New Delhi, March 12 -- Corporate governance is central to the effective functioning of public sector undertakings (PSUs). To maximize board effectiveness, a careful balance must be maintained. The fourth edition of the Excellence Enablers' survey explores corporate governance practices across 13 Maharatna and 20 Navratna companies.

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Board composition plays a key role in governance. The Companies Act, 2013 mandates a minimum of three directors for public companies, two for private companies, and one for a one-person company, with a maximum of 15 directors. Over the past three years, the average board size of PSUs in the survey has remained stable, typically ranging from 9 to ...