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

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