fbem-13618	109	19	want	want	VERB
fbem-13618	109	20	,	,	PUNCT
fbem-13618	109	21	and	and	CCONJ
fbem-13618	109	22	although	although	SCONJ
fbem-13618	109	23	the	the	DET
fbem-13618	109	24	cadbury	cadbury	PROPN
fbem-13618	109	25	committee	committee	NOUN
fbem-13618	109	26	recognizes	recognize	VERB
fbem-13618	109	27	the	the	DET
fbem-13618	109	28	importance	importance	NOUN
fbem-13618	109	29	of	of	ADP
fbem-13618	109	30	adequate	adequate	ADJ
fbem-13618	109	31	information	information	NOUN
fbem-13618	109	32	for	for	ADP
fbem-13618	109	33	independent	independent	ADJ
fbem-13618	109	34	directors	director	NOUN
fbem-13618	109	35	,	,	PUNCT
fbem-13618	109	36	it	it	PRON
fbem-13618	109	37	does	do	AUX
fbem-13618	109	38	not	not	PART
fbem-13618	109	39	provide	provide	VERB
fbem-13618	109	40	detailed	detailed	ADJ
fbem-13618	109	41	advice	advice	NOUN
fbem-13618	109	42	or	or	CCONJ
fbem-13618	109	43	suggest	suggest	VERB
fbem-13618	109	44	a	a	DET
fbem-13618	109	45	way	way	NOUN
fbem-13618	109	46	in	in	ADP
fbem-13618	109	47	which	which	PRON
fbem-13618	109	48	independent	independent	ADJ
fbem-13618	109	49	directors	director	NOUN
fbem-13618	109	50	can	can	AUX
fbem-13618	109	51	obtain	obtain	VERB
fbem-13618	109	52	information	information	NOUN
fbem-13618	109	53	quickly	quickly	ADV
fbem-13618	109	54	.	.	PUNCT
fbem-13618	110	1	independent	independent	ADJ
fbem-13618	110	2	directors	director	NOUN
fbem-13618	110	3	need	need	VERB
fbem-13618	110	4	ways	way	NOUN
fbem-13618	110	5	to	to	PART
fbem-13618	110	6	help	help	VERB
fbem-13618	110	7	them	they	PRON
fbem-13618	110	8	obtain	obtain	VERB
fbem-13618	110	9	useful	useful	ADJ
fbem-13618	110	10	information	information	NOUN
fbem-13618	110	11	in	in	ADP
fbem-13618	110	12	order	order	NOUN
fbem-13618	110	13	to	to	PART
fbem-13618	110	14	make	make	VERB
fbem-13618	110	15	independent	independent	ADJ
fbem-13618	110	16	judgements	judgement	NOUN
fbem-13618	110	17	,	,	PUNCT
fbem-13618	110	18	and	and	CCONJ
fbem-13618	110	19	having	have	VERB
fbem-13618	110	20	to	to	PART
fbem-13618	110	21	wait	wait	VERB
fbem-13618	110	22	for	for	ADP
fbem-13618	110	23	information	information	NOUN
fbem-13618	110	24	from	from	ADP
fbem-13618	110	25	executive	executive	ADJ
fbem-13618	110	26	directors	director	NOUN
fbem-13618	110	27	means	mean	VERB
fbem-13618	110	28	that	that	SCONJ
fbem-13618	110	29	this	this	DET
fbem-13618	110	30	information	information	NOUN
fbem-13618	110	31	may	may	AUX
fbem-13618	110	32	have	have	AUX
fbem-13618	110	33	been	be	AUX
fbem-13618	110	34	purposefully	purposefully	ADV
fbem-13618	110	35	selected	select	VERB
fbem-13618	110	36	by	by	ADP
fbem-13618	110	37	executive	executive	ADJ
fbem-13618	110	38	directors	director	NOUN
fbem-13618	110	39	to	to	PART
fbem-13618	110	40	obscure	obscure	VERB
fbem-13618	110	41	the	the	DET
fbem-13618	110	42	facts	fact	NOUN
fbem-13618	110	43	and	and	CCONJ
fbem-13618	110	44	not	not	PART
fbem-13618	110	45	reflect	reflect	VERB
fbem-13618	110	46	the	the	DET
fbem-13618	110	47	true	true	ADJ
fbem-13618	110	48	state	state	NOUN
fbem-13618	110	49	of	of	ADP
fbem-13618	110	50	the	the	DET
fbem-13618	110	51	company	company	NOUN
fbem-13618	110	52	.	.	PUNCT
fbem-13618	111	1	independent	independent	ADJ
fbem-13618	111	2	directors	director	NOUN
fbem-13618	111	3	therefore	therefore	ADV
fbem-13618	111	4	need	need	VERB
fbem-13618	111	5	some	some	DET
fbem-13618	111	6	special	special	ADJ
fbem-13618	111	7	and	and	CCONJ
fbem-13618	111	8	powerful	powerful	ADJ
fbem-13618	111	9	access	access	NOUN
fbem-13618	111	10	to	to	ADP
fbem-13618	111	11	real	real	ADJ
fbem-13618	111	12	information	information	NOUN
fbem-13618	111	13	about	about	ADP
fbem-13618	111	14	the	the	DET
fbem-13618	111	15	economic	economic	ADJ
fbem-13618	111	16	and	and	CCONJ
fbem-13618	111	17	transactional	transactional	ADJ
fbem-13618	111	18	details	detail	NOUN
fbem-13618	111	19	of	of	ADP
fbem-13618	111	20	the	the	DET
fbem-13618	111	21	company[29	company[29	NOUN
fbem-13618	111	22	]	]	X
fbem-13618	111	23	.	.	PUNCT
fbem-13618	112	1	thirdly	thirdly	ADV
fbem-13618	112	2	,	,	PUNCT
fbem-13618	112	3	in	in	ADP
fbem-13618	112	4	terms	term	NOUN
fbem-13618	112	5	of	of	ADP
fbem-13618	112	6	powers	power	NOUN
fbem-13618	112	7	and	and	CCONJ
fbem-13618	112	8	responsibilities	responsibility	NOUN
fbem-13618	112	9	,	,	PUNCT
fbem-13618	112	10	the	the	DET
fbem-13618	112	11	cadbury	cadbury	PROPN
fbem-13618	112	12	committee	committee	NOUN
fbem-13618	112	13	expects	expect	VERB
fbem-13618	112	14	independent	independent	ADJ
fbem-13618	112	15	directors	director	NOUN
fbem-13618	112	16	to	to	PART
fbem-13618	112	17	be	be	AUX
fbem-13618	112	18	able	able	ADJ
fbem-13618	112	19	to	to	PART
fbem-13618	112	20	make	make	VERB
fbem-13618	112	21	choices	choice	NOUN
fbem-13618	112	22	in	in	ADP
fbem-13618	112	23	regulating	regulate	VERB
fbem-13618	112	24	the	the	DET
fbem-13618	112	25	actions	action	NOUN
fbem-13618	112	26	of	of	ADP
fbem-13618	112	27	the	the	DET
fbem-13618	112	28	board	board	NOUN
fbem-13618	112	29	and	and	CCONJ
fbem-13618	112	30	executive	executive	ADJ
fbem-13618	112	31	directors	director	NOUN
fbem-13618	112	32	,	,	PUNCT
fbem-13618	112	33	and	and	CCONJ
fbem-13618	112	34	when	when	SCONJ
fbem-13618	112	35	there	there	PRON
fbem-13618	112	36	are	be	VERB
fbem-13618	112	37	conflicting	conflict	VERB
fbem-13618	112	38	potential	potential	ADJ
fbem-13618	112	39	interests	interest	NOUN
fbem-13618	112	40	.	.	PUNCT
fbem-13618	113	1	these	these	DET
fbem-13618	113	2	expectations	expectation	NOUN
fbem-13618	113	3	place	place	VERB
fbem-13618	113	4	a	a	DET
fbem-13618	113	5	heavy	heavy	ADJ
fbem-13618	113	6	burden	burden	NOUN
fbem-13618	113	7	on	on	ADP
fbem-13618	113	8	the	the	DET
fbem-13618	113	9	independent	independent	ADJ
fbem-13618	113	10	director	director	NOUN
fbem-13618	113	11	,	,	PUNCT
fbem-13618	113	12	who	who	PRON
fbem-13618	113	13	has	have	VERB
fbem-13618	113	14	to	to	PART
fbem-13618	113	15	bear	bear	VERB
fbem-13618	113	16	the	the	DET
fbem-13618	113	17	same	same	ADJ
fbem-13618	113	18	responsibilities	responsibility	NOUN
fbem-13618	113	19	as	as	ADP
fbem-13618	113	20	the	the	DET
fbem-13618	113	21	executive	executive	ADJ
fbem-13618	113	22	director	director	NOUN
fbem-13618	113	23	,	,	PUNCT
fbem-13618	113	24	regardless	regardless	ADV
fbem-13618	113	25	of	of	ADP
fbem-13618	113	26	which	which	PRON
fbem-13618	113	27	executive	executive	ADJ
fbem-13618	113	28	director	director	NOUN
fbem-13618	113	29	is	be	AUX
fbem-13618	113	30	making	make	VERB
fbem-13618	113	31	those	those	DET
fbem-13618	113	32	decisions[30	decisions[30	NOUN
fbem-13618	113	33	]	]	X
fbem-13618	113	34	.	.	PUNCT
fbem-13618	114	1	independent	independent	ADJ
fbem-13618	114	2	directors	director	NOUN
fbem-13618	114	3	do	do	AUX
fbem-13618	114	4	not	not	PART
fbem-13618	114	5	have	have	VERB
fbem-13618	114	6	a	a	DET
fbem-13618	114	7	strong	strong	ADJ
fbem-13618	114	8	weapon	weapon	NOUN
fbem-13618	114	9	when	when	SCONJ
fbem-13618	114	10	they	they	PRON
fbem-13618	114	11	have	have	VERB
fbem-13618	114	12	a	a	DET
fbem-13618	114	13	heavy	heavy	ADJ
fbem-13618	114	14	burden	burden	NOUN
fbem-13618	114	15	,	,	PUNCT
fbem-13618	114	16	and	and	CCONJ
