The government rolled out the Companies Act in 2013. It placed higher liabilities on company directors over companies’ non-compliance with the law
The number of civil servants on the boards of large listed companies is at its lowest since new regulations tightening responsibilities of directors were introduced in 2013.
There are 466 Indian Administrative Service (IAS) officials occupying board seats. Among them, independent directors number fewer still at 346, also the lowest since 2013, shows data from corporate tracker primeinfobase.com. An independent director is one who is not connected to the company’s promoter.
The share of independent directors as a percentage of total civil servants on company boards has also declined since 2013, based on available information. Data on the independent status of all
First Published: Jun 25 2020 | 7:20 PM IST