Norms fixed for PSU independent directors
New Delhi: Independent directors should comprise at least half of the boards of public sector undertakings (PSUs) in the case of companies with an executive chairman according to new guidelines fixed by the government.

In the case of boards headed by non-executive chairman, at least one-third of the board members should be independent. Guidelines to this effect were finalised by the Union Cabinet here on Thursday.

The Cabinet approved the guidelines on corporate governance for central PSUs, information and broadcasting minister P R Dasmunsi said.

He said according to the guidelines the board of directors must have an optimum combination of executive and non-executive members.

The exact number of independent directors on a company's board would depend on whether the chairman is executive or non-executive. The new guidelines will be applicable to PSUs which are not listed. The decision is expected to improve corporate governance in central PSUs.
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Franklin Infotech Fund gets new manager
Mumbai: Franklin Templeton Asset Management (India) has appointed Anand Radhakrishnan as fund manager of Franklin Infotech Fund.
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