Preparing for the great refresh

The starting point is prospective board candidates must be clear why they are being asked to join the board and whether they are the right fit

Boards are heading for what I describe as the great refresh. The Companies Act, 2013, which became operative in 2014, defined independence mainly for independent directors as being on the board for a maximum of 10 years. As this came with a concession that this 10-year clock will tick only from 2014 — all the prior years being expunged — 2024 is when most boards are now due for a major makeover.

Given this impending change, I expect a few companies — at least the progressive ones — to have started hiring new directors or at least have begun their