Corporate governance reform: Board empowerment and share issuance enabling listing, shareholder rights expansion, enhanced disclosure obligations and audit standards. Amendments vest general superintendence of LIC in a Board of Directors, set Board composition and director categories, establish disqualification and disclosure rules, create Board committees with defined powers, and substitute Chairperson and Managing Director provisions to allow Board-entrusted powers and delegation. They permit issuance and transferability of shares, voting and membership registers, recognition of shares as securities, and measures to enable listing and an initial public offering. Financial reporting, audit, fund separation, dividend rules and penalties for non-compliance are also strengthened, with consequential rulemaking and transitional provisions.