Independent director criteria govern board composition, term limits and conflict disclosure obligations, and chairperson election requirement. The Governing Board must include a managing director, independent directors and shareholder directors, with more than half being Indian residents. Independent directors must meet specified integrity and expertise criteria, have no recent pecuniary ties to the information utility or its major shareholders, not be shareholders themselves, and not be relatives of other directors. Independent directors are nominated from names proposed by the utility, serve up to two terms subject to performance review and an age cap, face a cooling-off period before becoming shareholder directors, and must disclose and refrain from participating in matters where they have an interest.
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Provisions expressly mentioned in the judgment/order text.
Independent director criteria govern board composition, term limits and conflict disclosure obligations, and chairperson election requirement.
The Governing Board must include a managing director, independent directors and shareholder directors, with more than half being Indian residents. Independent directors must meet specified integrity and expertise criteria, have no recent pecuniary ties to the information utility or its major shareholders, not be shareholders themselves, and not be relatives of other directors. Independent directors are nominated from names proposed by the utility, serve up to two terms subject to performance review and an age cap, face a cooling-off period before becoming shareholder directors, and must disclose and refrain from participating in matters where they have an interest.
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