Stmt 1 tells us that there are 17 directors total at the meeting an none are absent. We don't know how many are directors for each company though.

Setting up the formula for overlapping sets we would have

17 = k + r + 0 - both

Insufficient

Stmt 2:

Tells us how many directors for each company.

Total = 12 + 8 + 0 - both

Two unknowns so we can't solve.


Together:

17 = 12 + 8 + 0 - both

17 = 20 - both

both = 3


Choose C

Thanks "dmateer25" for the detailed explanations. You really want to beat GMAT.