Corporate governance reform: Board composition, director duties and disclosure tightened to enable public listing and shareholder rights. The amendments vest LIC's general superintendence in a Board of Directors with specified categories of directors, appointment and transitional deeming provisions. They set eligibility and disqualification standards for directors, require periodic independence declarations, and prescribe disclosure of interests and prohibitions on participation where conflicts exist. Related party transactions require Board consent, may need shareholder approval, and must be reported with justification; undisclosed or unauthorized related transactions are voidable and attract penalties. An adjudicating officer framework is created for imposing and hearing penalties, with appellate review and enhanced penalties for repeat violations.