Letter to BS: 'Competent' independent director a much misunderstood term

Apropos your excellent editorial “Step forward for boards” (April 04). As you say, the report by the committee, chaired by Uday Kotak, is indeed “an important step forward in corporate governance”.
 
You are being charitable when you say “boards are too subservient to promoters or can be easily misled by promoters and management”. Barring a few top notch, well known ethical and uncompromising ‘independent directors’, most boards are filled with ‘friends and aquaintances’ of the promoters who will not create any unnecessary problems for the promoter during board meetings. Most board meetings are ‘very amiable, friendly, topped with good