Spotlight on independent directors ' salary after 86 earn Rs 1 cr last year

In the past year, more than 1,000 independent directors (IDs) have quit, spooked by high-profile corporate frauds, accounting discrepancies, and application of global anti-corruption laws. ID terms are up for renewal this year and several may opt not to extend their tenure amid increasing accountability and liabilities they face. 

With IDs reluctant to continue, the issue of their remuneration has once again come to the fore. IDs are currently not considered as employees and are not subject to any employee benefits, including stock option but may receive remuneration in the form of sitting fees (up to Rs 1 lakh per meeting)