Asish K Bhattacharyya’s article “Competition Commission order puts independent directors’ role in spotlight” (August 22) made for an interesting read. Most independent directors today overlook their fiduciary responsibilities to shareholders and go along with decisions taken by the management. Lucrative commissions and sitting fees have made it even more difficult for an independent director to question the management’s decisions. Also, the amount of commission-linked payouts given to boards has increased manifold, making board positions even more lucrative. If a survey were conducted on the eligibility and performance of independent directors in Indian companies, I am sure more than 85 per cent would not make the cut. The duties that come with the position of a director with regard to optimum utilisation and safeguarding of shareholder money is a responsibility that few understand and even fewer are prepared to assume.
Saahir Ekhlas, Kolkata
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