In view of the demand-and-supply constraints created by the existing and proposed regulations for independent directors on corporate boards, it is necessary to choose the right set of recommendations of the various committees that have studied the issue, and sequence them appropriately. The newly introduced definition of independence should be implemented strictly and nominees should not qualify as independent directors. Also, lowering the requirement that independent directors constitute a minimum of 50 per cent of the board will give companies more flexibility as well as meet a basic threshold of independence.
