With a separate chairman, "it becomes two people flying all over the world," he said.

People close to the board say it is also expected to debate whether or not to appoint a separate chairman.

Compaq's structure, with a separate chairman and only one company executive on its board, is a model of what shareholder activists prefer.

The alignment of each separate chairman is not stated.

But the board is also expected to debate whether to appoint a separate chairman, two people close to the board say.

Ring-fenced banks should have independent boards with a separate chairman and independent directors.

Q. Even though you have been an advocate of a separate chairman?

Q. You can now define the role of lead director, as you did for a separate chairman.

Q. If you want the option of having a separate chairman, will that affect the recruiting of directors?

Having a separate chairman with the aim of policing a company may be another matter entirely.