Opinion | Independent directors have an exam to crack
Opinion | Independent directors have an exam to crack Starting this December, those who wish to serve as independent directors of companies in India will need to get enlisted by a government agency and pass a “self-assessment test" conducted by it, according to new rules issued by the ministry of corporate affairs on Tuesday. Persons who are eligible for corporate board members and are willing to perform the role would have to apply to the Indian Institute of Corporate Affairs (IICA), attached to the ministry, before signing up for the job or within three months of the new rules coming into force. The proficiency test has to be passed within a year of the candidate’s inclusion in the IICA’s database. Those who have already served at least 10 years as directors or in key managerial positions of listed or large unlisted public companies are exempt from the test. The guidelines make it the responsibility of the board of directors to ensure that appropriate indiv...