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LIC should have nominees on boards of all cos: Govt

At present, LIC, which is the India's largest institutional investor, is represented in only 73 of the 123 companies

October 23, 2013 1:39 IST | India Infoline News Service
Rajiv Takru, secretary, department of financial services, said that Life Insurance Corporation of India should have its nominees on boards of all companies in which it has huge investments to help protect shareholder interests, according to a media report.

At present, LIC, which is the India's largest institutional investor, is represented in only 73 of the 123 companies in which it can appoint directors, the report added.

LIC is currently working on an analysis of the directors it has nominated in various companies and is set to appoint nominees in about 50 companies where it can occupy board seats.

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