PIGHDP Act 5Chapter IV · The Regulatory Structure

Section 5 · Structure of Board of Directors

(1)

. An eleven-person Board of Directors under the Governing Council shall legally represent and control the operations of the Institution and shall exercise all the powers of the Institution not otherwise provided for by this Act, the Statutes and Ordinances.

(2)

The members of the Board shall be the CEO, CFO, CLO, the seven Division Heads, plus one nominee from the State Government and shall be called Directors.

(3)

The Nominee Director shall be a person of eminence, having relevant experience and global exposure and shall be willing and able to dedicate a minimum of one day a month to the Institution.

(4)

The Chairman of the Board shall be selected by mutual consent of the members of the Board of Directors, and shall have a term of five years.

(5)

The Board shall meet as often as needed, but minimum 6 times a year and also additionally, as needed, to comply fully with the prevailing laws.

(6)

The Board shall operationally independent and shall be authorized to take all routine decisions for spending money, hiring and firing people, contracting work to external parties, maintaining compliance with the laws and all such things needed to keep the Institution operational.

(7)

The Board shall enter into key strategic alliances in consultation with the governing council and the board will oversee the appointment of architects, contractors and key vendors, including the terms of reference of these alliances.

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