I have been investigating this as well. The definition of an independant varies somewhat between exchanges. Ultimately it appears they cannot have a relationship that could interfere with that directors judgement. However, it also appears that determining if the director can make proper judgement is "in the view of the current BOD".

My preference would be to have 1 more "clearly" independant director and have Lisa or Lloyd step down. This would ensure we have 50% independant directors.