Are we ready for real independent directors?

An ID (too looong to type every time), as perhaps defined by our legal system, is someone who is neither an employee nor a promoter.  I do not know of any special criteria that would qualify one as an ID.  That’s not really important now!

The real question is “Do Promoters and Management of companies really consider their Boards as leading the organization or are their Boards mere formality?”  A corollary would be  “Would a company’s management respond professionally to the views expressed by an ID, even if they are not favourable?”

My considered guess is that most organizations treat their Board Members and more so their IDs as necessary evil, as a statutory requirement, whom they would inform on a need to know basis and would not suffer much questions, leave alone a scrutiny.

With this attitude, corporate governance is more a myth than reality!

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