{"id":37409,"date":"2022-05-31T15:06:52","date_gmt":"2022-05-31T09:36:52","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=37409"},"modified":"2024-06-03T12:12:15","modified_gmt":"2024-06-03T06:42:15","slug":"separation-of-roles-of-chairperson-and-ceo","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/separation-of-roles-of-chairperson-and-ceo\/","title":{"rendered":"Separation of Roles of Chairperson and CEO"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-37411 size-full\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/05\/Separation-of-Roles-of-Chairperson-and-CEO-1.png\" alt=\"Separation of Roles of Chairperson and CEO\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/05\/Separation-of-Roles-of-Chairperson-and-CEO-1.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/05\/Separation-of-Roles-of-Chairperson-and-CEO-1-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/05\/Separation-of-Roles-of-Chairperson-and-CEO-1-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/05\/Separation-of-Roles-of-Chairperson-and-CEO-1-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/05\/Separation-of-Roles-of-Chairperson-and-CEO-1-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/05\/Separation-of-Roles-of-Chairperson-and-CEO-1-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">SEBI<\/span><span style=\"font-weight: 400;\"> (Securities and Exchange Board of India), decided during a board meeting held on 15 February 2022\u00a0to make it voluntary for the top 500 listed companies to separate the role of the chairperson of the Board and the chief executive officer (CEO) of the company. Before dealing with the Separation of Roles of Chairperson and CEO, let us about the roles of chairperson\/chairman and CEO.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Table of Content<\/b><\/p>\n<ul>\n<li><a href=\"#and\">Chairperson and CEO of a company<\/a><\/li>\n<li><a href=\"#Chairperson\">Role of a Chairperson<\/a><\/li>\n<li><a href=\"#CEO\">Role of a CEO<\/a><\/li>\n<li><a href=\"#Who\">Who has more power, the CEO or the Chairperson?<\/a><\/li>\n<li><a href=\"#Separation\">Separation of Role of Chairperson and CEO<\/a><\/li>\n<li><a href=\"#Compliance\">Compliance with these provisions made voluntarily \u2013 SEBI Board Meeting (February 2022)<\/a><\/li>\n<li><a href=\"#Conclusion\">Conclusion<\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Chairperson\" style=\"text-align: justify;\"><b>Chairperson and CEO of a company<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The chairman is the head of the board of directors or the head of the <\/span><a href=\"https:\/\/www.cagmc.com\/private-limited-company\/\"><span style=\"font-weight: 400;\">company<\/span><\/a><span style=\"font-weight: 400;\">. Usually, shareholders elect the company\u2019s chairperson.<\/span><\/p>\n<p id=\"Chairperson\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The chief executive officer (CEO) is\u00a0the topmost position in an entity. They are responsible for executing the existing plans and policies of the company. CEO ensures the positive management of the business and sets future strategies. Further, the CEO is ultimately responsible for the success or failure of the company.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Role of a Chairperson<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The chairman is the head of the board of directors or the head of the company. Usually, the shareholders elect the company\u2019s chairperson. Further, their responsibilities may mainly comprise protecting the investor\u2019s interests.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The following are some of the roles of the chairperson:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Founding agendas for <a href=\"https:\/\/www.cagmc.com\/board-meetings-restrictions-on-powers-of-board-of-directors\/\">board meetings<\/a> as per the company\u2019s objectives<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Signifying the investor\u2019s interest in board meetings and debates<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Appointing and terminating senior executives<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Evaluating the performance of high-level managers and making references for enhancements<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Continuing the firmness of the company and safeguarding its existence during periods of economic change or instability<\/span><\/li>\n<li id=\"CEO\">Revising financial results and establishing internal control systems to guarantee their correctness and transparency, and many more.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><b>Role of a CEO<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A company has multiple directors and they all have to report to the CEO of the company. A CEO mostly work for the company&#8217;s primary decision-making.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The following are some of the roles of a chief executive officer (CEO):<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Establish a tone for the company&#8217;s culture and communicate the company\u2019s aim<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Guiding the company\u2019s growth<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Making top-level strategic decisions<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Building and refining relationships with other companies<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Managing resources and collaborating with the finance team for tracking the expenses and revenue<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Managing market placement, exploring expansion opportunities, etc. to surge the company&#8217;s success<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Working as a board member with an outlook on day-to-day operations<\/span><\/li>\n<li id=\"Who\">Implementing board decisions, etc.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><b>Who has more power, the CEO or the Chairperson?