16 - Chapter 7

Chapter' 7
CHAPTER-7
Independent Director System Enabling Model
The role and importance of Independent directors in a unitary board structure is

unquestionable and almost there is global convergence on this point. Gupta (1988)
has remarked, "There can be no denying the fact that excellence in board functioning
cannot be secured without first ensuring its Independence from the dominance of one
person, a family or group. Other attributes will come into play only if independence is
first ensured." Goplasamy (2006) on this point writes, "An active and involved board
consisting of professional and truly independent directors plays an important role in
creating trust between a company and its investors, and is the best guarantor of good
corporate governance".
The present study reveals that UK has not only ensured majority presence of (more
than 60%) Independent Directors in their boards but also ensured the presence and
compliance of associated erwibling factors to strengthen its Independent Directors
system in each board. The resultant output from the UK independent director system
is, therefore, very effective in avoiding board unbalance and the situation of any one
group having unfettered control and power over the board decisions. As a result of the
benchmarked standards on the matter of board independence UK is now is in position
to pull its corporate governance to still greater heights even without the presence of a
mandatory corporate governance provisions.
The importance of Independent Directors in the Indian context is much more than that
of UK because of the concentrated shareholding structure with dominant group,
multinationals, GOI, family or promoter group having the direct influence over the
top management of a corporation even bypassing the board. (Figure-7.3). The average
Indian boards as a result are severely unbalanced. The large and significant difference
on most of the parameters empirically studied showing presence of larger numbers of
executive chairman, lesser separation of roles between chairman and CEO, larger
presence of promoter chairman, greater presence of Executive directors in boards,
absence of nomination committee, faint presence of other enabling factors also point
toward the same. In this situation the maximum 50% stipulation of independent
directors as per The Revised Clause 49 are not enough unless they are given the tools
and enabling and empowering tools and tackles to deal with the unbalance (Figure-
7.1). In this situation the individual directors need to be enabled and empowered.
Indian corporate governance system has till date not given much emphasis on these
enablers. The same is also revealed when the structural components of Combined
Code and the Revised Clause is studied in minute detail. (Figure-1.4, 1.5,1.6 & 1.7).
Iyer, L.V.V. (2008) writes in Economic Times, Calcutta edition, dtd. 2 P

March'2009 on the backdrop of Satyam Fraud, "It is self evident that the institution of
independent directors and audit are the pillars of corporate governance without which
corporate governance becomes a sham- an edifice m quicksand. Clause 49 of the
Listing Agreement has no doubt brought about a conceptual primacy in this regard.
However, in practice these two institutions have been rendered a farce of sorts."The
independent directors are inducted in the board based on fulfilling the criteria of
definition of independence as per the Revised Clause-49. These Independent
Directors are supposed to take the decisions in an objective and impartial manner
independent from management but has few resources at his/her command to make
independent assessment of topics under consideration.
It is in this context of the need for strengthening of the Independent Directors in India
and based on current comparative corporate governance practices between India and
governance practices of UK companies, I offer a model to which I call 'Independent
Director Enabling System Model' which seeks to emphasize that there is need to
change our perceptions of board independence and not to confine it within the
periphery of just fulfilling the numerical strength of individual Independent Directors
as per The Revised Clause. There is urgent need to install the strong presence of such
enablers as depicted in the Independent Director System. (Figure-7.1). A figurative
sketch (Figure-7.1) of the Independent Director System with individual directors at its
centre and other enabling factors has been shown. The 'Independent director system
enabling model' conceived in wheel and spike shape in another figure (Figure-7.2)
visualize the reasoning that only when all factors forming the independent director
system are strengthened, which can be done by putting provisions of each fectors
281
against mandatory side of the Revised Clause 49 and ensuring strict conqjliance of the
same, that the independent directors will be enabled and empowered and the problem
of board unbalance and unfettered power and control over the board of one group will
be avoided. A unified approach is, therefore, required to make the independent
directors enabled and empowered with the presence and strengthening of such above
factors. Lorsch (2000) writes in terms the benefits of an enabled and empowered
board, in USA context, which holds true for every other country and addresses to
CEO, "empowered directors can help them (CEO) and their companies, and if they
encourage this trend, board empowerment can be achieved with minimal fuss and
maximum benefit to CEOs, shareholders, and the US economy". The current study
further calls for fiirther research to addfiirtherother enabling factor which is helpful
in Indian condition. But the key concept is that when we talk of Independent directors
and their effectiveness in a board we should take other enabling parameters and their
simultaneous presence in the board. The study, therefore, suggest that each of the
factors as mentioned in the model envisaged above should be incorporated into our
corporate governance system (more specifically into mandatory section of the Revised
Clause 49). The factors recommended in the Model aloi^ with the position held on
the issue by reputed organi2ations, codes, guidelines and researchers has already been
discussed in the earlier chapters. Factors which the current 'Independent Director
System Model' (Figure-7.2) seeks to enforce by incorporating into the mandatory
section of The Revised Clause 49 have been depicted in the Figure 7.1 and the same
are discussed below.
1. Nomination Comnnittee: The maimer of selection of independent directors is key

area which needs immediate improvement. A professional approach where right and
functional candidates The Satyam case in India might invoke criticism on role and
fiinction of independent directors in India but the real culprit seems to be the lack of
independent selection process and the absence of effective enabler of the independent
director system as pointed out in the model.
2. Lead Independent Director: In Indian condition the Lead Independent Directors

iqpart from other important roles can play helpful role in Board agenda taking into
accounts views of other Independent Directors of the board. The group of
282
Independent Directors can be effectively sidelined for want of an effective unifier like
Lead Independent Director. Bansal (1989) writes," Many of the evils afflicting the
boards are due to the feet that the directors have little participation in the formulation
of agenda and minutes of the board. Consequently, agenda items reflect the
proclivities of the Chief Executive Officer and his close aides."
3. Meeting without management: There should be an opportunity for the

