Explanation:

Based on the provided information:

• Company 1: High percentage of independent directors
• Company 2: High percentage of independent directors
• Company 3: Low percentage of independent directors

A low percentage of independent directors is a governance weakness because:

• Independent directors provide objective oversight of management
• They help prevent conflicts of interest
• They ensure proper monitoring of executive compensation and performance
• They enhance board accountability to shareholders

Company 3 has the weakest governance based on board composition, as a low percentage of independent directors reduces the board's ability to provide effective oversight and increases the risk of management entrenchment.