It is reliably learnt that in a renewed ‘book of delegated powers’ (BDP) w.e.f. January 01, 2015 ONGC Chief, D K Sarraf has authorised all his Directors to take financial decisions solely up to Rs. 250 Crs. In case of decisions involving more than Rs. 250 Crs directors would have only to keep the Executive Committee informed about such decisions. The old BDP was made in yr 2009 only.
Aiming at ensuring fast-paced decision making with high degree of accountability & transparency ONGC Chief D K Sarraf has become, probably, the first PSU Chief to delegate all powers to the Directors. Reportedly, Sharraf’s objective is to encourage & compel the directors to take decisions quickly. Keeping no such powers with CMD he has, reportedly, chosen a vigilant supervisory role for himself which would enable him to explore futuristic strategy & roadmap for the company.
In fact the compliances of ‘Corporate Governance’ expect the decision makers in PSUs to function amid 5Cs (CIC, CVC, CBI, CAG) putting them together in hesitation in quick decision making.
Indianmadarins has learnt that probably this is for the ever first time when a CMD has delegated all the powers through BDP to its directors.