<\/b><\/h2>\n<p id=\"Separation\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Theoretically, a chairman has more authority than a CEO. But, the CEO is the company&#8217;s chief leader and reports to the board of directors, which is chaired by the chairman. A CEO has responsibility for carrying out the board&#8217;s approved plans. Further, they are the ones who are most noticeable in action.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Separation of Role of Chairperson and CEO<\/b><\/h2>\n<h3 style=\"text-align: justify;\"><span style=\"font-weight: 400;\">SEBI (LODR) Regulations, 2015 and SEBI (LODR) Amendment Regulations, 2018<\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In 2018, the SEBI amended the\u00a0SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015\u00a0commanding the top 500 listed companies to guarantee that the chairperson shall<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">be a non-executive director and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">not be related to the Managing Director or the CEO, as per the definition of \u2018relative\u2019 under\u00a0Section 2(77) of the <\/span><span style=\"font-weight: 400;\">Companies Act, 2013<\/span><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><b>Deadline for Compliance<\/b><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The deadline for compliance was extended by 2 years. The new rule was sought to be enforced from 1 April 2020, but based on business representations, the deadline was prolonged to 1 April 2022.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">SEBI\u2019s proposal to divide the roles of the chairperson and CEO was based on the\u00a02017 report of the Committee on Corporate Governance\u00a0(Kotak Committee), which, citing the\u00a0Cadbury Committee report\u00a0(1992), suggested the separation for reasons like;<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">to provide a structural advantage for the board to act independently and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">to reduce the excessive concentration of power in a sole individual.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In the current scenario, the capability of the board to observe management has\u00a0become keen important. Consequently, if the chairperson (as the board\u2019s leader) is the same person as the CEO (the leader of the management), conflicts of interest may arise.<\/span><\/p>\n<p id=\"Compliance\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Section 203 of the Companies Act, 2013 says that the same person cannot hold the position of chairperson and CEO at the same time. On the other hand, section 203 is a default provision which can be deviated from, if the company\u2019s articles of association permit.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Compliance with these provisions made voluntarily \u2013 SEBI Board Meeting (February 2022)<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">SEBI had faced a low level of compliance from September 2019 until December 2021, the percentage of compliant companies only moved from 50.4% to 54.0%.\u00a0Few arguments say\u00a0that Indian company law already encloses sufficient requirements to check conflicts of interest, counting those about a minimum number of independent directors and precluding voting by interested parties on related party transactions. So, the focus must be on\u00a0strengthening the \u2018independence\u2019 of independent directors, instead of tackling the chairperson-CEO split, which is relatively trouble-free in India.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">As per section 203 of the companies Act 2013, it\u2019s the fundamental spirit of shareholders\u2019 democracy to make decisions to split the roles of chairperson and CEO or not. The shareholders of each company should be allowed to decide whether they prefer the roles of chairperson and CEO to be entrusted to the same person or two different persons.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">If any company makes a default in complying with provisions of section 203, the company shall be liable for a penalty of Rs. 5 lakhs. Further, in case of director or KMP is in default then they will be liable to a penalty of Rs. 50,000.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Considering a rather unsatisfactory level of compliance achieved so far by SEBI, concerning this:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">corporate governance reform,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">various representations received,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">constraints posed by the prevailing pandemic\u00a0situation and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">a\u00a0view to enabling the companies to plan for a smoother transition,<\/span><\/li>\n<\/ul>\n<p id=\"Conclusion\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">As a way forward,<a href=\"https:\/\/www.sebi.gov.in\/sebiweb\/boardmember\/BoardMemberAction.do?doBoardMember=yes\" target=\"_blank\" rel=\"noopener\"> SEBI Board<\/a> at\u00a0this juncture decided that this provision may not be retained as a mandatory requirement and instead be made applicable to the listed entities on a \u201cvoluntary basis\u201d.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>Conclusion<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Therefore, SEBI has removed the mandatory separation and decided\u00a0to make it voluntary for the companies to separate the roles of the chairperson and CEO of the company. So, it\u2019s up to the company to make a decision on the separation of roles.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEBI (Securities and Exchange Board of India), decided during a board meeting held on 15 February 2022\u00a0to make it voluntary [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":37411,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[70],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Separation of Roles of Chairperson and CEO - Goyal Mangal &amp; Company<\/title>\n<meta name=\"description\" content=\"In this Article you will learn about Separation of Roles of Chairperson and CEO. 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