Public Sector – follow corporate governance

The financial express has a piece today on the listed public sector companies. A third of them still don’t follow the most basic of corporate governance norms of one third (or one half where there is no split between Chairman and MD) independent directors. This is five years after the law mandated the requirement and two years after SEBI sent them a notice asking them why penalty not be imposed upon them. Violating the provision can invite serious penalties and delisting from the exchanges. Can the g0vernment pull up the babus who are not doing their job in the appointment process? As I pointed out one year back, it is not the fault of the public sector companies, as the appointment is done by the government and not by them.

See my post of last year for the full context.