The Institute of Company Secretaries of India (ICSI), the regulator for company secretary profession, submitted its 11-point recommendations to the government at the 37th national convention of company secretaries.
These include specifying a maximum tenure of six years for independent directors, mandatory training of directors, allowing managing director or whole-time director in a listed company to serve as non-executive director in a maximum of 10 companies mandatory secretarial audit and rotation of audit partners and firms.
The Satyam revelations in January led to a relook at the regulatory provisions. ICSI constituted a core group to analyse the issues to make recommendations for policy and regulatory changes.
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