fbem-13618	114	17	the	the	DET
fbem-13618	114	18	responsibilities	responsibility	NOUN
fbem-13618	114	19	they	they	PRON
fbem-13618	114	20	have	have	VERB
fbem-13618	114	21	to	to	PART
fbem-13618	114	22	bear	bear	VERB
fbem-13618	114	23	are	be	AUX
fbem-13618	114	24	not	not	PART
fbem-13618	114	25	commensurate	commensurate	ADJ
fbem-13618	114	26	with	with	ADP
fbem-13618	114	27	the	the	DET
fbem-13618	114	28	power	power	NOUN
fbem-13618	114	29	they	they	PRON
fbem-13618	114	30	hold	hold	VERB
fbem-13618	114	31	.	.	PUNCT
fbem-13618	115	1	the	the	DET
fbem-13618	115	2	protection	protection	NOUN
fbem-13618	115	3	of	of	ADP
fbem-13618	115	4	independent	independent	ADJ
fbem-13618	115	5	directors	director	NOUN
fbem-13618	115	6	and	and	CCONJ
fbem-13618	115	7	the	the	DET
fbem-13618	115	8	better	well	ADJ
fbem-13618	115	9	performance	performance	NOUN
fbem-13618	115	10	of	of	ADP
fbem-13618	115	11	their	their	PRON
fbem-13618	115	12	role	role	NOUN
fbem-13618	115	13	require	require	VERB
fbem-13618	115	14	a	a	DET
fbem-13618	115	15	distinction	distinction	NOUN
fbem-13618	115	16	between	between	ADP
fbem-13618	115	17	the	the	DET
fbem-13618	115	18	responsibilities	responsibility	NOUN
fbem-13618	115	19	and	and	CCONJ
fbem-13618	115	20	rights	right	NOUN
fbem-13618	115	21	of	of	ADP
fbem-13618	115	22	independent	independent	ADJ
fbem-13618	115	23	and	and	CCONJ
fbem-13618	115	24	executive	executive	ADJ
fbem-13618	115	25	directors	director	NOUN
fbem-13618	115	26	.	.	PUNCT
fbem-13618	116	1	5	5	X
fbem-13618	116	2	.	.	X
fbem-13618	116	3	conclusion	conclusion	NOUN
fbem-13618	116	4	through	through	ADP
fbem-13618	116	5	this	this	DET
fbem-13618	116	6	study	study	NOUN
fbem-13618	116	7	,	,	PUNCT
fbem-13618	116	8	the	the	DET
fbem-13618	116	9	emergence	emergence	NOUN
fbem-13618	116	10	of	of	ADP
fbem-13618	116	11	independent	independent	ADJ
fbem-13618	116	12	directors	director	NOUN
fbem-13618	116	13	has	have	AUX
fbem-13618	116	14	changed	change	VERB
fbem-13618	116	15	the	the	DET
fbem-13618	116	16	internal	internal	ADJ
fbem-13618	116	17	structure	structure	NOUN
fbem-13618	116	18	of	of	ADP
fbem-13618	116	19	directors	director	NOUN
fbem-13618	116	20	,	,	PUNCT
fbem-13618	116	21	making	make	VERB
fbem-13618	116	22	both	both	CCONJ
fbem-13618	116	23	the	the	DET
fbem-13618	116	24	board	board	NOUN
fbem-13618	116	25	of	of	ADP
fbem-13618	116	26	directors	director	NOUN
fbem-13618	116	27	and	and	CCONJ
fbem-13618	116	28	the	the	DET
fbem-13618	116	29	manager	manager	NOUN
fbem-13618	116	30	subject	subject	VERB
fbem-13618	116	31	to	to	ADP
fbem-13618	116	32	supervision	supervision	NOUN
fbem-13618	116	33	and	and	CCONJ
fbem-13618	116	34	restriction	restriction	NOUN
fbem-13618	116	35	.	.	PUNCT
fbem-13618	117	1	to	to	ADP
fbem-13618	117	2	a	a	DET
fbem-13618	117	3	certain	certain	ADJ
fbem-13618	117	4	extent	extent	NOUN
fbem-13618	117	5	,	,	PUNCT
fbem-13618	117	6	it	it	PRON
fbem-13618	117	7	can	can	AUX
fbem-13618	117	8	avoid	avoid	VERB
fbem-13618	117	9	mutual	mutual	ADJ
fbem-13618	117	10	protection	protection	NOUN
fbem-13618	117	11	of	of	ADP
fbem-13618	117	12	directors	director	NOUN
fbem-13618	117	13	and	and	CCONJ
fbem-13618	117	14	better	well	ADV
fbem-13618	117	15	protect	protect	VERB
fbem-13618	117	16	the	the	DET
fbem-13618	117	17	interests	interest	NOUN
fbem-13618	117	18	of	of	ADP
fbem-13618	117	19	minority	minority	NOUN
fbem-13618	117	20	shareholders	shareholder	NOUN
fbem-13618	117	21	.	.	PUNCT
fbem-13618	118	1	on	on	ADP
fbem-13618	118	2	the	the	DET
fbem-13618	118	3	other	other	ADJ
fbem-13618	118	4	hand	hand	NOUN
fbem-13618	118	5	,	,	PUNCT
fbem-13618	118	6	it	it	PRON
fbem-13618	118	7	can	can	AUX
fbem-13618	118	8	make	make	VERB
fbem-13618	118	9	the	the	DET
fbem-13618	118	10	decisions	decision	NOUN
fbem-13618	118	11	more	more	ADV
fbem-13618	118	12	diversified	diversified	ADJ
fbem-13618	118	13	and	and	CCONJ
fbem-13618	118	14	more	more	ADV
fbem-13618	118	15	conducive	conducive	ADJ
fbem-13618	118	16	to	to	ADP
fbem-13618	118	17	the	the	DET
fbem-13618	118	18	development	development	NOUN
fbem-13618	118	19	of	of	ADP
fbem-13618	118	20	the	the	DET
fbem-13618	118	21	company	company	NOUN
fbem-13618	118	22	.	.	PUNCT
fbem-13618	119	1	undeniably	undeniably	ADV
fbem-13618	119	2	,	,	PUNCT
fbem-13618	119	3	independent	independent	ADJ
fbem-13618	119	4	directors	director	NOUN
fbem-13618	119	5	also	also	ADV
fbem-13618	119	6	have	have	VERB
fbem-13618	119	7	some	some	DET
fbem-13618	119	8	shortcomings	shortcoming	NOUN
fbem-13618	119	9	.	.	PUNCT
fbem-13618	120	1	first	first	ADV
fbem-13618	120	2	,	,	PUNCT
fbem-13618	120	3	they	they	PRON
fbem-13618	120	4	may	may	AUX
fbem-13618	120	5	lack	lack	VERB
fbem-13618	120	6	the	the	DET
fbem-13618	120	7	inside	inside	ADJ
fbem-13618	120	8	knowledge	knowledge	NOUN
fbem-13618	120	9	of	of	ADP
fbem-13618	120	10	a	a	DET
fbem-13618	120	11	company	company	NOUN
fbem-13618	120	12	that	that	PRON
fbem-13618	120	13	executive	executive	ADJ
fbem-13618	120	14	directors	director	NOUN
fbem-13618	120	15	have	have	VERB
fbem-13618	120	16	,	,	PUNCT
fbem-13618	120	17	limiting	limit	VERB
fbem-13618	120	18	their	their	PRON
fbem-13618	120	19	ability	ability	NOUN
fbem-13618	120	20	to	to	PART
fbem-13618	120	21	make	make	VERB
fbem-13618	120	22	informed	informed	ADJ
fbem-13618	120	23	decisions	decision	NOUN
fbem-13618	120	24	,	,	PUNCT
fbem-13618	120	25	especially	especially	ADV
fbem-13618	120	26	in	in	ADP
fbem-13618	120	27	times	time	NOUN
fbem-13618	120	28	of	of	ADP
fbem-13618	120	29	crisis	crisis	NOUN
fbem-13618	120	30	.	.	PUNCT
fbem-13618	121	1	second	second	ADJ
fbem-13618	121	2	,	,	PUNCT
fbem-13618	121	3	independent	independent	ADJ
fbem-13618	121	4	directors	director	NOUN
fbem-13618	121	5	still	still	ADV
fbem-13618	121	6	inevitably	inevitably	ADV
fbem-13618	121	7	have	have	VERB
fbem-13618	121	8	conflicts	conflict	NOUN
fbem-13618	121	9	of	of	ADP
fbem-13618	121	10	interest	interest	NOUN
fbem-13618	121	11	because	because	SCONJ
fbem-13618	121	12	they	they	PRON
fbem-13618	121	13	may	may	AUX
fbem-13618	121	14	have	have	VERB
fbem-13618	121	15	other	other	ADJ
fbem-13618	121	16	business	business	NOUN
fbem-13618	121	17	interests	interest	NOUN
fbem-13618	121	18	or	or	CCONJ
fbem-13618	121	19	sit	sit	VERB
fbem-13618	121	20	on	on	ADP
fbem-13618	121	21	the	the	DET
fbem-13618	121	22	boards	board	NOUN
fbem-13618	121	23	of	of	ADP
fbem-13618	121	24	competing	compete	VERB
fbem-13618	121	25	companies	company	NOUN
fbem-13618	121	26	.	.	PUNCT
fbem-13618	122	1	third	third	ADJ
fbem-13618	122	2	,	,	PUNCT
fbem-13618	122	3	they	they	PRON
fbem-13618	122	4	may	may	AUX
fbem-13618	122	5	lack	lack	VERB
fbem-13618	122	6	commitment	commitment	NOUN
fbem-13618	122	7	because	because	SCONJ
fbem-13618	122	8	they	they	PRON
fbem-13618	122	9	may	may	AUX
fbem-13618	122	10	have	have	VERB
fbem-13618	122	11	other	other	ADJ
fbem-13618	122	12	commitments	commitment	NOUN
fbem-13618	122	13	and	and	CCONJ
fbem-13618	122	14	may	may	AUX
fbem-13618	122	15	not	not	PART
fbem-13618	122	16	be	be	AUX
fbem-13618	122	17	fully	fully	ADV
fbem-13618	122	18	involved	involve	VERB
fbem-13618	122	19	in	in	ADP
fbem-13618	122	20	the	the	DET
