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New norms to appoint PSB non-official directors

Any director in non-official capacity will be appointed for up to six years or two terms

BS Reporter  |  New Delhi 

To give and greater autonomy and to improve their governance standards, the Centre on Wednesday restructured the process to appoint in these entities. Under the amended rules, a search panel will go through the applications and recommend a few names to the government for approval.

"(The move is) to professionalise the boards of these and provide the required skill-sets to improve the quality of deliberation on their boards, leading to their efficient management and better profitability ratios," the ministry stated.

Any applicant for the post of non-official director will have to be at least a graduate, aged less than 67, and with 20 years of experience in various fields, including agriculture, rural economy, banking, cooperation, economics, business management, human resources, finance, corporate law and information technology.

Retired senior government officials, academicians, directors of premier management and banking institutes, professors and chartered accountants with 20 years experience are also eligible. Any director in non-official capacity will be appointed for up to six years, or two terms.

First Published: Thu, April 02 2015. 00:28 IST