Tune in to the podcast, to know on the subject of separation of the CMD post at listed companies
State-run hydro power giant NHPC on Monday announced appointment of Abhay Kumar Singh as the company's Chairman & Managing Director from February 24, 2020. It is to inform that pursuance to Ministry of Power on February24, 2020, S Abhay Kumar Singhhas assumed the charge of Chairman and Managing Director of the company on February 24, 2020 till the date of his superannuation i.e. August 31, 2022, or until further orders, whichever is earlier in place of Ratish Kumar who was holding additional charge of the post of Chairman & Managing Director in addition to his duties as Director (Projects), NHPC said in a statement.
Appointment of a lead independent director might be a better option than mandating separation of the positions of chairperson and MD/CEO
Deadline extension for splitting CMD post is unfortunate
Move follows hectic lobbying by industry groups
Now, the date of implementation of the regulatory provision has been deferred to April 1, 2022, the regulator said in a notification without giving any reason for the move
The development has come following hectic lobbying by corporate groups and industry bodies in the past two months
Sebi, in its October 2017 report on corporate governance, said listed firms should have a different person heading the management and another in place as chairman of the board
Several smaller companies are still giving their CMDs tenures beyond the deadline