ACC approves restructuring of SAIL's board for greater efficiency

Their views will have weightage in the central corporate governance structure.

The Appointments Committee of the Cabinet (ACC) has approved the restructuring of SAIL's board, the steel ministry said in a statement on Friday.

The restructuring of the board will bring in greater efficiency, and decentralisation in the company, it said.

"The Appointments Committee of the Cabinet has approved the restructuring of the board of SAIL. The 4 posts of CEOs of SAIL's integrated steel plants are to be elevated as functional directors by designating them as directors-in-charge of Bokaro, Rourkela, Bhilai and one director-in-charge jointly for Burnpur and Durgapur steel plants," the statement said.

The restructuring also involves merging the functions and duties of the post of Director (Raw Materials and Logistics) and that of Director (Projects, and Business Planning) with the post of Director (Technical) and its consequent re-designation as Director (Technical, Projects and Raw Materials).

The restructured board will consist of Chairman, Director (Finance), Director (Commercial), Director (Technical, Project and Raw Materials), Director (Personnel), Directors in-charge of integrated steel plants (ISPs).

Besides, the board will have non-official directors as per the Companies Act 2013 and 2 government nominee directors as per the DPE (Department of Public Enterprise) policy.

The move will facilitate greater decentralization and nimble decision making with the directors-in-charge of plants as direct ACC appointees, it said.

Their views will have weightage in the central corporate governance structure. This will also facilitate speedy modernization and expansion program of the country's largest steel making company, the ministry said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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