fbem-13618	122	21	company	company	NOUN
fbem-13618	122	22	's	's	PART
fbem-13618	122	23	activities	activity	NOUN
fbem-13618	122	24	.	.	PUNCT
fbem-13618	123	1	however	however	ADV
fbem-13618	123	2	,	,	PUNCT
fbem-13618	123	3	the	the	DET
fbem-13618	123	4	existence	existence	NOUN
fbem-13618	123	5	of	of	ADP
fbem-13618	123	6	these	these	DET
fbem-13618	123	7	defects	defect	NOUN
fbem-13618	123	8	can	can	AUX
fbem-13618	123	9	not	not	PART
fbem-13618	123	10	ignore	ignore	VERB
fbem-13618	123	11	the	the	DET
fbem-13618	123	12	positive	positive	ADJ
fbem-13618	123	13	significance	significance	NOUN
fbem-13618	123	14	brought	bring	VERB
fbem-13618	123	15	by	by	ADP
fbem-13618	123	16	the	the	DET
fbem-13618	123	17	emergence	emergence	NOUN
fbem-13618	123	18	of	of	ADP
fbem-13618	123	19	independent	independent	ADJ
fbem-13618	123	20	directors	director	NOUN
fbem-13618	123	21	,	,	PUNCT
fbem-13618	123	22	and	and	CCONJ
fbem-13618	123	23	the	the	DET
fbem-13618	123	24	benefits	benefit	NOUN
fbem-13618	123	25	they	they	PRON
fbem-13618	123	26	bring	bring	VERB
fbem-13618	123	27	to	to	ADP
fbem-13618	123	28	the	the	DET
fbem-13618	123	29	board	board	NOUN
fbem-13618	123	30	of	of	ADP
fbem-13618	123	31	directors	director	NOUN
fbem-13618	123	32	far	far	ADV
fbem-13618	123	33	outweigh	outweigh	VERB
fbem-13618	123	34	these	these	DET
fbem-13618	123	35	disadvantages	disadvantage	NOUN
fbem-13618	123	36	.	.	PUNCT
fbem-13618	124	1	in	in	ADP
fbem-13618	124	2	addition	addition	NOUN
fbem-13618	124	3	,	,	PUNCT
fbem-13618	124	4	better	well	ADJ
fbem-13618	124	5	solutions	solution	NOUN
fbem-13618	124	6	are	be	AUX
fbem-13618	124	7	being	be	AUX
fbem-13618	124	8	actively	actively	ADV
fbem-13618	124	9	sought	seek	VERB
fbem-13618	124	10	in	in	ADP
fbem-13618	124	11	the	the	DET
fbem-13618	124	12	field	field	NOUN
fbem-13618	124	13	of	of	ADP
fbem-13618	124	14	corporate	corporate	ADJ
fbem-13618	124	15	governance	governance	NOUN
fbem-13618	124	16	.	.	PUNCT
fbem-13618	125	1	at	at	ADP
fbem-13618	125	2	the	the	DET
fbem-13618	125	3	end	end	NOUN
fbem-13618	125	4	of	of	ADP
fbem-13618	125	5	this	this	DET
fbem-13618	125	6	paper	paper	NOUN
fbem-13618	125	7	,	,	PUNCT
fbem-13618	125	8	several	several	ADJ
fbem-13618	125	9	suggestions	suggestion	NOUN
fbem-13618	125	10	for	for	ADP
fbem-13618	125	11	the	the	DET
fbem-13618	125	12	existing	exist	VERB
fbem-13618	125	13	defects	defect	NOUN
fbem-13618	125	14	of	of	ADP
fbem-13618	125	15	independent	independent	ADJ
fbem-13618	125	16	directors	director	NOUN
fbem-13618	125	17	are	be	AUX
fbem-13618	125	18	discussed	discuss	VERB
fbem-13618	125	19	,	,	PUNCT
fbem-13618	125	20	but	but	CCONJ
fbem-13618	125	21	they	they	PRON
fbem-13618	125	22	still	still	ADV
fbem-13618	125	23	can	can	AUX
fbem-13618	125	24	not	not	PART
fbem-13618	125	25	fundamentally	fundamentally	ADV
fbem-13618	125	26	solve	solve	VERB
fbem-13618	125	27	the	the	DET
fbem-13618	125	28	problem	problem	NOUN
fbem-13618	125	29	of	of	ADP
fbem-13618	125	30	functional	functional	ADJ
fbem-13618	125	31	independence	independence	NOUN
fbem-13618	125	32	of	of	ADP
fbem-13618	125	33	independent	independent	ADJ
fbem-13618	125	34	directors	director	NOUN
fbem-13618	125	35	,	,	PUNCT
fbem-13618	125	36	and	and	CCONJ
fbem-13618	125	37	can	can	AUX
fbem-13618	125	38	only	only	ADV
fbem-13618	125	39	provide	provide	VERB
fbem-13618	125	40	some	some	DET
fbem-13618	125	41	useful	useful	ADJ
fbem-13618	125	42	thinking	thinking	NOUN
fbem-13618	125	43	.	.	PUNCT
fbem-13618	126	1	therefore	therefore	ADV
fbem-13618	126	2	,	,	PUNCT
fbem-13618	126	3	with	with	ADP
fbem-13618	126	4	the	the	DET
fbem-13618	126	5	rapid	rapid	ADJ
fbem-13618	126	6	development	development	NOUN
fbem-13618	126	7	of	of	ADP
fbem-13618	126	8	globalization	globalization	NOUN
fbem-13618	126	9	and	and	CCONJ
fbem-13618	126	10	the	the	DET
fbem-13618	126	11	increasing	increase	VERB
fbem-13618	126	12	number	number	NOUN
fbem-13618	126	13	of	of	ADP
fbem-13618	126	14	listed	list	VERB
fbem-13618	126	15	companies	company	NOUN
fbem-13618	126	16	,	,	PUNCT
fbem-13618	126	17	the	the	DET
fbem-13618	126	18	need	need	NOUN
fbem-13618	126	19	for	for	ADP
fbem-13618	126	20	independent	independent	ADJ
fbem-13618	126	21	directors	director	NOUN
fbem-13618	126	22	will	will	AUX
fbem-13618	126	23	become	become	VERB
fbem-13618	126	24	more	more	ADV
fbem-13618	126	25	and	and	CCONJ
fbem-13618	126	26	more	more	ADV
fbem-13618	126	27	urgent	urgent	ADJ
fbem-13618	126	28	,	,	PUNCT
fbem-13618	126	29	and	and	CCONJ
fbem-13618	126	30	the	the	DET
fbem-13618	126	31	requirements	requirement	NOUN
fbem-13618	126	32	for	for	ADP
fbem-13618	126	33	independent	independent	ADJ
fbem-13618	126	34	directors	director	NOUN
fbem-13618	126	35	will	will	AUX
fbem-13618	126	36	also	also	ADV
fbem-13618	126	37	be	be	AUX
fbem-13618	126	38	raised	raise	VERB
fbem-13618	126	39	.	.	PUNCT
fbem-13618	127	1	therefore	therefore	ADV
fbem-13618	127	2	,	,	PUNCT
fbem-13618	127	3	the	the	DET
fbem-13618	127	4	company	company	NOUN
fbem-13618	127	5	should	should	AUX
fbem-13618	127	6	strive	strive	VERB
fbem-13618	127	7	to	to	PART
fbem-13618	127	8	have	have	VERB
fbem-13618	127	9	a	a	DET
fbem-13618	127	10	diversified	diversified	ADJ
fbem-13618	127	11	and	and	CCONJ
fbem-13618	127	12	independent	independent	ADJ
fbem-13618	127	13	board	board	NOUN
fbem-13618	127	14	of	of	ADP
fbem-13618	127	15	directors	director	NOUN
fbem-13618	127	16	that	that	PRON
fbem-13618	127	17	can	can	AUX
fbem-13618	127	18	supervise	supervise	VERB
fbem-13618	127	19	the	the	DET
fbem-13618	127	20	interests	interest	NOUN
fbem-13618	127	21	of	of	ADP
fbem-13618	127	22	stakeholders	stakeholder	NOUN
fbem-13618	127	23	and	and	CCONJ
fbem-13618	127	24	the	the	DET
fbem-13618	127	25	company	company	NOUN
fbem-13618	127	26	's	's	PART
fbem-13618	127	27	operation	operation	NOUN
fbem-13618	127	28	,	,	PUNCT
fbem-13618	127	29	so	so	SCONJ
fbem-13618	127	30	that	that	SCONJ
fbem-13618	127	31	the	the	DET
fbem-13618	127	32	independent	independent	ADJ
fbem-13618	127	33	director	director	NOUN
fbem-13618	127	34	system	system	NOUN
fbem-13618	127	35	can	can	AUX
fbem-13618	127	36	continue	continue	VERB
fbem-13618	127	37	to	to	PART
fbem-13618	127	38	play	play	VERB
fbem-13618	127	39	a	a	DET
fbem-13618	127	40	stronger	strong	ADJ
fbem-13618	127	41	role	role	NOUN
fbem-13618	127	42	in	in	ADP
fbem-13618	127	43	the	the	DET
fbem-13618	127	44	new	new	ADJ
fbem-13618	127	45	period	period	NOUN
fbem-13618	127	46	.	.	PUNCT
fbem-13618	128	1	references	reference	NOUN
fbem-13618	128	2	[	[	X
fbem-13618	128	3	1	1	NUM
fbem-13618	128	4	]	]	PUNCT
fbem-13618	128	5	clark	clark	PROPN
fbem-13618	128	6	c.r	c.r	PROPN
fbem-13618	128	7	.	.	PROPN
fbem-13618	128	8	,	,	PUNCT
fbem-13618	128	9	vote	vote	NOUN
fbem-13618	128	10	buying	buying	NOUN
fbem-13618	128	11	and	and	CCONJ
fbem-13618	128	12	corporate	corporate	ADJ
fbem-13618	128	13	law	law	NOUN
fbem-13618	128	14	,	,	PUNCT
fbem-13618	128	15	(	(	PUNCT
fbem-13618	128	16	1979)29	1979)29	NUM
fbem-13618	128	17	case	case	NOUN
fbem-13618	128	18	w.	w.	NOUN
fbem-13618	128	19	res	re	NOUN
fbem-13618	128	20	.	.	PUNCT
fbem-13618	128	21	l.rev	l.rev	PROPN
