Financial Daily from THE HINDU group of publications
Thursday, Jun 24, 2004
Financial Daily from THE HINDU group of publications Thursday, Jun 24, 2004 |
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Corporate
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People `Allow CEOs of MNCs on board of Indian cos' Our Bureau
New Delhi, June 23 A QUICK survey undertaken among 100 large-scale corporate houses by the Associated Chambers of Commerce and Industry of India (Assocham) and the Asian Centre for Corporate Governance (ACCG) has found that corporate houses favour the entry of top chief executive officers of large MNCs and NRIs into the board of leading domestic companies to help India integrate with the prevalent global corporate culture. The survey further recommends that the Indian statute should not restrict the movement of domestic corporate giants to cross its geographical boundaries to join board rank positions in overseas companies. The survey's findings were disclosed at the Director's Power Breakfast Series 2004 organised by the Assocham today. According to the chamber, 90 per cent of the respondents favoured the entry of big corporate foreign nationals and NRIs in board rank position in domestic businesses. At present, the law of the land does not automatically allow foreign corporate giants and NRIs to hold a board rank position in domestic companies both public and private. Sixty per cent of the respondents were also of the opinion that Indian corporates should have the liberty to go overseas and join the board of any MNC while retaining his position in the Indian business. On the issue of average remuneration for the directors, 40 per cent of the respondents felt that it should be within the range of Rs 9 lakh per annum, while 30 per cent said that the directors rank executives' annual remuneration should be within the range of Rs 6 lakh per annum. As regards, the retiring age for the directors, 55 per cent of the respondents felt that the retiring age should be 65 years, while 30 per cent of the respondents favoured the retiring age at 70. However, 15 per cent of the respondents supported that the retiring age for the members of board level officers should be 75 years.
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