The Appointments Committee of the Cabinet (ACC) has approved the restructuring of the Board of Steel Authority of India Ltd. (SAIL), one of the seven Maharatnas under the central public sector enterprises (CPSEs).
The four posts of the CEOs of the 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 & Logistics and that of Director Projects & Business Planning with the post of Director Technical, and its consequent re-designation as Director Technical, Projects & Raw Materials.
The re-structured board of directors of SAIL will consist of Chairman, Director Finance, Director Commercial, Director Technical, Project & Raw Materials, Director Personnel, Directors in-Charge of Integrated Steel Plants and Non-Official Directors as per the Companies Act, 2013, and two directors nominated by the Central Government as per the Department of Public Enterprises (DPE) policy.
“The restructuring of the board will facilitate greater de-centralisation 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 speedy modernisation and expansion program of SAIL,” a spokesperson of the Ministry of Steel stated.
SAIL has a vision of reaching 50 million tonnes (MT) of capacity through brownfield and greenfield expansion, and this fact was also considered while formulating the National Steel Policy, 2017, having a vision of 300 MT capacity in the country by 2030-31. Directors as in-Charge of Integrated Steel Plants would in turn be critical ensuring that the corporate entity responds with agility in a globally challenging environment.