fbem-13618	128	22	.	.	PUNCT
fbem-13618	129	1	776	776	NUM
fbem-13618	129	2	,	,	PUNCT
fbem-13618	129	3	779	779	NUM
fbem-13618	129	4	-	-	SYM
fbem-13618	129	5	83;and	83;and	NUM
fbem-13618	129	6	dinga	dinga	PROPN
fbem-13618	129	7	a.k	a.k	PROPN
fbem-13618	129	8	.	.	PROPN
fbem-13618	129	9	,	,	PUNCT
fbem-13618	129	10	“	"	PUNCT
fbem-13618	129	11	ownership	ownership	NOUN
fbem-13618	129	12	structure	structure	NOUN
fbem-13618	129	13	and	and	CCONJ
fbem-13618	129	14	firm	firm	ADJ
fbem-13618	129	15	performance	performance	NOUN
fbem-13618	129	16	in	in	ADP
fbem-13618	129	17	the	the	DET
fbem-13618	129	18	uk	uk	NOUN
fbem-13618	129	19	:	:	PUNCT
fbem-13618	129	20	evidence	evidence	NOUN
fbem-13618	129	21	from	from	ADP
fbem-13618	129	22	the	the	DET
fbem-13618	129	23	agency	agency	NOUN
fbem-13618	129	24	perspective	perspective	NOUN
fbem-13618	129	25	”	"	PUNCT
fbem-13618	129	26	(	(	PUNCT
fbem-13618	129	27	working	working	NOUN
fbem-13618	129	28	paper	paper	NOUN
fbem-13618	129	29	university	university	PROPN
fbem-13618	129	30	of	of	ADP
fbem-13618	129	31	durham	durham	PROPN
fbem-13618	129	32	2009	2009	NUM
fbem-13618	129	33	)	)	PUNCT
fbem-13618	129	34	65	65	NUM
fbem-13618	129	35	-	-	SYM
fbem-13618	129	36	66	66	NUM
fbem-13618	129	37	.	.	PUNCT
fbem-13618	130	1	[	[	X
fbem-13618	130	2	2	2	X
fbem-13618	130	3	]	]	X
fbem-13618	130	4	r.e.g	r.e.g	NOUN
fbem-13618	130	5	.	.	PUNCT
fbem-13618	130	6	pearson	pearson	PROPN
fbem-13618	130	7	,	,	PUNCT
fbem-13618	130	8	a.	a.	NOUN
fbem-13618	130	9	jeffries	jeffrie	NOUN
fbem-13618	130	10	,	,	PUNCT
fbem-13618	130	11	british	british	ADJ
fbem-13618	130	12	company	company	NOUN
fbem-13618	130	13	law	law	NOUN
fbem-13618	130	14	,	,	PUNCT
fbem-13618	130	15	(	(	PUNCT
fbem-13618	130	16	shanghai	shanghai	PROPN
fbem-13618	130	17	translation	translation	NOUN
fbem-13618	130	18	and	and	CCONJ
fbem-13618	130	19	publishing	publish	VERB
fbem-13618	130	20	company	company	NOUN
fbem-13618	130	21	press	press	NOUN
fbem-13618	130	22	1984	1984	NUM
fbem-13618	130	23	)	)	PUNCT
fbem-13618	130	24	110	110	NUM
fbem-13618	130	25	-	-	SYM
fbem-13618	130	26	115	115	NUM
fbem-13618	130	27	.	.	PUNCT
fbem-13618	131	1	[	[	X
fbem-13618	131	2	3	3	X
fbem-13618	131	3	]	]	X
fbem-13618	131	4	armstrong	armstrong	PROPN
fbem-13618	131	5	c	c	PROPN
fbem-13618	131	6	s	s	PROPN
fbem-13618	131	7	,	,	PUNCT
fbem-13618	131	8	core	core	PROPN
fbem-13618	131	9	j	j	PROPN
fbem-13618	131	10	e	e	PROPN
fbem-13618	131	11	,	,	PUNCT
fbem-13618	131	12	guay	guay	PROPN
fbem-13618	131	13	w	w	PROPN
fbem-13618	131	14	r.	r.	PROPN
fbem-13618	131	15	do	do	AUX
fbem-13618	131	16	independent	independent	ADJ
fbem-13618	131	17	directors	director	NOUN
fbem-13618	131	18	cause	cause	VERB
fbem-13618	131	19	improvements	improvement	NOUN
fbem-13618	131	20	in	in	ADP
fbem-13618	131	21	firm	firm	ADJ
fbem-13618	131	22	transparency[j	transparency[j	NOUN
fbem-13618	131	23	]	]	PUNCT
fbem-13618	131	24	.	.	PUNCT
fbem-13618	132	1	journal	journal	PROPN
fbem-13618	132	2	of	of	ADP
fbem-13618	132	3	financial	financial	PROPN
fbem-13618	132	4	economics,2014,113(3	economics,2014,113(3	PROPN
fbem-13618	132	5	):	):	PUNCT
fbem-13618	132	6	383	383	NUM
fbem-13618	132	7	-	-	SYM
fbem-13618	132	8	403	403	NUM
fbem-13618	132	9	.	.	PUNCT
fbem-13618	133	1	[	[	X
fbem-13618	133	2	4	4	X
fbem-13618	133	3	]	]	PUNCT
fbem-13618	133	4	balsmeier	balsmeier	ADP
fbem-13618	133	5	b	b	NOUN
fbem-13618	133	6	,	,	PUNCT
fbem-13618	133	7	fleming	fleming	PROPN
fbem-13618	133	8	l	l	PROPN
fbem-13618	133	9	,	,	PUNCT
fbem-13618	133	10	manso	manso	NOUN
fbem-13618	133	11	g	g	PROPN
fbem-13618	133	12	,	,	PUNCT
fbem-13618	133	13	et	et	PROPN
fbem-13618	133	14	al	al	PROPN
fbem-13618	133	15	.	.	PUNCT
fbem-13618	134	1	“	"	PUNCT
fbem-13618	134	2	independent	independent	ADJ
fbem-13618	134	3	boards	board	NOUN
fbem-13618	134	4	and	and	CCONJ
fbem-13618	134	5	innovation	innovation	NOUN
fbem-13618	134	6	”	"	PUNCT
fbem-13618	134	7	journal	journal	NOUN
fbem-13618	134	8	of	of	ADP
fbem-13618	134	9	financial	financial	ADJ
fbem-13618	134	10	economics	economic	NOUN
fbem-13618	134	11	(	(	PUNCT
fbem-13618	134	12	2017	2017	NUM
fbem-13618	134	13	)	)	PUNCT
fbem-13618	134	14	123	123	NUM
fbem-13618	134	15	(	(	PUNCT
fbem-13618	134	16	3	3	NUM
fbem-13618	134	17	)	)	PUNCT
fbem-13618	134	18	536	536	NUM
fbem-13618	134	19	-	-	SYM
fbem-13618	134	20	557	557	NUM
fbem-13618	134	21	.	.	PUNCT
fbem-13618	135	1	[	[	X
fbem-13618	135	2	5	5	X
fbem-13618	135	3	]	]	X
fbem-13618	135	4	beasley	beasley	PROPN
fbem-13618	135	5	m	m	PROPN
fbem-13618	135	6	s.	s.	PROPN
fbem-13618	135	7	an	an	DET
fbem-13618	135	8	empirical	empirical	ADJ
fbem-13618	135	9	analysis	analysis	NOUN
fbem-13618	135	10	of	of	ADP
fbem-13618	135	11	the	the	DET
fbem-13618	135	12	relation	relation	NOUN
fbem-13618	135	13	between	between	ADP
fbem-13618	135	14	the	the	DET
fbem-13618	135	15	board	board	NOUN
fbem-13618	135	16	of	of	ADP
fbem-13618	135	17	director	director	NOUN
fbem-13618	135	18	composition	composition	NOUN
fbem-13618	135	19	and	and	CCONJ
fbem-13618	135	20	financial	financial	ADJ
fbem-13618	135	21	statement	statement	NOUN
fbem-13618	135	22	fraud	fraud	VERB
fbem-13618	135	23	the	the	DET
fbem-13618	135	24	accounting	accounting	NOUN
fbem-13618	135	25	review	review	NOUN
fbem-13618	135	26	,	,	PUNCT
fbem-13618	135	27	1996	1996	NUM
fbem-13618	135	28	443	443	NUM
fbem-13618	135	29	-	-	SYM
fbem-13618	135	30	465	465	NUM
fbem-13618	135	31	.	.	PUNCT
fbem-13618	136	1	[	[	X
fbem-13618	136	2	6	6	NUM
fbem-13618	136	3	]	]	PUNCT
fbem-13618	136	4	berle	berle	NOUN
fbem-13618	136	5	,	,	PUNCT
fbem-13618	136	6	for	for	ADP
fbem-13618	136	7	whom	whom	PRON
fbem-13618	136	8	corporate	corporate	ADJ
fbem-13618	136	9	managers	manager	NOUN
fbem-13618	136	10	are	be	AUX
fbem-13618	136	11	trustees	trustee	NOUN
fbem-13618	136	12	:	:	PUNCT
fbem-13618	136	13	a	a	DET
fbem-13618	136	14	note	note	NOUN
fbem-13618	136	15	,	,	PUNCT
fbem-13618	136	16	45	45	NUM
fbem-13618	136	17	harv	harv	NOUN
fbem-13618	136	18	.	.	PUNCT
fbem-13618	137	1	l.	l.	PROPN
fbem-13618	137	2	rev	rev	PROPN
fbem-13618	137	3	.	.	PROPN
fbem-13618	137	4	1365	1365	NUM
fbem-13618	137	5	(	(	PUNCT
fbem-13618	137	6	1932	1932	NUM
fbem-13618	137	7	)	)	PUNCT
fbem-13618	137	8	;	;	PUNCT
fbem-13618	137	9	do	do	AUX
fbem-13618	137	10	dd	dd	VERB
fbem-13618	137	11	,	,	PUNCT
fbem-13618	137	12	for	for	ADP
fbem-13618	137	13	whom	whom	PRON
fbem-13618	137	14	are	be	AUX
fbem-13618	137	15	corporate	corporate	ADJ
fbem-13618	137	16	managers	manager	NOUN
fbem-13618	137	17	trustees	trustee	NOUN
fbem-13618	137	18	?	?	PUNCT
fbem-13618	137	19	,	,	PUNCT
fbem-13618	137	20	45	45	NUM
fbem-13618	137	21	harv	harv	NOUN
fbem-13618	137	22	.	.	PUNCT
fbem-13618	138	1	l.	l.	PROPN
fbem-13618	138	2	rev	rev	PROPN
fbem-13618	138	3	.	.	PROPN
fbem-13618	138	4	1145	1145	NUM
fbem-13618	138	5	11	11	NUM
fbem-13618	138	6	(	(	PUNCT
fbem-13618	138	7	1932	1932	NUM
fbem-13618	138	8	)	)	PUNCT
fbem-13618	138	9	;	;	PUNCT
fbem-13618	138	10	dodd	dodd	NOUN
fbem-13618	138	11	,	,	PUNCT
fbem-13618	138	12	is	be	AUX
fbem-13618	138	13	efective	efective	ADJ
fbem-13618	138	14	enforcement	enforcement	NOUN
fbem-13618	138	15	of	of	ADP
fbem-13618	138	16	the	the	DET
