Team News Riveting
New Delhi, September 25
The Appointments Committee of the Cabinet (ACC) has approved the restructuring of the Board of Steel Authority of India Ltd.
The four posts of the Chief Executive Officers of Integrated Steel Plants of SAIL are to be elevated as Functional Directors by designating them as Directors-in- charge of Bokaro, Rourkela, Bhilai and one Director-in-charge jointly for Burnpur and Durgapur steel plants.
The approved restructuring of the SAIL Board also 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 re-structured Board of Directors of SAIL will consist of Chairman, Director (Finance), Director (Commercial), Director (Technical, Project and Raw Materials), Director (Personnel), Directors in-charge of ISPs, Non-official Directors as per the Companies Act. 2013 and 02 Government Nominee Directors as per the DPE policy.
The restructuring of the board will facilitate greater de-centralization and nimble decision making with the Directors-in-charge of plants as direct ACC appointees, with their views having weight in the central corporate governance structure. This will also facilitate a speedy modernization and expansion program of SAIL.
SAIL has a vision of reaching 50 Million Tonnes of capacity through brownfield/greenfield expansion and this input has also been considered while formulating the National Steel Policy 2017, having a vision of 300 Million Tonnes capacity in the country by 2030-31.
