The government’s top companies can look for better working conditions and governance norms to compete with private sector as the Centre is set to allow fixed tenures to CMDs (chairman and managing directors) of the Maharatna and Navratna to be selected by a committee having experts, Hindustan Times reported.

A Group of Ministers (GoM) headed by Finance Minister P Chidambaram on Central Public Sector Enterprises (CPSEs) has decided that age for appointment of independent directors in these public sector companies would be 45 to 70 years as compared to norm of 45 to 65 years.

The GoM in the last meeting earlier this month has also decided that the independent directors will consult the government on the issues and would help the board to work for welfare of CPSEs.

Read the full report here