Conventional wisdom has it that being on a bank board is an honour few will pass up given the perks and social status that go with it. That may be true for some. But those who have both in plenty may well decline the opportunity given the headaches associated and the low level of compensation on offer.
The struggle to get top-class directors on board found indirect mention in the first-of-its-kind interaction between the Reserve Bank of India’s (RBI’s) top brass and the boards of state-run banks in New Delhi on Monday. A plea was made that Mint Road’s stress should be on the strategic role of boards and increasing the remuneration for independent directors. Both are connected (and this is the feeling even in private banks; it may find mention in the RBI’s closed-door meeting with their boards on May 29).
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