Appointment of Independent Director
Listed companies and prescribed classes of companies are required to appoint Independent Directors. Appointment requires Ordinary Resolution by shareholders at the AGM/EGM.
Your board is only as strong as the process for changing it. Section 149(4)-(13) governs exactly how this plays out. Concretely: independent Director cannot be MD, WTD, or nominee director. Fi CTC Generator gets you there in under 3 minutes — correctly, the first time.
The Independent Director must submit a declaration of independence under Section 149(7) before or at the first Board Meeting after appointment.
Section 149(7), Companies Act 2013
This Board resolution recommends the appointment. Appointment must be approved by shareholders via Ordinary Resolution at the AGM/EGM. Re-appointment for a second term requires Special Resolution.
Section 149(10), Companies Act 2013
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