There would be no dilution in the minimum number of independent directors on the boards of listed public sector undertakings (PSUs).
The Securities and Exchange Board of India Chairman, Mr M Damodaran, on Wednesday ruled out any change in corporate governance norms for PSUs as regards independent directors on their Boards.
“The suggested solution that corporate governance requirement be little less stringent for PSUs because of the existing challenges (oversight of Government agencies and parliamentary committees) is something that I cannot persuade myself to agree with. Notwithstanding all the challenges, the solution should be found elsewhere and not in dilution of existing prescriptive arrangements for corporate governance”, Mr Damodaran said at an event on corporate governance here today.
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