The Hindu Business Line : SAIL's board size to be reduced to 18 soon

NEW DELHI: Paving the way for steel giant SAIL to trim its board strength to 18 directors from 24 now, the steel ministry has forwarded the proposal to the apex appointment committee headed by the Prime Minister.

SAIL had mooted the proposal last year with a view to speed up its decision making process. The Department of Public Enterprises (DPE) has recently given its nod to the proposal.

The steel ministry has now placed the matter before Prime Minister, Mr Manmohan Singh - headed Appointment Committee of the Cabinet (ACC) for final approval, a senior government official said.

“The ACC is likely to give its nod to the proposal in a month's time,” the official said. Post-downsizing, the SAIL board will have nine each functional and independent directors, which as of now is 12 each.

The proposal also envisages doing away with the post of SAIL Chairman and re-designates it, as Chairman and CEO.

Besides, none of the Managing Directors of the company's five plants (Bokaro, Bhilai, Rourkela, Durgapur and IISCO) may find a permanent place in the restructured board of the PSU.

“It would only be in cases related to the concerned steel plants that the Managing Directors would participate in the board meetings,” the official said. - PTI

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