1. Which Indian city has been awarded for its performance in renewable energy by WWF?





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MCQ-> Read the following passage carefully and answer the questions given. Certain words/phrases have been given in bold to help you locate them while answering some of the questions. From a technical and economic perspective, many assessments have highlighted the presence of cost-effective opportunities to reduce energy use in buildings. However several bodies note the significance of multiple barriers that prevent the take-up of energy efficiency measures in buildings. These include lack of awareness and concern, limited access to reliable information from trusted sources, fear about risk, disruption and other ‘transaction costs’ concerns about up-front costs and inadequate access to suitably priced finance, a lack of confidence in suppliers and technologies and the presence of split incentives between landlords and tenants. The widespread presence of these barriers led experts to predict thatwithout a concerted push from policy, two-thirds of the economically viable potential to improve energy efficiency will remain unexploited by 2035. These barriers are albatross around the neck that represent a classic market failure and a basis for governmental intervention. While these measurements focus on the technical, financial or economic barriers preventing the take-up of energy efficiency options in buildings, others emphasise the significance of the often deeply embedded social practices that shape energy use in buildings. These analyses focus not on the preferences and rationalities that might shape individual behaviours, but on the ‘entangled’ cultural practices, norms, values and routines that underpin domestic energy use. Focusing on the practice-related aspects of consumption generates very different conceptual framings and policy prescriptions than those that emerge from more traditional or mainstream perspectives. But the underlying case for government intervention to help to promote retrofit and the diffusion of more energy efficient particles is still apparent, even though the forms of intervention advocated are often very different to those that emerge from a more technical or economic perspective. Based on the recognition of the multiple barriers to change and the social, economic and environmental benefits that could be realised if they were overcome, government support for retrofit (renovating existing infrastructure to make it more energy efficient) has been widespread. Retrofit programmes have been supported and adopted in diverse forms in many setting and their ability to recruit householders and then to impact their energy use has been discussed quite extensively. Frequently, these discussions have criticised the extent to which retrofit schemes rely on incentives and the provision of new technologies to change behaviour whilst ignoring the many other factors that might limit either participation in the schemes or their impact on the behaviours and prac-tices that shape domestic energy use. These factors are obviously central to the success of retrofit schemes, but evaluations of different schemes have found that despite these they can still have significant impacts. Few experts that the best estimate of the gap between the technical potential and the actual in-situ performance of energy efficiency measures is 50%, with 35% coming from performance gaps and 15% coming from ‘comfort taking’ or direct rebound effects. They further suggest that the direct rebound effect of energy efficiency measures related to household heating is Ilkley to be less than 30% while rebound effects for various domestic energy efficiency measures vary from 5 to 15% and arise mostly from indirect effects (i.e., where savings from energy efficiency lead to increased demand for goods and services). Other analyses also note that the gap between technical potential and actual performance is likely to vary by measure, with the range extending from 0% for measures such as solar water heating to 50% for measures such as improved heating controls. And others note that levels of comfort taking are likely to vary according to the levels of consumption and fuel poverty in the sample of homes where insulation is installed, with the range extending from 30% when considering homes across all income groups to around 60% when considering only lower income homes. The scale of these gapsis significant because it materially affects the impacts of retrofit schemes and expectations and perceptions of these impacts go on to influence levels of political, financial and public support for these schemes. The literature on retrofit highlights the presence of multiple barriers to change and the need for government support, if these are to be overcome. Although much has been written on the extent to which different forms of support enable the wider take-up of domestic energy efficiency measures, behaviours and practices, various areas of contestation remain and there is still an absence of robust ex-post evidence on the extent to which these schemes actually do lead to the social, economic and environmental benefits that are widely claimed.Which of the following is most nearly the OPPOSITE in meaning to the word ‘CONCERTED’ as used in the passage ?
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MCQ-> The broad scientific understanding today is that our planet is experiencing a warming trend over and above natural and normal variations that is almost certainly due to human activities associated with large-scale manufacturing. The process began in the late 1700s with the Industrial Revolution, when manual labor, horsepower, and water power began to be replaced by or enhanced by machines. This revolution, over time, shifted Britain, Europe, and eventually North America from largely agricultural and trading societies to manufacturing ones, relying on machinery and engines rather than tools and animals.The Industrial Revolution was at heart a revolution in the use of energy and power. Its beginning is usually dated to the advent of the steam engine, which was based on the conversion of chemical energy in wood or coal to thermal energy and then to mechanical work primarily the powering of industrial machinery and steam locomotives. Coal eventually supplanted wood because, pound for pound, coal contains twice as much energy as wood (measured in BTUs, or British thermal units, per pound) and because its use helped to save what was left of the world's temperate forests. Coal was used to produce heat that went directly into industrial processes, including metallurgy, and to warm buildings, as well as to power steam engines. When crude oil came along in the mid- 1800s, still a couple of decades before electricity, it was burned, in the form of kerosene, in lamps to make light replacing whale oil. It was also used to provide heat for buildings and in manufacturing processes, and as a fuel for engines used in industry and propulsion.In short, one can say that the main forms in which humans need and use energy are for light, heat, mechanical work and motive power, and electricity which can be used to provide any of the other three, as well as to do things that none of those three can do, such as electronic communications and information