The Ministry of Corporate Affairs is planning to introduce a qualifying test for those who wish to be independent directors. However, India seems to be an outlier when it comes to such requirements as compared to the rest of the world.
*Athena Legal Partner Siddharth Mahajan* shares an insight into the laws governing independent directors across major countries such as the US, Canada, Australia, and the UK. He explained that " Laws in various countries now increasingly mandate stringent qualification criteria. I think rather than an exam, it's advisable to have an annual credit-based program that will enhance the knowledge base of independent directors. This coupled with stringent qualification and disclosure norms."
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