[4] According to the Conference Board, "other than delisting a company ... there really is no penalty" by the stock exchanges or the SEC for not having enough independent directors.
In India as of 2017, a majority of the minimum three directors of public companies having share capital in excess of Rs.
The Companies Act, 2013 is drafted taking into consideration the noteworthy inputs and contribution that an Independent Director can bring in to the business.
Section 149(6) of the act stipulates the criteria for a candidate that ensures highest standards of integrity, while also preventing any conflict of interest.
While the NYSE has a $1 million limit on business dealing between directors and the firm, this does not include charitable contributions.