Independent directors don’t want to b handpicked by co.owner

Independent directors in leading companies believe that their appointments should be made by a self-governed body, formed by listed companies, and not by promoters of companies, as is the practice now, reveals a survey on corporate governance conducted by advisory firm KPMG. According to the survey, conducted between November 2008 and January 2009 covering about 100 executives including CEOs, CFOs and independent directors, there is a need for empowering independent directors and limiting the number of directorships one can hold in companies.