The news of seeing off Chairman and an independent director of Interstate Gas Systems (Pvt.) Ltd goes to suggest that size of the Board was reduced to get rid of them. This was a day after they alleged fudging of the Board's proceedings and decisions regarding critical projects. When questioned to throw light on this the Federal Minister Incharge is reported to have said: "Not that I know of," the press report goes on.
Independent directors have a delicate relationship with the company and other Board members, normally the ones whose bread and better rather niceties in living, are from the company. With the companies' grace they are custodian of they are to be comfortable, irrespective of size of the cake. Grapevines, with grains or otherwise, in relation to behaviour and working of an independent director, attempting to be true to his office, are not a rare phenomenon. It has, therefore, been suggested that the key to a smooth sailing would normally be: 'Leave it as you find it'.
For growth of corporate culture, needed may be disguised clubs of independent directors, at least in big cities viz. Karachi and Lahore, functioning from their houses, etc, normally meeting once a month, where solutions exchange of tricky problems confronted by the companies managements may be had. The discussions should keep super most the calls of fiduciary office they have.
This writer had personal experience of this. In the morning, we, three, would have a walk, talking on delicate issues coming-up in the Boards we were then institutional members of, trying to find needed recipe for the broth, while the morning walk was on.
The SECP Commissioners and Executive Directors, etc, may (informally) join such club meetings, to be abreast with unfolding real life business complexities, as also to have light on the issues the SECP had at the relevant time. The SECP may take this for 'continuing upgrading programmes'.
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