2024 isn't just another year; it marks a critical juncture where companies will embrace unparalleled opportunities to bolster diversity and enhance governance standards. It is more than a mere transition; it's a moment of reinvention.
In anticipation of the significant board refresh scheduled for March 2024—a pivotal moment for Corporate India—Vahura OnBoard organized this flagship roundtable event. The Companies Act of 2013 had introduced a 10-year cap for independent directors, which will be leading to a substantial makeover in 2024. This involves the retirement of over 30,000 independent directors who complete two five-year terms across numerous listed and unlisted public companies.
As a result of the board churn , most Indian boards are gearing up for significant adjustments in 2024. The event's objective was to explore the opportunities and challenges stemming from this imminent transformation. Through in-depth discussions and the sharing of perspectives, the aim was to comprehensively assess the pros and cons. Ultimately, the goal was to equip attendees, who served on multiple boards, with the knowledge and insights which they could take back to their respective boards.
The Board Refresh roundtable commenced with a warm welcome and context-setting by Shweta Rao, Head of Vahura OnBoard. This was followed by the launch of the Board Refresh report by Hetal Dalal, President & COO of IiAS, and invaluable insights shared by Krishnava Dutt, Managing Partner of Argus Partners.
We actively participated in thought-provoking boardroom discussions, featuring a diverse panel of board members with extensive experience and expertise. These dialogues delved into the opportunities and challenges emerging in the context of the upcoming 2024 board transformation.
To wrap up, Ritvik Lukose, CEO & Co-founder of Vahura, offered closing remarks. The event concluded with a delightful networking session with all the attendees.