M Damodaran former Chairman of SEBI sets up trust for non-executive directors
M Damodaran, the former chair of the Securities and Exchange Board of India (SEBI), launched a trust that aims to address challenges faced by non-executive especially independent directors on companies’ board directors on 22nd July.
The idea behind Non-Executive Directors in Conversation (NEDICT) is to promote discussions among non-executive directors and to give viable solution to the concerns faced by them. The main issues faced by them are; Lack of role clarity, absence of domain knowledge and increasing liabilities under the new companies Act. This trust will prepare them to do justice to their role in their respective institutions who has larger diverse responsibilities.
Other members of the trust include; Idea Cellular’s former MD Sanjeev Aga, Infosys’ former global head of human resources Hema Ravichander, Pradeep Dinodia, TN Manoharan and Mukund Chitale.