Among these were recommendations for the vacancies in public sector banks (PSBs) for FY18. (Reuters)
The Banks Board Bureau (BBB) on Tuesday made public some of the recommendations it had made to the government between April 2017 and September 2017. Among these were recommendations for the vacancies in public sector banks (PSBs) for FY18. “This has made it possible to ensure that the final decision on appointments are made by the government before the vacancy arises,” the bureau said in a statement on its website, adding that it has also been making recommendations for appointment of non-executive chairmen in PSBs. It also made recommendations pertaining to corporate governance at PSBs. These include rationalising the number of committees of the boards of PSBs as well as the mandate of the committees, separating the management function of the board from its supervisory function and empowering the non-official directors (NODs) of PSBs to play the role of independent directors on the same lines as provided in the Companies Act, 2013.
Some of the other recommendations were to set up a Nomination and Remuneration Committee (NRC) of the boards, now performed by two separate committees, with composition and mandate along the same lines as provided in the Companies Act, 2013, to facilitate the possibility of having an optimal board composition with expertise especially in the areas of risk management, information technology and human resource management and to empower the NRC in the search process for appointment of NODs on the boards of PSBs.
