Chhaochharia-Grinstein (2004): Corporate Boards n Table 1, Panels A and B n Percentage of Board Consisting of Independent Directors n Median % increases for all companies during n Majority Independent % increases for all companies during n Median % increases for S&P500 companies during n Majority Independent % increases for S&P500 companies during n Median % increases for MidCap companies during n Majority Independent % increases for MidCap companies during n Median % increases for SmallCap companies during n Majority Independent % increases for SmallCap companies during

Chhaochharia-Grinstein (2004): Corporate Boards n Table 1, Panel C n Percentage of Board Consisting of Independent Directors n Median % increases for New Economy companies during n Majority Independent % increases for New Economy companies during n Median % increases for Old Economy companies during n Majority Independent % increases for Old Economy companies during

Chhaochharia-Grinstein (2004): Corporate Boards n Table 1, Panel E n Percentage of Companies with Independent Committees n Increase in % of companies with independent audit committees during n Increase in % of companies with independent nominating committees during n Increase in % of companies with independent compensation committees during n Increase in % of companies with independent nominating committees during most significant, especially during

Chhaochharia-Grinstein (2004): Corporate Boards n Table 4, Panel A n New directors are most likely to be independent. Table 5: Directors’ Stock Holdings (Does not include stock option holdings.) n Panel D: Dollar value of holdings of median independent directors is quite comparable for S&P500, MidCap and SmallCap firms. n Table 11, Panels A and B n Percentage of companies where CEO is also chairman is decreasing during n Table 12, Panels A and B n Percentage of companies where CEO is on the nominating committee is decreasing during Most of the decrease occurred during