Explanation:

• Characteristic 1 is problematic because having more executive directors than independent directors reduces board independence and oversight effectiveness.
• Characteristic 2 represents effective governance as key board committees (audit, compensation, nomination) having majority independent members ensures proper oversight and reduces conflicts of interest.
• Characteristic 3 is a governance weakness as it combines the CEO and chairperson roles, which concentrates power and reduces board independence.

Characteristic 2 best reflects effective corporate governance as independent committees provide crucial checks and balances.