Does the definition of independent directors require a change?
The only change ICSI has made is to exclude nominee directors representing sectional interests from the definition of independent director. Many companies are reluctant to have `real independent directors’. Your views. There is no term like `real independent director’. All the independent directors are appointed only in compliance with Clause 49 of the listing agreement, as defined by SEBI. What do you think is the incentive to attract independent directors? Apart from good compensation, independent directors have greater opportunity to provide objectivity and expertise in the decision-making process of the company. How effective are audit committees? Can their effectiveness be improved? As the composition of an audit committee requires at least two-thirds of its members being independent, all members being financially literate and the chairman being a finance expert, audit committees truly contribute to better governance. Indian businesses are significantly family-owned. How would an
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