Key structural changes proposed by the R.C. Bhargava and Ajit Balakrishnan committees set up by the HRD ministry
IIM Societies
- A substantial donation should be made to become a member. Society to be trimmed to 20 members.
- Investment to be treated as equivalent to having an equity in a company
- Society will ratify appointment of board members and directors
IIM Boards
- Practice of including people from various walks of life should be given up
- Number of members to be between 12 and 14
- No restriction on number of times a person is appointed to the board
- Boards should review faculty performance
Directors
- Should function as CEOs. Designation should be changed to President-cum-dean.
- More financial and administrative powers
- Should serve five years. No restriction on reappointment.
- Incentive amount in the range of Rs 10 to Rs 20 lakh annually
Faculty
- Annual targets should be set
- Performance-linked pay in addition to normal pay
- 160 hours of teaching mandatory
- Should be selective in attending academic conferences
- Should be divested of administrative responsibilities
- Should be deeply involved in serving on company boards and industry associations
