| Sebi to publish names of `professional directors' |
| Our Bureau / Bangalore August 11, 2006 |
| In a significant development, Securities and Exchange Board of India (Sebi) has decided to make public the names of "professional directors", especially those on multiple boards of companies and do not own a single share of the company in order to usher in better practices of corporate governance. Sebi chairman M Damodaran made it amply clear here on Friday that the days of directors who tend to "outlive" the CEOs and norms and regulations of the companies are almost over. "There are so called professionals and we will go public with these names very soon (directors who have been in institutions and organisations promoted by institutions, which in the public perception supposedly appear as public institution). People, without owning even one share, have been on boards for 10-11 years as if they own it. They have stayed on to demonstrate that they can outlive any CEO or promoters, norms and regulations. That kind of an entity needs to be tackled," he said. His comments came during the inaugural address of |
