The new article 49 requires listed companies to have a lour limit number of self-supporting directors, which is 50 per cent of the identity card intensiveness if the professorship is an executive director; if he is not, the jury is expect to have at least one-third of its members as unconditional directors. Who is an independent director? Clause 49 says you argon not independent if you are related to the promoters or persons occupying direction positions. at that place is an embargo of three years for executives and partners of legal, statutory audit, internal audit, and consulting firms associated with the company. in that respect are other restrictions too. The proceeds of these stipulations is that there is now a scramble for independent directors. mend some companies have been proactively dealing with this requirement, many are merely to fulfil their obligations under Clause 49. There is even a Web site that provides rÃ©sumÃ©s of potentially eligible candidates fo r companies to choose. TYPES OF DIRECTORS 1.Full snip director- executive director-paid employee with some functional responsibility 2.Non executive but non independent director-promoter in co. or having higher(prenominal) stake in co. 3.
item-by-item director- ROLE OF INDEPENDENT DIRECTORS: 1.Contribute to discipline of company strategy 2. see the worry performance 3.Should be ready to meet AGMs and argue issues relating to their roles 4.Should meet atleast at a time in a year without executive director and chairman and a statement of such meeting should be write in the annual report sexual congress whether this happened 5.Should be aware of the major shareholders of t he company 6.Satisfy the management on the ! the true of financial institutions and make sure that robust essay management is implemented in the companyIf you want to get a integral essay, order it on our website: OrderEssay.net
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