NewsIP had recently shared with its readers various facets of the much awaited selection of Indianoil Chairman. The fact that the current incumbent has been on borrowed time of repeated extensions, has added a mysterious twist to the entire process of onboarding of a new Chairman. Although, many in the know, are of firm belief that PMO may not look kindly at further extensions. But they also submit that the person clinging on to the seat is going all out for a replay. Many industry watchers have raised eyebrows at the entire exercise. They say, what used to be a more or less routine exercise of selecting a person to head a PSE, the whole matter has become a game of ‘who won it’.
The Search Committee is to meet on 8th August, presumably to shortlist candidates for the interview. Media reports have conveyed that a record 69 candidates have applied. This list also is of a motley lot. Some of them do not have the required remaining period of 2 years service before retiring while others are in a ‘cooling period’ upon being selected as Directors. Also in the list are those who are EDs and have not had the experience of working in any Board. This goes to show the ambition and deep desire of many to wily nilly become Chairman of Indianoil. While ambition is good, recognition of one’s own merit and capability are signs of a mature executive. A Leader is not a mere Manager he is much more. Chairmanship of a Fortune 500 Company is serious business, much beyond desires and going over the moon.
Another vital issue is regarding the constitution of the search committee itself, its functioning and criterion for shortlisting. Persons with even a hint of past misdemeanors should be strictly avoided to be a member. Further, while making selection and rejection, it’s only just & proper that the Committee also conveys, if not in the public domain, at least to the candidates who have applied the reasons for rejection. This will not only serve the ends of justice but will enable appropriate candidates to apply in future thus cutting down the money, time and efforts to shift through profiles of an excessive number of candidates.
The whole issue in such an exercise, apart from selecting the right and deserving candidate is also that the process is transparent.
The cardinal principle of natural justice – Justice should not only be done but appear to have been done should always be adhered to.
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