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Sunday, May 20th
`Defining independent director is a new issue'
TIMES NEWS NETWORK New Delhi: To make independent directors truly independent, president of Institute of Directors (IOD) Madhav Mehra suggested that besides selection, the fees and allowances given to such directors should be paid by an independent organisation formed by the Securities and Exchange Board of India (Sebi). Under the clause 49, Sebi, from the January 1, has made it mandatory for the listed firms that at least 50% of its board members are independent directors. But this has raised an issue of defining an independent director. He said an independent director earns around Rs 12-16 lakh per year. And since, an individual can become director in 15 firms simultaneously, by taking up directorship as a profession, one can earn up to Rs 2 crore a year. "What is then the difference between a non-executive and independent director?" he asked. "The question, therefore, is, how independent are independent director . "
"Dr Madhav Mehra is a phenomenon, nothing describes him better."
Ola Ullsten, Former Prime Minister of Sweden at the 8th World Congress on Environment Management, Palampur, 2006"
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Dr Mehra, I just read your commentary on Satyam....You made one of the wisest observations on board failures I've ever read - "It is difficult to understand something when your salary depends on not understanding it".Brilliant!
Ralph Ward, Boardroom Insider
"Dr Madhav Mehra, has played a significant role to bring about a change in the mindset of the corporate world. India will remember him as a great pioneer who foresaw such a need and strove for inculcating a culture of quality in all spheres of activity."
S S H Rehman Executive Director, ITC Group of Hotels
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"I have known Dr Mehra for the last 8 years in my capacity as the Chairman of the Centre for Social Responsibility,..... Chairman of the S.M. Charitable Trust . I am amazed by the energy, enthusiasm and dedication that he brings to every idea he promotes."
P.N. Bhagwati, Former Chief Justice of India
"Rarely does one come across a legend like Madhav Mehra. I have witnessed his dedication everywhere: building community centres for gaddies of Dhauladhar, hospital and school for slum dwellers in Delhi and addressing corporates on the social role of their business."
Dr Sahib Singh, Ex-Chief Minister, speaking at SM Medical Centre, 13.04.04"
"Had Dr Madhav Mehra just been the founder of the IOD, that in itself would have been a piece of work tat the present and future generations would cherish. But by establising so many other organisations, he has really ensured that we respect him as a pioneering figure of all te good that Indian business is striving for."
Javed Husain, Professor and former Dean of Engineering
"Address of Dr Mehra was a unique experience. I aspire to listen to him again and wish Dr Mehra can find time to address youth in the colleges."
MK Yadav, Hindustan Zinc LTD
"Dr Mehra has given a unique dimension to CSR. His interpretation is particularly relevant to us and we must invite him once again to address our top executives"
Hon'ble Carlton Davis, head of Jamaica's Civil Service"
"Dr Mehra's passion comes alive from his speeches"
Uma Arora, Chairman Idam Learning
"Dr Madhav Mehra's keynote address was the most thought provoking"
N A Patil & R B Rajpune
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