Bhubaneswar: Public Sector Undertakings
in Orissa could now hire professional managing directors with
the state cabinet approving a proposal for implementation of
the Corporate Governance Manual (CGM).
"The state cabinet has given approval on the CGM. This
will enable state PSUs to reconstitute their boards and induct
professional and independent directors," Industries Secretary
Saurabh Garg said last evening.
The approval was given to make PSUs viable and profit
making enterprises. Earlier, senior government officers were
appointed as PSU MDs.
The CGM would help improve accountability and ensure
transparent and business-oriented decision-making, Garg said.
The guidelines in the manual drafted by Administrative
Staff College of India would also be applicable to Industrial
Infrastructure Development Corporation of Orissa Limited.
While 21 of the state's 32 PSUs were identified as
profit-making, nine registred losses and the remaining two
were operating at no loss, no profit basis, he said.
Bureau Report
First Published: Saturday, November 14, 2009, 16:39