NEW DELHI: The Appointments Committee of the Cabinet (ACC) has approved the restructuring of the board of Steel Authority of India (SAIL)—a move that will give more powers to officials directly heading steel plants. After the approval, the four posts of Chief Executive Officer (CEOs) of integrated steel plants will be elevated as functional directors.
These CEOs will now be designated as directors-in-charge of Bokaro, Rourkela, Bhilai and one director-in-charge jointly for Burnpur and Durgapur steel plants. It is expected that the elevation of CEOs into the company board would lead to a greater decentralization of decision making and give more say in future investment decisions.
“Their views will have weightage in the central corporate governance structure. This will also facilitate a speedy modernization and expansion program of the country’s largest steel making company. Besides, the restructuring involves merging the functions and duties of the post of Director (Raw Materials and Logistics) and that of Director (Projects, and Business Planning) with the post of Director (Technical) and its consequent re-designation as Director (Technical, Projects and Raw Materials).
The restructured board will consist of Chairman, Director (Finance), Director (Commercial), Director (Technical, Project and Raw Materials), Director (Personnel), Directors in-charge of integrated steel plants (ISPs). The board will have non-official directors as per the Companies Act 2013 and two government nominee directors.