(a) whether the DCA has issued any guidelines with regard to the appointment of Independent Directors to a company;
(b) if so, the details thereof;
(c) whether the remuneration that is being given to the Independent Directors is considerably less;
(d) whether ASSOCHAM has requested the DCA to make certain amendments in the Company`s Act accordingly to give proper weightage to the Independent Directors;
(e) if so, the details thereof; and
(f) the response of the DCA in this regard?
MINISTER OF FINANCE AND COMPANY AFFAIRS (SHRI JASWANT SINGH)
(a) : No, Sir.
(b) : Does not arise.
(c): No, Sir.
(d) to (f): ASSOCHAM have made a number of suggestions about Independent Directors covering, inter-alia, areas such as appointment from a panel of outstanding professionals, inserting a definition in the Companies Act, 1956, defining the domain and making appointment in such domain mandatory, and adequate compensation to independent directors for providing their expertise. Representations received from industry and trade associations are duly considered and appropriate decisions taken on the suggestions made.