fbem-13618	138	17	fiducia	fiducia	NOUN
fbem-13618	138	18	'	'	PART
fbem-13618	138	19	duties	duty	NOUN
fbem-13618	138	20	of	of	ADP
fbem-13618	138	21	corporate	corporate	ADJ
fbem-13618	138	22	managers	manager	NOUN
fbem-13618	138	23	practicable?,2	practicable?,2	NOUN
fbem-13618	138	24	u.	u.	PROPN
fbem-13618	138	25	chi	chi	PROPN
fbem-13618	138	26	.	.	PUNCT
fbem-13618	139	1	l.	l.	PROPN
fbem-13618	139	2	rev	rev	PROPN
fbem-13618	139	3	.	.	PROPN
fbem-13618	139	4	194	194	NUM
fbem-13618	139	5	(	(	PUNCT
fbem-13618	139	6	1935	1935	NUM
fbem-13618	139	7	)	)	PUNCT
fbem-13618	139	8	;	;	PUNCT
fbem-13618	140	1	douglas	douglas	PROPN
fbem-13618	140	2	,	,	PUNCT
fbem-13618	140	3	directors	director	NOUN
fbem-13618	140	4	who	who	PRON
fbem-13618	140	5	do	do	AUX
fbem-13618	140	6	not	not	PART
fbem-13618	140	7	direct	direct	VERB
fbem-13618	140	8	,	,	PUNCT
fbem-13618	140	9	47	47	NUM
fbem-13618	140	10	harv	harv	NOUN
fbem-13618	140	11	.	.	PUNCT
fbem-13618	141	1	l.	l.	PROPN
fbem-13618	141	2	rev	rev	PROPN
fbem-13618	141	3	.	.	PROPN
fbem-13618	141	4	1305	1305	NUM
fbem-13618	141	5	(	(	PUNCT
fbem-13618	141	6	1934	1934	NUM
fbem-13618	141	7	)	)	PUNCT
fbem-13618	141	8	;	;	PUNCT
fbem-13618	141	9	la	la	PROPN
fbem-13618	141	10	follette	follette	NOUN
fbem-13618	141	11	,	,	PUNCT
fbem-13618	141	12	management	management	NOUN
fbem-13618	141	13	,	,	PUNCT
fbem-13618	141	14	too	too	ADV
fbem-13618	141	15	,	,	PUNCT
fbem-13618	141	16	must	must	AUX
fbem-13618	141	17	be	be	AUX
fbem-13618	141	18	responsible	responsible	ADJ
fbem-13618	141	19	,	,	PUNCT
fbem-13618	142	1	i	i	PRON
fbem-13618	142	2	nat'l	nat'l	PROPN
fbem-13618	142	3	l.	l.	PROPN
fbem-13618	142	4	guild	guild	PROPN
fbem-13618	142	5	q.	q.	PROPN
fbem-13618	142	6	3	3	NUM
fbem-13618	142	7	(	(	PUNCT
fbem-13618	142	8	1937	1937	NUM
fbem-13618	142	9	)	)	PUNCT
fbem-13618	142	10	.	.	PUNCT
fbem-13618	143	1	[	[	X
fbem-13618	143	2	7	7	NUM
fbem-13618	143	3	]	]	SYM
fbem-13618	143	4	blumberg	blumberg	PROPN
fbem-13618	143	5	,	,	PUNCT
fbem-13618	143	6	rejlectionson	rejlectionson	NOUN
fbem-13618	143	7	“	"	PUNCT
fbem-13618	143	8	proposals	proposal	NOUN
fbem-13618	143	9	for	for	ADP
fbem-13618	143	10	corporate	corporate	ADJ
fbem-13618	143	11	reform	reform	NOUN
fbem-13618	143	12	through	through	ADP
fbem-13618	143	13	change	change	NOUN
fbem-13618	143	14	in	in	ADP
fbem-13618	143	15	the	the	DET
fbem-13618	143	16	composition	composition	NOUN
fbem-13618	143	17	of	of	ADP
fbem-13618	143	18	the	the	DET
fbem-13618	143	19	board	board	NOUN
fbem-13618	143	20	of	of	ADP
fbem-13618	143	21	directors	director	NOUN
fbem-13618	143	22	:	:	PUNCT
fbem-13618	143	23	"	"	PUNCT
fbem-13618	143	24	special	special	ADJ
fbem-13618	143	25	interest	interest	NOUN
fbem-13618	143	26	"	"	PUNCT
fbem-13618	143	27	or	or	CCONJ
fbem-13618	143	28	"	"	PUNCT
fbem-13618	143	29	public	public	ADJ
fbem-13618	143	30	"	"	PUNCT
fbem-13618	143	31	directors	director	NOUN
fbem-13618	143	32	”	"	PUNCT
fbem-13618	143	33	,	,	PUNCT
fbem-13618	143	34	53	53	NUM
fbem-13618	143	35	b.u.l	b.u.l	NOUN
fbem-13618	143	36	.	.	PUNCT
fbem-13618	143	37	rev	rev	PROPN
fbem-13618	143	38	.	.	PROPN
fbem-13618	143	39	547	547	NUM
fbem-13618	143	40	(	(	PUNCT
fbem-13618	143	41	1973	1973	NUM
fbem-13618	143	42	)	)	PUNCT
fbem-13618	143	43	;	;	PUNCT
fbem-13618	143	44	moscow	moscow	PROPN
fbem-13618	143	45	,	,	PUNCT
fbem-13618	143	46	the	the	DET
fbem-13618	143	47	independent	independent	ADJ
fbem-13618	143	48	director	director	NOUN
fbem-13618	143	49	,	,	PUNCT
fbem-13618	143	50	28	28	NUM
fbem-13618	143	51	bus	bus	NOUN
fbem-13618	143	52	.	.	PUNCT
fbem-13618	144	1	law	law	NOUN
fbem-13618	144	2	.	.	PUNCT
fbem-13618	145	1	9	9	NUM
fbem-13618	145	2	(	(	PUNCT
fbem-13618	145	3	1972	1972	NUM
fbem-13618	145	4	)	)	PUNCT
fbem-13618	145	5	.	.	PUNCT
fbem-13618	146	1	[	[	X
fbem-13618	146	2	8	8	NUM
fbem-13618	146	3	]	]	PUNCT
fbem-13618	146	4	brick	brick	NOUN
fbem-13618	146	5	i	i	PROPN
fbem-13618	146	6	e	e	PROPN
fbem-13618	146	7	,	,	PUNCT
fbem-13618	146	8	palmon	palmon	ADJ
fbem-13618	146	9	o	o	NOUN
fbem-13618	146	10	,	,	PUNCT
fbem-13618	146	11	wald	wald	PROPN
fbem-13618	146	12	j	j	PROPN
fbem-13618	146	13	k	k	PROPN
fbem-13618	146	14	,	,	PUNCT
fbem-13618	146	15	et	et	PROPN
fbem-13618	146	16	al	al	PROPN
fbem-13618	146	17	.	.	PUNCT
fbem-13618	147	1	“	"	PUNCT
fbem-13618	147	2	ceo	ceo	NOUN
fbem-13618	147	3	compensation	compensation	NOUN
fbem-13618	147	4	,	,	PUNCT
fbem-13618	147	5	director	director	NOUN
fbem-13618	147	6	compensation	compensation	NOUN
fbem-13618	147	7	,	,	PUNCT
fbem-13618	147	8	and	and	CCONJ
fbem-13618	147	9	firm	firm	ADJ
fbem-13618	147	10	performance	performance	NOUN
fbem-13618	147	11	:	:	PUNCT
fbem-13618	147	12	evidence	evidence	NOUN
fbem-13618	147	13	of	of	ADP
fbem-13618	147	14	cronyism	cronyism	NOUN
fbem-13618	147	15	”	"	PUNCT
fbem-13618	147	16	journal	journal	NOUN
fbem-13618	147	17	of	of	ADP
fbem-13618	147	18	corporate	corporate	ADJ
fbem-13618	147	19	finance	finance	NOUN
fbem-13618	147	20	(	(	PUNCT
fbem-13618	147	21	2006	2006	NUM
fbem-13618	147	22	)	)	PUNCT
fbem-13618	147	23	12(3	12(3	NUM
fbem-13618	147	24	)	)	PUNCT
fbem-13618	147	25	403	403	NUM
fbem-13618	147	26	-	-	SYM
fbem-13618	147	27	423	423	NUM
fbem-13618	147	28	.	.	PUNCT
fbem-13618	148	1	[	[	X
fbem-13618	148	2	9	9	NUM
fbem-13618	148	3	]	]	PUNCT
fbem-13618	148	4	cheffins	cheffins	PROPN
fbem-13618	148	5	b	b	PROPN
fbem-13618	148	6	r.	r.	PROPN
fbem-13618	148	7	the	the	DET
fbem-13618	148	8	history	history	NOUN
fbem-13618	148	9	of	of	ADP
fbem-13618	148	10	corporate	corporate	ADJ
fbem-13618	148	11	governance	governance	NOUN
fbem-13618	148	12	(	(	PUNCT
fbem-13618	148	13	wright	wright	PROPN
fbem-13618	148	14	m	m	PROPN
fbem-13618	148	15	,	,	PUNCT
fbem-13618	148	16	siegel	siegel	PROPN
fbem-13618	148	17	d	d	PROPN
fbem-13618	148	18	,	,	PUNCT
fbem-13618	148	19	keasey	keasey	ADJ
fbem-13618	148	20	k	k	PROPN
fbem-13618	148	21	,	,	PUNCT
fbem-13618	148	22	filatotchev	filatotchev	PROPN
fbem-13618	148	23	i	i	PRON
fbem-13618	148	24	,	,	PUNCT
fbem-13618	148	25	eds	eds	PROPN
fbem-13618	148	26	.	.	PUNCT
fbem-13618	149	1	oxford	oxford	PROPN
fbem-13618	149	2	handbook	handbook	NOUN
fbem-13618	149	3	of	of	ADP
fbem-13618	149	4	corporate	corporate	ADJ
fbem-13618	149	5	governance	governance	NOUN
fbem-13618	149	6	,	,	PUNCT
fbem-13618	149	7	oxford	oxford	PROPN
fbem-13618	149	8	university	university	PROPN
fbem-13618	149	9	press	press	NOUN
fbem-13618	149	10	,	,	PUNCT
fbem-13618	149	11	2013	2013	NUM
fbem-13618	149	12	)	)	PUNCT
fbem-13618	150	1	[	[	X
fbem-13618	150	2	10	10	NUM
fbem-13618	150	3	]	]	X
fbem-13618	150	4	chen	chen	PROPN
fbem-13618	150	5	y.	y.	PROPN
fbem-13618	150	6	,	,	PUNCT
fbem-13618	150	7	wang	wang	PROPN
fbem-13618	150	8	w.	w.	PROPN
fbem-13618	150	9	,	,	PUNCT
fbem-13618	150	10	“	"	PUNCT
fbem-13618	150	11	independent	independent	ADJ
fbem-13618	150	12	director	director	NOUN
fbem-13618	150	13	system	system	NOUN
fbem-13618	150	14	:	:	PUNCT
fbem-13618	150	15	an	an	DET
fbem-13618	150	16	assistant	assistant	ADJ
fbem-13618	150	17	mechanism	mechanism	NOUN
fbem-13618	150	18	of	of	ADP
fbem-13618	150	19	corporate	corporate	ADJ
fbem-13618	150	20	governance	governance	NOUN