Independent directors to meet periodically (at least armually) outside the presence of
the CEO and other inside directors as well as non-independent executive directors.
The purpose is to give them an opportimity to discuss in private in order to foster
better communication and inquiry. NYSE on the issue notes, "Board must convene
regular sessions (at least once a year) in which the non-management directors meet
without management. The Business Roundtable (2002), which is an association of
CEO in USA, carries the view "Independent Directors should have the opportunity to
meet outside the presence of the CEO and any other management directors". Salmon
(2000) on the need of the meeting without management writes, "For one thing,
chances are that their outside members don't know each other well. They fail to
develop confidence and trusts in each other and a resulting sense of cohesiveness. For
that reason alone, I believe it's imperative that outside directors meet from time to
time without management."
4. Induction and continuous development: While agreeing on the issue Iyer, L.V.
(2009) writes in the backdrop of Satyam Scandals, "Continuing education for
independent directors would be highly desirable. The corporate governance report
should give details of such management development programmes attended by the
independent directors of the company." WCFG (2005) in its London Declaration
2005, taken at 6* International Conference on Corporate Governance, held on 12-13,
May 2005, at London and attended by 33 countries mcluding India includes among its
10 step action plan the provision for education and training and stated, "The most
important ingredient for improving the quality of boards and corporate governance
decision making process is a strong commitment to continual education and
training.... There needs to be proper education and study of financial statements and
identification offraudsbefore they occur."
283
Bansal writes on the issue by comparing with that of UK, ". ... it is surprising that
there has been a singular lack of awareness regarding the need for special training for
directors. England has however taken a lead in this regard by opening an Institute of
Directors concerned with conducting various types of training programmes for
directors." In Indian context not enough unified efforts seems to be visible on the
scale and dimensions as is present in UK.
5. Performance Evaluation: Current Indian practices are mainly limited to CEO

which is required to be extended to each members of the boards including the
Chairman and the board as a whole as is present in UK companies. The provision for
the same is required to be kept among mandatory/non-mandatory provisions of The
Revised Clause-49.
6. Poor definition of independence and enforcement- The definition of

Independence which takes care of Indian conditions of caste, creed, region, religions
etc are required to be adopted to avoid wrong selection. "Bob Garratt writes in his
book. The Fish rots from the Head, "I realize that at present many 'independent'
directors are not truly independent. It is a key challenge for corporate governance in
the twenty-first century to ensure that they become so".
7. Safeguard Provisions: Almost all UK companies Annual Reports mentions about

the provision. In Indian Annual reports it does not find any place. Safeguard on the
line of UK pattern is required.
8. Information Receipt: The board must be given sufficient information to exercise

fully its governance functions. Disclosure on this important area is largely observed in
UK annual reports which are not seen in Indian annual reports and are desirable. The
information receipt should be accurate, relevant and timely (ART) and there should be
provision of personal liability from the Chairman and Company Secretary. Generally
board members should receive information prior to board meetings so they will have
an opportunity to reflect properly on the items to be considered at the meeting.
Bansal(1989) discusses in details and writes. If anything goes wrong owning to
absence of information etc, the board cannot escapes liability by pleading such an
alibi. It is thus incumbent on directors to have up-to-date information regarding the
284
progress of the company so as to be able to effectively discharge their obligations."
OECD (1999) suggests, "Non-Executive board members do not typically have the
same access to information as key mangers to the company. In order tofiilfiUtheir
responsibilities, board members should have access to accurate, relevant and timely
information". The Ganguly Committee on Banks and Financial Institutions (2002)
speaks on the matter, "The Group notes that the effectiveness of the Boards largely
depends upon the flow of information to and from the board. The information
furnished to the board should be wholesome and complete and should be adequate to
take meaningful decisions." In this regard we require to take a lesson from UK
practice where not only timely information is ensured but one single individual, the
company secretary is held responsible for the same. It is worth noting that the
removal of company secretary is a matter of board as a whole and UK guidelines is
specific over this point.
285
Meeting wilhmt Maoagemeat
Infonnatioo rece^
Uefimbon oflndependence
.Sa&gnaid
Figure 7.1: Independent Director System
286
Figure 7.2: Independent Director System Enabling Model
287
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Chapter' 7

Independent Director System Enabling Model

The role and importance of Independent directors in a unitary board structure is

Iyer, L.V.V. (2008) writes in Economic Times, Calcutta edition, dtd. 2 P

1. Nomination Comnnittee: The maimer of selection of independent directors is key

2. Lead Independent Director: In Indian condition the Lead Independent Directors

3. Meeting without management: There should be an opportunity for the

5. Performance Evaluation: Current Indian practices are mainly limited to CEO

6. Poor definition of independence and enforcement- The definition of

7. Safeguard Provisions: Almost all UK companies Annual Reports mentions about

8. Information Receipt: The board must be given sufficient information to exercise

Figure 7.1: Independent Director System

Adewuyi, A.O., & Olowookere, A.E. (2009), Impact of governance instruments on

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