Our boards, their boards

The power of corporate boards, no matter how luminous the personal credentials of each member, is invariably inversely proportionate to the charisma of the person at the top

Several unedifying examples in recent months underscore the fact that in India, founder-owners and powerful CEOs enjoy a disproportionate degree of latitude as far as corporate governance oversight is concerned. Much of this leeway is ascribed to the relative youth of our corporate culture and the evolving nature of Indian regulatory institutions. But our regulators can take heart, if that is the right sentiment. ICICI Bank, YES Bank, Fortis Healthcare and Infrastructure Leasing and Financial Service (IL&FS) appear to be in privileged company. Recent incidents in the US show that whatever the level of institutional oversight or vintage of the