Why this Database
Till some time back, information about members of the boards of listed companies was very limited in the public domain. The only way even to get the list of board members of any company was to obtain its annual report or visit its website though many companies do not have a website, and those who have, do not necessarily list their directors. It gets worse for obtaining profiles of the directors. The notice to the shareholders at the time of induction of new directors is the only means, which however, has very sketchy profiles. Moreover, no profiles are provided in the case of a reappointment.
It is important that investors, analysts, regulators and the market know not only about the directors who are at the helm of affairs of a company but more so about the independent directors who are supposed to bring better corporate governance and protect the interests of the minority shareholders.
Clause 17 of the listing agreement mandates induction of independent directors on the boards of listed companies. It is generally believed that, though most companies have complied with Clause 17, many have done so more in letter. It is hoped that this website would generate public interest and debate about the quality and role of independent directors.
This website now also provides data on the boards of prominent unlisted financial sector companies as these are of high public interest.