..........The Union finance ministry is considering a proposal to provide a fixed tenure of five years to heads of public sector banks (PSBs). The aim is more operational stability and accountability. It is also considering changes in the appointment procedure of wholetime directors and revising the criteria for selection of non-official directors on PSB boards..............
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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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