LIC amends rules to appoint shareholder directors on its board of directors
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New Delhi. Public sector insurer LIC on Saturday said it has amended rules to allow inclusion of shareholder directors on its board of directors. Life Insurance Corporation of India (LIC) was listed on the Indian capital market last year with the largest initial public offering (IPO). The government had raised Rs 20,557 crore by disinvesting 3.5 percent of its stake in the company through IPO.
LIC said in a communication to the stock exchange that the Life Insurance Corporation of India (Shareholder Directors) Regulations, 2023 have been notified in the Gazette of India on December 1, 2023. The amended rule states that the corporation shall elect the director of the shareholders through a general meeting of such shareholders upon notice of not less than one thousand shareholders or one-tenth of the total number of shareholders, whichever is less.
It states that the person elected as a director by the shareholders will be appointed by the board of directors for a term of four years. He shall be eligible for re-selection and reappointment for another term of four years. At present, LIC has five executive directors, including Chairman Siddharth Mohanty, nine independent directors and one government-nominated director.
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