‹ HC-1.4.4 HC-1.4.6 › HC-1.4.5 At least half of a licensee's board should be non-executive directors and at least three of those persons should be independent directors. (Note the exception for controlled companies in Paragraph HC-1.5.2.) January 2013 ‹ HC-1.4.4 HC-1.4.6 ›