fbem-13618	150	21	”	"	PUNCT
fbem-13618	150	22	(	(	PUNCT
fbem-13618	150	23	2009	2009	NUM
fbem-13618	150	24	)	)	PUNCT
fbem-13618	150	25	ccse	ccse	NOUN
fbem-13618	150	26	4	4	NUM
fbem-13618	150	27	(	(	PUNCT
fbem-13618	150	28	12	12	NUM
fbem-13618	150	29	)	)	PUNCT
fbem-13618	150	30	176	176	NUM
fbem-13618	150	31	-	-	SYM
fbem-13618	150	32	179	179	NUM
fbem-13618	150	33	.	.	PUNCT
fbem-13618	151	1	[	[	X
fbem-13618	151	2	11	11	NUM
fbem-13618	151	3	]	]	PUNCT
fbem-13618	151	4	clarke	clarke	PROPN
fbem-13618	151	5	d.c	d.c	PROPN
fbem-13618	151	6	.	.	PROPN
fbem-13618	151	7	,	,	PUNCT
fbem-13618	151	8	“	"	PUNCT
fbem-13618	151	9	corporate	corporate	ADJ
fbem-13618	151	10	governance	governance	NOUN
fbem-13618	151	11	in	in	ADP
fbem-13618	151	12	china	china	PROPN
fbem-13618	151	13	:	:	PUNCT
fbem-13618	151	14	an	an	DET
fbem-13618	151	15	overview	overview	NOUN
fbem-13618	151	16	”	"	PUNCT
fbem-13618	151	17	(	(	PUNCT
fbem-13618	151	18	2003	2003	NUM
fbem-13618	151	19	)	)	PUNCT
fbem-13618	151	20	14	14	NUM
fbem-13618	151	21	china	china	PROPN
fbem-13618	151	22	economic	economic	PROPN
fbem-13618	151	23	review	review	NOUN
fbem-13618	151	24	496	496	NUM
fbem-13618	151	25	-	-	PUNCT
fbem-13618	151	26	498	498	NUM
fbem-13618	151	27	.	.	PUNCT
fbem-13618	152	1	[	[	X
fbem-13618	152	2	12	12	NUM
fbem-13618	152	3	]	]	X
fbem-13618	152	4	dwight	dwight	PROPN
fbem-13618	152	5	,	,	PUNCT
fbem-13618	152	6	liabilitp	liabilitp	NOUN
fbem-13618	152	7	of	of	ADP
fbem-13618	152	8	corporate	corporate	ADJ
fbem-13618	152	9	directors	director	NOUN
fbem-13618	152	10	,	,	PUNCT
fbem-13618	152	11	17	17	NUM
fbem-13618	152	12	yale	yale	PROPN
fbem-13618	152	13	l.j	l.j	PROPN
fbem-13618	152	14	.	.	PROPN
fbem-13618	152	15	33	33	NUM
fbem-13618	152	16	(	(	PUNCT
fbem-13618	152	17	1907	1907	NUM
fbem-13618	152	18	)	)	PUNCT
fbem-13618	152	19	;	;	PUNCT
fbem-13618	152	20	jessup	jessup	PROPN
fbem-13618	152	21	,	,	PUNCT
fbem-13618	152	22	are	be	AUX
fbem-13618	152	23	directors	director	NOUN
fbem-13618	152	24	of	of	ADP
fbem-13618	152	25	corporations	corporation	NOUN
fbem-13618	152	26	held	hold	VERB
fbem-13618	152	27	to	to	ADP
fbem-13618	152	28	a	a	DET
fbem-13618	152	29	suftient	suftient	NOUN
fbem-13618	152	30	accountabili?,3	accountabili?,3	PROPN
fbem-13618	152	31	n.y	n.y	PROPN
fbem-13618	152	32	.	.	PROPN
fbem-13618	152	33	bench	bench	PROPN
fbem-13618	152	34	&	&	CCONJ
fbem-13618	152	35	b.	b.	PROPN
fbem-13618	152	36	23	23	NUM
fbem-13618	152	37	(	(	PUNCT
fbem-13618	152	38	1905	1905	NUM
fbem-13618	152	39	)	)	PUNCT
fbem-13618	152	40	;	;	PUNCT
fbem-13618	153	1	williams	williams	PROPN
fbem-13618	153	2	,	,	PUNCT
fbem-13618	153	3	responsibility	responsibility	NOUN
fbem-13618	153	4	of	of	ADP
fbem-13618	153	5	directors	director	NOUN
fbem-13618	153	6	of	of	ADP
fbem-13618	153	7	corporations	corporation	NOUN
fbem-13618	153	8	for	for	ADP
fbem-13618	153	9	wrongful.acts	wrongful.act	NOUN
fbem-13618	153	10	,	,	PUNCT
fbem-13618	153	11	47	47	NUM
fbem-13618	153	12	am	am	NOUN
fbem-13618	153	13	.	.	PUNCT
fbem-13618	154	1	l.	l.	PROPN
fbem-13618	154	2	rec	rec	PROPN
fbem-13618	154	3	.	.	PROPN
fbem-13618	154	4	317	317	NUM
fbem-13618	154	5	(	(	PUNCT
fbem-13618	154	6	1899	1899	NUM
fbem-13618	154	7	)	)	PUNCT
fbem-13618	154	8	.	.	PUNCT
fbem-13618	155	1	[	[	X
fbem-13618	155	2	13	13	NUM
fbem-13618	155	3	]	]	PUNCT
fbem-13618	155	4	ferreira	ferreira	PROPN
fbem-13618	155	5	d	d	PROPN
fbem-13618	155	6	,	,	PUNCT
fbem-13618	155	7	ferreira	ferreira	PROPN
fbem-13618	155	8	d	d	PROPN
fbem-13618	155	9	,	,	PUNCT
fbem-13618	155	10	ferreira	ferreira	PROPN
fbem-13618	155	11	m	m	PROPN
fbem-13618	155	12	a.	a.	PROPN
fbem-13618	155	13	board	board	PROPN
fbem-13618	155	14	structure	structure	NOUN
fbem-13618	155	15	and	and	CCONJ
fbem-13618	155	16	price	price	NOUN
fbem-13618	155	17	informativeness[j	informativeness[j	PROPN
fbem-13618	155	18	]	]	PUNCT
fbem-13618	155	19	.	.	PUNCT
fbem-13618	156	1	journal	journal	PROPN
fbem-13618	156	2	of	of	ADP
fbem-13618	156	3	financial	financial	ADJ
fbem-13618	156	4	economics,2011,99(3	economics,2011,99(3	NOUN
fbem-13618	156	5	):	):	PUNCT
fbem-13618	156	6	523	523	NUM
fbem-13618	156	7	-	-	SYM
fbem-13618	156	8	545	545	NUM
fbem-13618	156	9	.	.	PUNCT
fbem-13618	157	1	[	[	X
fbem-13618	157	2	14	14	NUM
fbem-13618	157	3	]	]	SYM
fbem-13618	157	4	jones	jones	PROPN
fbem-13618	157	5	,	,	PUNCT
fbem-13618	157	6	i.	i.	PROPN
fbem-13618	157	7	,	,	PUNCT
fbem-13618	157	8	&	&	CCONJ
fbem-13618	157	9	pollitt	pollitt	NOUN
fbem-13618	157	10	,	,	PUNCT
fbem-13618	157	11	m.	m.	NOUN
fbem-13618	157	12	,	,	PUNCT
fbem-13618	157	13	‘	'	PUNCT
fbem-13618	157	14	understanding	understand	VERB
fbem-13618	157	15	how	how	SCONJ
fbem-13618	157	16	issues	issue	NOUN
fbem-13618	157	17	in	in	ADP
fbem-13618	157	18	corporate	corporate	ADJ
fbem-13618	157	19	governance	governance	NOUN
fbem-13618	157	20	develop	develop	NOUN
fbem-13618	157	21	:	:	PUNCT
fbem-13618	157	22	cadbury	cadbury	PROPN
fbem-13618	157	23	report	report	NOUN
fbem-13618	157	24	to	to	ADP
fbem-13618	157	25	higgs	higgs	PROPN
fbem-13618	157	26	review	review	PROPN
fbem-13618	157	27	’	'	PUNCT
fbem-13618	157	28	(	(	PUNCT
fbem-13618	157	29	2004	2004	NUM
fbem-13618	157	30	)	)	PUNCT
fbem-13618	157	31	corporate	corporate	ADJ
fbem-13618	157	32	governance	governance	NOUN
fbem-13618	157	33	12(2	12(2	NUM
fbem-13618	157	34	)	)	PUNCT
fbem-13618	157	35	,	,	PUNCT
fbem-13618	157	36	162	162	NUM
fbem-13618	157	37	-	-	SYM
fbem-13618	157	38	171	171	NUM
fbem-13618	157	39	[	[	X
fbem-13618	157	40	15	15	NUM
fbem-13618	157	41	]	]	X
fbem-13618	157	42	laura	laura	PROPN
fbem-13618	157	43	l.	l.	PROPN
fbem-13618	157	44	,	,	PUNCT
fbem-13618	157	45	“	"	PUNCT
fbem-13618	157	46	the	the	DET
fbem-13618	157	47	effectiveness	effectiveness	NOUN
fbem-13618	157	48	of	of	ADP
fbem-13618	157	49	outside	outside	ADJ
fbem-13618	157	50	directors	director	NOUN
fbem-13618	157	51	as	as	ADP
fbem-13618	157	52	a	a	DET
fbem-13618	157	53	corporate	corporate	ADJ
fbem-13618	157	54	governance	governance	NOUN
fbem-13618	157	55	mechanisms	mechanism	NOUN
fbem-13618	157	56	:	:	PUNCT
fbem-13618	157	57	theories	theory	NOUN
fbem-13618	157	58	and	and	CCONJ
fbem-13618	157	59	evidence	evidence	NOUN
fbem-13618	157	60	”	"	PUNCT
fbem-13618	157	61	(	(	PUNCT
fbem-13618	157	62	1996	1996	NUM
fbem-13618	157	63	)	)	PUNCT
fbem-13618	157	64	90	90	NUM
fbem-13618	157	65	nw.u.l.rev.898	nw.u.l.rev.898	PROPN
fbem-13618	157	66	-	-	NOUN
fbem-13618	157	67	915	915	NUM
fbem-13618	157	68	.	.	PUNCT
fbem-13618	158	1	[	[	X
fbem-13618	158	2	16	16	NUM
fbem-13618	158	3	]	]	X
fbem-13618	158	4	lefang	lefang	PROPN
fbem-13618	158	5	wang	wang	PROPN
fbem-13618	158	6	,	,	PUNCT
fbem-13618	158	7	“	"	PUNCT
fbem-13618	158	8	current	current	ADJ
fbem-13618	158	9	situation	situation	NOUN
fbem-13618	158	10	and	and	CCONJ
fbem-13618	158	11	institutional	institutional	ADJ
fbem-13618	158	12	change	change	NOUN
fbem-13618	158	13	of	of	ADP
fbem-13618	158	14	independent	independent	ADJ
fbem-13618	158	15	director	director	NOUN
fbem-13618	158	16	governance	governance	NOUN
fbem-13618	158	17	in	in	ADP
fbem-13618	158	18	china	china	PROPN
fbem-13618	158	19	”	"	PUNCT
fbem-13618	158	20	(	(	PUNCT
