New Age Independent Directors with New Age Skills ?

Dear Friends, It gives me an immense amount of pleasure that how the criterion for the appointment of Independent Directors on Companies' Boards(Corporates' Onboarding) in India & Globally are changing in this emerging world order. The challenges of new age such as geo-political ones due to the confrontations or full scale wars between countries or terrorism activities in many parts of the world including pirates operating at high sea are affecting global supply chains and the climate change, cyber security threat, a sudden spread of pandemic, abrupt occurrence of natural disasters at scales and fast phase of changing technologies in this digital world are making huge impact on global economies besides very high debts to GDP ratio, aging in some nations, inflation and dampening growth are making huge impact on businesses / corporate's functioning, so, the risk management has become very vital and to remain all time resilient & sustainable besides being competitive are the needs of the hour. So, there is a need of new age independent directors on Corporate Boards with new age skills as to be aware and having a vision towards digitalisation, technology adoption as to fight cyber threats, judicious and ethical use of AI/AGI & Quantum Computing (QAI) and other emerging technologies and propagating the ESG( Environment, Social & Corporate Governance) compliances and DEI (Divergence, Equity & Inclusive) policies in order to achieve SDGs, the cardinal principles of Circular Economy, and goals towards Green Energy Transition in order to become #netzero at the earliest.

In India, the corruption in the past ( as huge borrowings of Corporates from the banks(PSBs) with out out an accountability and siphoning that borrowed money in to other streams of business through shell companies in tax haven geographies or buying assets including benami ones for the family members in India & Abroad or depositing this rotated money in family trusts by the promoters before 2014) made a significant impact on nation economy and as a result the many corporate accounts turned in to huge NPAs and it had negative impact on the operations of PSBs as facing liquidity crunch,hence, losing credit(loans) lending appetite and finally affecting the economy of the nation.So , the MCA (The Ministry of Corporate Affairs) and SEBI brought many changes in the appointment of Independent Directors on board Corporates Boards. There is a need to qualify an exam to be a certified independent director that is being conducted by the MCA, has become an essential criterion and there are papers related to ESG compliance and Digital Transformation so that Independent Directors are able to push companies in this new age equipped with new age skills. The Institute of Directors (IoD) India is conducting training programmes so that such aspiring independent directors are trained and made qualified as certified independent directors to serve on board Corporate Boards so that each & every directors become responsible for the functioning of the businesses and able to steer business in this new age with adoption of required latest technologies and making them all time resilient and sustainable so by achieving SDGs and Green Energy Transition at the earliest. Also, the concept of circular economy and self-reliance for India must be clear to the independent directors.