The bestseller charting the $25bn leveraged buyout of conglomerate RJR Nabisco in 1988, Barbarians at the Gate, brought the role of special committees sharply into the spotlight.

The buyout was first mooted by the colourful president and chief executive F Ross Johnson. The food giant's chairman, Charles Hugel, became chairman of a special committee of non-executive directors to avoid conflicts of interest and to get the best deal for shareholders and stave off law suits.