fbem-13618	158	21	2022	2022	NUM
fbem-13618	158	22	)	)	PUNCT
fbem-13618	158	23	international	international	ADJ
fbem-13618	158	24	business	business	NOUN
fbem-13618	158	25	finance	finance	NOUN
fbem-13618	158	26	and	and	CCONJ
fbem-13618	158	27	accounting	account	VERB
fbem-13618	158	28	9	9	NUM
fbem-13618	158	29	.	.	PUNCT
fbem-13618	159	1	[	[	X
fbem-13618	159	2	17	17	NUM
fbem-13618	159	3	]	]	X
fbem-13618	159	4	hao	hao	PROPN
fbem-13618	159	5	jie	jie	PROPN
fbem-13618	159	6	.	.	PUNCT
fbem-13618	160	1	“	"	PUNCT
fbem-13618	160	2	analysis	analysis	NOUN
fbem-13618	160	3	on	on	ADP
fbem-13618	160	4	the	the	DET
fbem-13618	160	5	independent	independent	ADJ
fbem-13618	160	6	director	director	NOUN
fbem-13618	160	7	problem	problem	NOUN
fbem-13618	160	8	in	in	ADP
fbem-13618	160	9	the	the	DET
fbem-13618	160	10	environment	environment	NOUN
fbem-13618	160	11	of	of	ADP
fbem-13618	160	12	information	information	NOUN
fbem-13618	160	13	asymmetry	asymmetry	NOUN
fbem-13618	160	14	”	"	PUNCT
fbem-13618	160	15	economic	economic	ADJ
fbem-13618	160	16	frontier	frontier	NOUN
fbem-13618	160	17	(	(	PUNCT
fbem-13618	160	18	2002	2002	NUM
fbem-13618	160	19	)	)	PUNCT
fbem-13618	160	20	06	06	NUM
fbem-13618	160	21	62	62	NUM
fbem-13618	160	22	-	-	SYM
fbem-13618	160	23	64	64	NUM
fbem-13618	160	24	.	.	PUNCT
fbem-13618	161	1	[	[	X
fbem-13618	161	2	18	18	NUM
fbem-13618	161	3	]	]	PUNCT
fbem-13618	161	4	harkins	harkins	PROPN
fbem-13618	161	5	j	j	PROPN
fbem-13618	161	6	a	a	PRON
fbem-13618	161	7	,	,	PUNCT
fbem-13618	161	8	arndt	arndt	PROPN
fbem-13618	161	9	a	a	PROPN
fbem-13618	161	10	d	d	X
fbem-13618	161	11	.	.	PUNCT
fbem-13618	162	1	antecedents	antecedent	NOUN
fbem-13618	162	2	and	and	CCONJ
fbem-13618	162	3	consequences	consequence	NOUN
fbem-13618	162	4	of	of	ADP
fbem-13618	162	5	disclosures	disclosure	NOUN
fbem-13618	162	6	containing	contain	VERB
fbem-13618	162	7	strategic	strategic	ADJ
fbem-13618	162	8	content[j	content[j	NOUN
fbem-13618	162	9	]	]	PUNCT
fbem-13618	162	10	.	.	PUNCT
fbem-13618	163	1	strategic	strategic	ADJ
fbem-13618	163	2	management	management	NOUN
fbem-13618	163	3	review	review	NOUN
fbem-13618	163	4	(	(	PUNCT
fbem-13618	163	5	2012	2012	NUM
fbem-13618	163	6	)	)	PUNCT
fbem-13618	163	7	6	6	NUM
fbem-13618	163	8	(	(	PUNCT
fbem-13618	163	9	1	1	NUM
fbem-13618	163	10	)	)	PUNCT
fbem-13618	163	11	38	38	NUM
fbem-13618	163	12	-	-	SYM
fbem-13618	163	13	56	56	NUM
fbem-13618	163	14	.	.	PUNCT
fbem-13618	164	1	[	[	X
fbem-13618	164	2	19	19	NUM
fbem-13618	164	3	]	]	X
fbem-13618	164	4	jincheng	jincheng	PROPN
fbem-13618	164	5	ma	ma	PROPN
fbem-13618	164	6	,	,	PUNCT
fbem-13618	164	7	"	"	PUNCT
fbem-13618	164	8	research	research	NOUN
fbem-13618	164	9	on	on	ADP
fbem-13618	164	10	independent	independent	ADJ
fbem-13618	164	11	director	director	NOUN
fbem-13618	164	12	system	system	NOUN
fbem-13618	164	13	:	:	PUNCT
fbem-13618	164	14	international	international	ADJ
fbem-13618	164	15	experience	experience	NOUN
fbem-13618	164	16	and	and	CCONJ
fbem-13618	164	17	reference	reference	NOUN
fbem-13618	164	18	"	"	PUNCT
fbem-13618	164	19	(	(	PUNCT
fbem-13618	164	20	2002	2002	NUM
fbem-13618	164	21	)	)	PUNCT
fbem-13618	164	22	journal	journal	NOUN
fbem-13618	164	23	of	of	ADP
fbem-13618	164	24	financial	financial	ADJ
fbem-13618	164	25	and	and	CCONJ
fbem-13618	164	26	economic	economic	ADJ
fbem-13618	164	27	issues	issue	NOUN
fbem-13618	164	28	8	8	NUM
fbem-13618	164	29	23	23	NUM
fbem-13618	164	30	-	-	SYM
fbem-13618	164	31	25	25	NUM
fbem-13618	164	32	.	.	PUNCT
fbem-13618	165	1	[	[	X
fbem-13618	165	2	20	20	NUM
fbem-13618	165	3	]	]	X
fbem-13618	165	4	nguyen	nguyen	NOUN
fbem-13618	165	5	b	b	PROPN
fbem-13618	166	1	d	d	PROPN
fbem-13618	166	2	,	,	PUNCT
fbem-13618	166	3	nielsen	nielsen	PROPN
fbem-13618	166	4	k	k	PROPN
fbem-13618	166	5	m.	m.	PROPN
fbem-13618	166	6	“	"	PUNCT
fbem-13618	166	7	the	the	DET
fbem-13618	166	8	value	value	NOUN
fbem-13618	166	9	of	of	ADP
fbem-13618	166	10	independent	independent	ADJ
fbem-13618	166	11	directors	director	NOUN
fbem-13618	166	12	:	:	PUNCT
fbem-13618	166	13	evidence	evidence	NOUN
fbem-13618	166	14	from	from	ADP
fbem-13618	166	15	sudden	sudden	ADJ
fbem-13618	166	16	deaths	death	NOUN
fbem-13618	166	17	”	"	PUNCT
fbem-13618	166	18	journal	journal	NOUN
fbem-13618	166	19	of	of	ADP
fbem-13618	166	20	financial	financial	ADJ
fbem-13618	166	21	economics	economic	NOUN
fbem-13618	166	22	(	(	PUNCT
fbem-13618	166	23	2010	2010	NUM
fbem-13618	166	24	)	)	PUNCT
fbem-13618	166	25	98(3	98(3	NOUN
fbem-13618	166	26	)	)	PUNCT
fbem-13618	166	27	550	550	NUM
fbem-13618	166	28	-	-	SYM
fbem-13618	166	29	567	567	NUM
fbem-13618	166	30	.	.	PUNCT
fbem-13618	167	1	[	[	X
fbem-13618	167	2	21	21	NUM
fbem-13618	167	3	]	]	X
fbem-13618	167	4	ridgeway	ridgeway	NOUN
fbem-13618	167	5	,	,	PUNCT
fbem-13618	167	6	c.	c.	PROPN
fbem-13618	167	7	l	l	PROPN
fbem-13618	167	8	.	.	PUNCT
fbem-13618	168	1	“	"	PUNCT
fbem-13618	168	2	why	why	SCONJ
fbem-13618	168	3	status	status	NOUN
fbem-13618	168	4	matters	matter	VERB
fbem-13618	168	5	for	for	ADP
fbem-13618	168	6	inequality	inequality	NOUN
fbem-13618	168	7	”	"	PUNCT
fbem-13618	168	8	american	american	ADJ
fbem-13618	168	9	sociological	sociological	ADJ
fbem-13618	168	10	review	review	NOUN
fbem-13618	168	11	(	(	PUNCT
fbem-13618	168	12	2014	2014	NUM
fbem-13618	168	13	)	)	PUNCT
fbem-13618	168	14	79(1	79(1	NOUN
fbem-13618	168	15	)	)	PUNCT
fbem-13618	168	16	1	1	NUM
fbem-13618	168	17	-	-	SYM
fbem-13618	168	18	16	16	NUM
fbem-13618	168	19	.	.	PUNCT
fbem-13618	169	1	[	[	X
fbem-13618	169	2	22	22	NUM
fbem-13618	169	3	]	]	X
fbem-13618	169	4	sheikh	sheikh	NOUN
fbem-13618	169	5	s.	s.	PROPN
fbem-13618	169	6	,	,	PUNCT
fbem-13618	169	7	“	"	PUNCT
fbem-13618	169	8	non	non	ADJ
fbem-13618	169	9	-	-	ADJ
fbem-13618	169	10	executive	executive	ADJ
fbem-13618	169	11	directors	director	NOUN
fbem-13618	169	12	:	:	PUNCT
fbem-13618	169	13	self	self	NOUN
fbem-13618	169	14	-	-	PUNCT
fbem-13618	169	15	regulation	regulation	NOUN
fbem-13618	169	16	or	or	CCONJ
fbem-13618	169	17	codification	codification	NOUN
fbem-13618	169	18	”	"	PUNCT
fbem-13618	169	19	(	(	PUNCT
fbem-13618	169	20	2002)23	2002)23	NUM
fbem-13618	169	21	company	company	NOUN
fbem-13618	169	22	lawyer	lawyer	NOUN
fbem-13618	169	23	296	296	NUM
fbem-13618	169	24	-	-	SYM
fbem-13618	169	25	299	299	NUM
fbem-13618	169	26	.	.	PUNCT
fbem-13618	170	1	[	[	X
fbem-13618	170	2	23	23	NUM
fbem-13618	170	3	]	]	X
fbem-13618	170	4	triana	triana	PROPN
fbem-13618	170	5	m	m	VERB
fbem-13618	170	6	c	c	NOUN
fbem-13618	170	7	,	,	PUNCT
fbem-13618	170	8	miller	miller	PROPN
fbem-13618	170	9	t	t	PROPN
fbem-13618	170	10	l	l	PROPN
fbem-13618	170	11	,	,	PUNCT
fbem-13618	170	12	trzebiatowski	trzebiatowski	PROPN
fbem-13618	170	13	t	t	PROPN
fbem-13618	170	14	m	m	PROPN
fbem-13618	170	15	.	.	PUNCT
fbem-13618	171	1	“	"	PUNCT
fbem-13618	171	2	the	the	DET
fbem-13618	171	3	doubleedged	doubleedge	VERB
fbem-13618	171	4	nature	nature	NOUN
fbem-13618	171	5	of	of	ADP
fbem-13618	171	6	board	board	NOUN
fbem-13618	171	7	gender	gender	NOUN
fbem-13618	171	8	diversity	diversity	NOUN
fbem-13618	171	9	:	:	PUNCT
fbem-13618	171	10	diversity	diversity	NOUN
