The Hindu Business Line : Professional directors

This with reference to "Professionals as directors vs professional directors" (Business Line, August 17): The National Investors Foundation had suggested that SEBI creates a panel of professionals suitable for appointment as independent directors based on qualification, experience, reputation etc.

The country has a large number of qualified and successful business managers, many of whom waste their knowledge and experience after retirement. A panel of such successful professionals can be built up by SEBI and made available to the corporates for appointment as independent directors. If we truly believe in corporate governance, SEBI should take this responsibility; the term of office can be limited to three years in any one `group' with a stipulated retirement age of 65 or 70. This would reduce the scope of "accommodative persons" being inducted and named as "independent directors" just to fulfil the rule of law but not its spirit.

S. Venkataraman

Kolkata

Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in

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