Kayne Anderson BDC, Inc. announced an update to its Corporate Governance Guidelines, outlining the Board of Directors' responsibilities to foster long-term success and build stockholder value. The Board is tasked with overseeing the Advisor and other service providers, monitoring the independent accounting firm's performance, and overseeing financial statements prepared by management.
The updated guidelines specify that the Audit Committee is responsible for providing oversight of the valuation of the company's loans and investments. The Board is also responsible for reviewing and approving significant company actions, including dividend declarations and major transactions.
The Board's size will be between four and eight members, with a majority required to be "Independent Directors" as defined under the 1940 Act and NYSE rules. These guidelines aim to ensure robust oversight and accountability, reinforcing the company's commitment to sound corporate practices.
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