fbem-13618	171	11	,	,	PUNCT
fbem-13618	171	12	firm	firm	ADJ
fbem-13618	171	13	performance	performance	NOUN
fbem-13618	171	14	,	,	PUNCT
fbem-13618	171	15	and	and	CCONJ
fbem-13618	171	16	the	the	DET
fbem-13618	171	17	power	power	NOUN
fbem-13618	171	18	of	of	ADP
fbem-13618	171	19	women	woman	NOUN
fbem-13618	171	20	directors	director	NOUN
fbem-13618	171	21	as	as	ADP
fbem-13618	171	22	predictors	predictor	NOUN
fbem-13618	171	23	of	of	ADP
fbem-13618	171	24	strategic	strategic	ADJ
fbem-13618	171	25	change	change	NOUN
fbem-13618	171	26	”	"	PUNCT
fbem-13618	171	27	organization	organization	NOUN
fbem-13618	171	28	science	science	NOUN
fbem-13618	171	29	(	(	PUNCT
fbem-13618	171	30	2016	2016	NUM
fbem-13618	171	31	)	)	PUNCT
fbem-13618	171	32	25(2	25(2	NUM
fbem-13618	171	33	)	)	PUNCT
fbem-13618	171	34	885896	885896	NUM
fbem-13618	171	35	.	.	PUNCT
fbem-13618	172	1	[	[	X
fbem-13618	172	2	24	24	NUM
fbem-13618	172	3	]	]	X
fbem-13618	172	4	wang	wang	PROPN
fbem-13618	172	5	rongchang	rongchang	PROPN
fbem-13618	172	6	,	,	PUNCT
fbem-13618	172	7	he	he	PRON
fbem-13618	172	8	meilan	meilan	VERB
fbem-13618	172	9	.	.	PUNCT
fbem-13618	173	1	“	"	PUNCT
fbem-13618	173	2	independent	independent	ADJ
fbem-13618	173	3	director	director	NOUN
fbem-13618	173	4	system	system	NOUN
fbem-13618	173	5	:	:	PUNCT
fbem-13618	173	6	historical	historical	ADJ
fbem-13618	173	7	roots	root	NOUN
fbem-13618	173	8	and	and	CCONJ
fbem-13618	173	9	research	research	NOUN
fbem-13618	173	10	achievements	achievement	NOUN
fbem-13618	173	11	”	"	PUNCT
fbem-13618	173	12	(	(	PUNCT
fbem-13618	173	13	2008	2008	NUM
fbem-13618	173	14	)	)	PUNCT
fbem-13618	173	15	fertility	fertility	NOUN
fbem-13618	173	16	research	research	NOUN
fbem-13618	173	17	16	16	NUM
fbem-13618	173	18	137,139	137,139	NUM
fbem-13618	173	19	.	.	PUNCT
fbem-13618	174	1	[	[	X
fbem-13618	174	2	25	25	NUM
fbem-13618	174	3	]	]	X
fbem-13618	174	4	wang	wang	PROPN
fbem-13618	174	5	yuetang	yuetang	PROPN
fbem-13618	174	6	,	,	PUNCT
fbem-13618	174	7	zhao	zhao	PROPN
fbem-13618	174	8	ziye	ziye	PROPN
fbem-13618	174	9	,	,	PUNCT
fbem-13618	174	10	wei	wei	PROPN
fbem-13618	174	11	xiaoyan	xiaoyan	PROPN
fbem-13618	174	12	,	,	PUNCT
fbem-13618	174	13	“	"	PUNCT
fbem-13618	174	14	does	do	AUX
fbem-13618	174	15	board	board	NOUN
fbem-13618	174	16	independence	independence	NOUN
fbem-13618	174	17	affect	affect	VERB
fbem-13618	174	18	corporate	corporate	ADJ
fbem-13618	174	19	performance	performance	NOUN
fbem-13618	174	20	?	?	PUNCT
fbem-13618	174	21	”	"	PUNCT
fbem-13618	174	22	economic	economic	ADJ
fbem-13618	174	23	research	research	NOUN
fbem-13618	174	24	(	(	PUNCT
fbem-13618	174	25	2006	2006	NUM
fbem-13618	174	26	)	)	PUNCT
fbem-13618	174	27	05	05	NUM
fbem-13618	174	28	62	62	NUM
fbem-13618	174	29	-	-	SYM
fbem-13618	174	30	73	73	NUM
fbem-13618	174	31	.	.	PUNCT
fbem-13618	175	1	[	[	X
fbem-13618	175	2	26	26	NUM
fbem-13618	175	3	]	]	X
fbem-13618	175	4	ye	ye	PRON
fbem-13618	175	5	kangtao	kangtao	PROPN
fbem-13618	175	6	,	,	PUNCT
fbem-13618	175	7	lu	lu	PROPN
fbem-13618	175	8	zhengfei	zhengfei	PROPN
fbem-13618	175	9	,	,	PUNCT
fbem-13618	175	10	zhang	zhang	PROPN
fbem-13618	175	11	zhihua	zhihua	PROPN
fbem-13618	175	12	.	.	PUNCT
fbem-13618	176	1	“	"	PUNCT
fbem-13618	176	2	can	can	AUX
fbem-13618	176	3	independent	independent	ADJ
fbem-13618	176	4	directors	director	NOUN
fbem-13618	176	5	restrain	restrain	VERB
fbem-13618	176	6	the	the	DET
fbem-13618	176	7	"	"	PUNCT
fbem-13618	176	8	hollowing	hollow	VERB
fbem-13618	176	9	out	out	ADP
fbem-13618	176	10	"	"	PUNCT
fbem-13618	176	11	of	of	ADP
fbem-13618	176	12	major	major	ADJ
fbem-13618	176	13	shareholders	shareholder	NOUN
fbem-13618	176	14	?	?	PUNCT
fbem-13618	177	1	“	"	PUNCT
fbem-13618	177	2	economic	economic	ADJ
fbem-13618	177	3	research	research	NOUN
fbem-13618	177	4	(	(	PUNCT
fbem-13618	177	5	2007	2007	NUM
fbem-13618	177	6	)	)	PUNCT
fbem-13618	177	7	04	04	NUM
fbem-13618	177	8	101,111	101,111	NUM
fbem-13618	177	9	[	[	X
fbem-13618	177	10	27	27	NUM
fbem-13618	177	11	]	]	X
fbem-13618	177	12	zhubin	zhubin	NOUN
fbem-13618	177	13	,	,	PUNCT
fbem-13618	177	14	“	"	PUNCT
fbem-13618	177	15	on	on	ADP
fbem-13618	177	16	the	the	DET
fbem-13618	177	17	defect	defect	NOUN
fbem-13618	177	18	of	of	ADP
fbem-13618	177	19	british	british	ADJ
fbem-13618	177	20	independent	independent	ADJ
fbem-13618	177	21	director	director	NOUN
fbem-13618	177	22	system	system	NOUN
fbem-13618	177	23	”	"	PUNCT
fbem-13618	177	24	li	li	PROPN
fbem-13618	177	25	lun	lun	PROPN
fbem-13618	177	26	yue	yue	PROPN
fbem-13618	177	27	kan	kan	PROPN
fbem-13618	177	28	(	(	PUNCT
fbem-13618	177	29	wuhan	wuhan	PROPN
fbem-13618	177	30	,	,	PUNCT
fbem-13618	177	31	china	china	PROPN
fbem-13618	177	32	)	)	PUNCT
fbem-13618	177	33	(	(	PUNCT
fbem-13618	177	34	2011	2011	NUM
fbem-13618	177	35	)	)	PUNCT
fbem-13618	177	36	3	3	NUM
fbem-13618	177	37	148	148	NUM
fbem-13618	177	38	-	-	SYM
fbem-13618	177	39	150	150	NUM
fbem-13618	177	40	.	.	PUNCT
fbem-13618	178	1	[	[	X
fbem-13618	178	2	28	28	NUM
fbem-13618	178	3	]	]	X
fbem-13618	178	4	cadbury	cadbury	NOUN
fbem-13618	178	5	,	,	PUNCT
fbem-13618	178	6	report	report	NOUN
fbem-13618	178	7	of	of	ADP
fbem-13618	178	8	the	the	DET
fbem-13618	178	9	committee	committee	NOUN
fbem-13618	178	10	on	on	ADP
fbem-13618	178	11	the	the	DET
fbem-13618	178	12	financial	financial	ADJ
fbem-13618	178	13	aspects	aspect	NOUN
fbem-13618	178	14	of	of	ADP
fbem-13618	178	15	corporate	corporate	ADJ
fbem-13618	178	16	governance(dec	governance(dec	PROPN
fbem-13618	178	17	1992	1992	NUM
fbem-13618	178	18	）	）	PUNCT
fbem-13618	179	1	[	[	X
fbem-13618	179	2	29	29	NUM
fbem-13618	179	3	]	]	X
fbem-13618	179	4	financial	financial	ADJ
fbem-13618	179	5	reporting	reporting	NOUN
fbem-13618	179	6	council	council	NOUN
fbem-13618	179	7	.	.	PUNCT
fbem-13618	180	1	the	the	DET
fbem-13618	180	2	combined	combined	ADJ
fbem-13618	180	3	code	code	NOUN
fbem-13618	180	4	on	on	ADP
fbem-13618	180	5	corporate	corporate	ADJ
fbem-13618	180	6	governance[eb	governance[eb	PROPN
fbem-13618	180	7	/	/	SYM
fbem-13618	180	8	ol	ol	PROPN
fbem-13618	180	9	]	]	PUNCT
fbem-13618	180	10	.	.	PUNCT
fbem-13618	181	1	(	(	PUNCT
fbem-13618	181	2	2003	2003	NUM
fbem-13618	181	3	-	-	PUNCT
fbem-13618	181	4	07)[2021	07)[2021	NUM
fbem-13618	181	5	-	-	PUNCT
fbem-13618	181	6	1215].https://www	1215].https://www	AUX
fbem-13618	181	7	.	.	PUNCT
fbem-13618	181	8	frc.org.uk/getattachment/edce667b-16ea41f4-a6c7-9c30db75bb0c/	frc.org.uk/getattachment/edce667b-16ea41f4-a6c7-9c30db75bb0c/	PROPN
fbem-13618	181	9	combined-code-2003.pdf	combined-code-2003.pdf	PROPN
fbem-13618	181	10	.	.	PUNCT
fbem-13618	182	1	[	[	X
fbem-13618	182	2	30	30	NUM
fbem-13618	182	3	]	]	PUNCT
fbem-13618	182	4	<	<	AUX
fbem-13618	182	5	https://corporatefinanceinstitute.com/resources/career/indepe	https://corporatefinanceinstitute.com/resources/career/indepe	VERB
fbem-13618	182	6	ndent	ndent	PROPN
fbem-13618	182	7	-	-	PUNCT
fbem-13618	182	8	director/2023/03	director/2023/03	NOUN
fbem-13618	182	9	>	>	VERB
fbem-13618	182	10	accessed	access	VERB
fbem-13618	182	11	15	15	NUM
fbem-13618	182	12	may	may	NOUN
fbem-13618	182	13	2023	2023	NUM
fbem-13618	182	14	.	.	PUNCT