Plans are afoot to fix a tenure of three years for chief executives of companies run by the central government in order to improve accountability, transparency and efficiency, Mint reported.

The government has floated a cabinet note for consultation to this effect as these state-controlled firms, which employ 1.39 million people, struggle to compete with private sector rivals.

The proposal also calls for employees of a public sector enterprise to be made eligible to apply for the position of chairman and managing director even if they don’t have two years of service left, according to several people aware of the development, who declined to be named.

Read the full report here