Why the Nuix (AX:NXL) share price is pushing higher today

The Nuix Ltd (ASX:NXL) share price is on the move today after the release of an update on its board…

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The Nuix Ltd (ASX: NXL) share price has started the week in a positive fashion.

At the time of writing, the investigative analytics company’s shares are up 2% to $1.61.

Why is the Nuix share price rising?

Investors have been buying the company’s shares this morning following the release of a board update.

According to the release, Nuix is launching a number of initiatives in response to recent market feedback.

This includes the establishment of an Independent Board Sub-Committee. Nuix believes doing so will ensure the appropriate oversight and review of recent matters raised by market participants.

The release explains that the Independent Board Sub-Committee will comprise of independent directors Hon. Jeff Bleich, Sir Iain Lobban and Sue Thomas. They will work with external advisers and Nuix’s internal legal and risk management functions.

In addition to this, the company revealed that it intends to expand its Board composition from the current five members with the appointment of additional independent non-executive directors.

Nuix has appointed an international search firm to assist in the selection process. Criteria for the appointees will consider an objective to increase diversity and include a preference for Australian-based candidates with experience in relevant areas. This includes areas such as international business, technology, finance and accounting, governance, and risk management.

Chairman commentary

Nuix’s Chair, Jeff Bleich, commented: “The recent Nuix investor day showcased a truly great company with unique and world-class technology and people. In my address I made clear that the Board was listening to the feedback from our shareholders and the market. These initiatives are important building blocks to continue to strengthen corporate governance and achieve our performance objectives.”

“Nuix remains focused on delivering for its customers, maintaining a robust and vibrant corporate culture and achieving its potential. The Company continues to attract and maintain world-class talent and add to its already deep executive bench strength, including the recent hires of a number of senior executives into important client-facing roles,” he added.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Nuix Pty Ltd. The Motley Fool Australia has recommended Nuix Pty Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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