According to a study by executive search firm Heidrick & Struggles, three out of five respondents who participated in its survey are reshuffling their boards, and more than half of these firms are unable to find suitable talent.
The survey analysed responses from about 150 managing directors, board chairs and chairs of subcommittees in India to understand their business priorities for 2024, and their perception around refreshing their boards. More than 1,400 independent directors are set to retire by April 1, according to data research firm primeinfobase.com. The Companies Act, 2013, stipulates that firms cannot have directors on their boards for longer than 10 years.
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