Corporate governance reform vests LIC management in a Board, enabling share issuance, shareholder rights and strengthened financial reporting. Amendments vest general superintendence of LIC in a Board of Directors, define board composition and director categories, create Board committees and an Executive Committee, and substitute references to the Corporation with the Board. They align corporate terms with the Companies Act, add director disqualifications, disclosure and related party transaction rules, and provide shareholder meeting rights, share transferability, voting and nomination rights. Capital provisions permit issuing equity to the Central Government against paid-up capital, bonus issues and other securities issuance, while strengthening accounting, audit and financial reporting obligations and surplus/dividend allocation in conformity with listing requirements.