Board games: Holistic overhaul is required to protect independent directors

The concept of independent directors (IDs) found its genesis in the waves of corporate governance drive. As the Companies Act, 2013, sought to bring about better corporate governance with increased transparency and accountability, the independence of Board of Directors got the serious attention that it deserved, but not without vulnerabilities. In the recent past, companies which were for the long quintessence of good governance, have been making news for wrong reasons. Recent episodes have marked the expulsion of a group chairman, a headlong resignation of another, questionable corporate dealings, the presence of mere paper directors, allegations of exit pay and