WiseTech Global is actively seeking to appoint new independent directors to its board after four independent non-executive directors departed last month due to disagreements over founder Richard White’s future role. White’s subsequent appointment as non-executive chairman exacerbated the issue, leaving the board short of the ASX requirement for its audit and risk committee to have at least three non-executive directors. The company’s update on Wednesday indicated that they expect to appoint “at least one” new director within the next four weeks.
Currently, with only two independent directors, WiseTech acknowledges the shortfall but asserts that the existing committee can still properly fulfill its responsibilities in the interim. The rapid director turnover raises questions about corporate governance and oversight within the logistics software firm. The appointment of new directors will be crucial for restoring confidence and ensuring compliance with ASX regulations. WiseTech’s ability to attract qualified and independent board members will be a key indicator of its commitment to robust governance practices.