Predicament of bank bosses - The Hindu

Predicament of bank bosses - The Hindu

Allow me to recall my own response of June 21, 2014 to a related report in the Business Standard

Succession plans

This refers to the report “FinMin
mulls fixed 5-year term for PSB chiefs” (June 21). It is comforting to find
that long last there is some move to ensure continuity of incumbents in top
positions for a reasonably long period(now proposed as 5 years). Government
should aim at a long term policy for succession plans at higher levels in
government and pubic sector and guide private sector which are dependent on
public funds and government support to adopt transparent norms for top level
appointments.
The policy should, besides
factoring in eligibility criteria and skill requirements take into account:
(i)                 
The need to allow extended periods beyond the present
retirement age so that any appointee is able to continue at the post for a
minimum of 5 years. For the purpose changes in the present retirement age may be
necessary. The retirement age in India has not been revised upwards for a long
time for various reasons.
(ii)               
To make succession smooth, empanel prospective
candidates sufficiently early and allow her/him to join six weeks to six months
in advance of the retirement of the person whom s/he will succeed.
(iii)              
Make  those
appointed as CMDs/CEOs and other positions like Chief Justice, CAG etc
ineligible for appointment to positions eligible for remuneration for a minimum
period of 2 years post-retirement. Compensating them with some allowance or
pension during this period would be in order.


M G WARRIER, Mumbai

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