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Our Bureau

New Delhi, April 8

Market regulator SEBI's proposal not to recognise nominee directors of financial institutions as independent directors is in contravention of the Listing Agreement, says industry chamber Assocham.

In a representation sent to the regulator, the chamber has urged it to recognise nominee directors of FIs as independent directors. Nominee directors of FIs, be these lenders or equity investors, should not be deprived of the privilege of being independent directors on corporate boards as they better represent their institutional interests on the boards, the chamber has argued.

Representing FIs are in a better position to persuade a Board to adopt or not to adopt a decision in the best interests of the company and its stakeholders, added the chamber.

More Stories on : Financial Institutions | Regulatory Bodies & Rulings | Industry Associations | Corporate Governance

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