Maharatna companies are now appointing young independent directors

Maharatna and Navaratna companies are appointing young independent directors on the board. The average age of independent directors on their boards has decreased by 6 years in three years. It was 61 years in the financial year 2018-19, which has come down to 51 years by 2021-22. The youngest independent director on the boards of these companies declined from 43 to 40 years between 2018-19 and 2021-22, according to Excellence Enablers’ ‘Survey on Corporate Governance in Maharatna and Navratna Companies’ report. At the same time, the age of the oldest independent director has come down from 77 to 74 years. The annual reports, stock exchange filings and website disclosures of these companies were used for the survey. According to the report, independent directors regularly participate in the board meetings of these companies. There was zero attendance of any independent director in the board meetings held between 2020-21 and 2021-22.

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