No fixed tenure for public sector chiefs: government
Posted on Aug 07 2014 | IANS
New Delhi, Aug 6 : The government said Wednesday it had taken no decision to give a fixed tenure to CMDs or functional directors of public sector undertakings even by extending their service.
Minister of State in the Prime Minister's Office Jitendra Singh gave this information in the Lok Sabha.
He said in a statement that functional directors were appointed on the board of public sector undertakings for five years or till the age of superannuation, whichever was earlier.
If the initial tenure of five years of an incumbent ends prior to his attaining the age of superannuation, the term could be extended till the day of superannuation, the minister said.
This would be subject to the officer meeting the prescribed performance benchmark and on being clear from the vigilance angle, Jitendra Singh said.
"There is no decision of the government to give a fixed tenure to chairman-and-managing director or functional director of any public sector undertaking even by allowing them to continue beyond the age of superannuation," he said.