The Central Government has approved the restructuring of the board of Steel Authority of India Ltd (SAIL) paving the way for major changes, including paring the size and dropping the chiefs of the plants from the board.
There would also be an increased number of independent directors in tune with regulatory norms.
Sources said that as per the proposed restructuring, the chairman would be redesignated as chairman and managing director while the plant level chiefs at Bokaro, Bhillai, Rourkela and Durgapur, now designated as managing directors with board-level positions at SAIL, would be designated as chief executive officers (CEOs) and will be invitees to the SAIL board to discuss relevant plant-level issues.
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The four functional directors — in charge of finance, personnel, commercial and technical — would continue as before as would the nominees of the government.
The government last week approved the restructuring of the board. The present mandated size of SAIL's board is 24. It would now be about 18.