processing. Since the Industrial Revolution, all these energy functions have been powered primarily, but not exclusively, by fossil fuels that emit carbon dioxide (CO2), To put it another way, the Industrial Revolution gave a whole new prominence to what Rochelle Lefkowitz, president of Pro-Media Communications and an energy buff, calls "fuels from hell" - coal, oil, and natural gas. All these fuels from hell come from underground, are exhaustible, and emit CO2 and other pollutants when they are burned for transportation, heating, and industrial use. These fuels are in contrast to what Lefkowitz calls "fuels from heaven" -wind, hydroelectric, tidal, biomass, and solar power. These all come from above ground, are endlessly renewable, and produce no harmful emissions.Meanwhile, industrialization promoted urbanization, and urbanization eventually gave birth to suburbanization. This trend, which was repeated across America, nurtured the development of the American car culture, the building of a national highway system, and a mushrooming of suburbs around American cities, which rewove the fabric of American life. Many other developed and developing countries followed the American model, with all its upsides and downsides. The result is that today we have suburbs and ribbons of highways that run in, out, and around not only America s major cities, but China's, India's, and South America's as well. And as these urban areas attract more people, the sprawl extends in every direction.All the coal, oil, and natural gas inputs for this new economic model seemed relatively cheap, relatively inexhaustible, and relatively harmless-or at least relatively easy to clean up afterward. So there wasn't much to stop the juggernaut of more people and more development and more concrete and more buildings and more cars and more coal, oil, and gas needed to build and power them. Summing it all up, Andy Karsner, the Department of Energy's assistant secretary for energy efficiency and renewable energy, once said to me: "We built a really inefficient environment with the greatest efficiency ever known to man."Beginning in the second half of the twentieth century, a scientific understanding began to emerge that an excessive accumulation of largely invisible pollutants-called greenhouse gases - was affecting the climate. The buildup of these greenhouse gases had been under way since the start of the Industrial Revolution in a place we could not see and in a form we could not touch or smell. These greenhouse gases, primarily carbon dioxide emitted from human industrial, residential, and transportation sources, were not piling up along roadsides or in rivers, in cans or empty bottles, but, rather, above our heads, in the earth's atmosphere. If the earth's atmosphere was like a blanket that helped to regulate the planet's temperature, the CO2 buildup was having the effect of thickening that blanket and making the globe warmer.Those bags of CO2 from our cars float up and stay in the atmosphere, along with bags of CO2 from power plants burning coal, oil, and gas, and bags of CO2 released from the burning and clearing of forests, which releases all the carbon stored in trees, plants, and soil. In fact, many people don't realize that deforestation in places like Indonesia and Brazil is responsible for more CO2 than all the world's cars, trucks, planes, ships, and trains combined - that is, about 20 percent of all global emissions. And when we're not tossing bags of carbon dioxide into the atmosphere, we're throwing up other greenhouse gases, like methane (CH4) released from rice farming, petroleum drilling, coal mining, animal defecation, solid waste landfill sites, and yes, even from cattle belching. Cattle belching? That's right-the striking thing about greenhouse gases is the diversity of sources that emit them. A herd of cattle belching can be worse than a highway full of Hummers. Livestock gas is very high in methane, which, like CO2, is colorless and odorless. And like CO2, methane is one of those greenhouse gases that, once released into the atmosphere, also absorb heat radiating from the earth's surface. "Molecule for molecule, methane's heat-trapping power in the atmosphere is twenty-one times stronger than carbon dioxide, the most abundant greenhouse gas.." reported Science World (January 21, 2002). “With 1.3 billion cows belching almost constantly around the world (100 million in the United States alone), it's no surprise that methane released by livestock is one of the chief global sources of the gas, according to the U.S. Environmental Protection Agency ... 'It's part of their normal digestion process,' says Tom Wirth of the EPA. 'When they chew their cud, they regurgitate [spit up] some food to rechew it, and all this gas comes out.' The average cow expels 600 liters of methane a day, climate researchers report." What is the precise scientific relationship between these expanded greenhouse gas emissions and global warming? Experts at the Pew Center on Climate Change offer a handy summary in their report "Climate Change 101. " Global average temperatures, notes the Pew study, "have experienced natural shifts throughout human history. For example; the climate of the Northern Hemisphere varied from a relatively warm period between the eleventh and fifteenth centuries to a period of cooler temperatures between the seventeenth century and the middle of the nineteenth century. However, scientists studying the rapid rise in global temperatures during the late twentieth century say that natural variability cannot account for what is happening now." The new factor is the human factor-our vastly increased emissions of carbon dioxide and other greenhouse gases from the burning of fossil fuels such as coal and oil as well as from deforestation, large-scale cattle-grazing, agriculture, and industrialization.“Scientists refer to what has been happening in the earth’s atmosphere over the past century as the ‘enhanced greenhouse effect’”, notes the Pew study. By pumping man- made greenhouse gases into the atmosphere, humans are altering the process by which naturally occurring greenhouse gases, because of their unique molecular structure, trap the sun’s heat near the earth’s surface before that heat radiates back into space."The greenhouse effect keeps the earth warm and habitable; without it, the earth's surface would be about 60 degrees Fahrenheit colder on average. Since the average temperature of the earth is about 45 degrees Fahrenheit, the natural greenhouse effect is clearly a good thing. But the enhanced greenhouse effect means even more of the sun's heat is trapped, causing global temperatures to rise. Among the many scientific studies providing clear evidence that an enhanced greenhouse effect is under way was a 2005 report from NASA's Goddard Institute for Space Studies. Using satellites, data from buoys, and computer models to study the earth's oceans, scientists concluded that more energy is being absorbed from the sun than is emitted back to space, throwing the earth's energy out of balance and warming the globe."Which of the following statements is correct? (I) Greenhouse gases are responsible for global warming. They should be eliminated to save the planet (II) CO2 is the most dangerous of the greenhouse gases. Reduction in the release of CO2 would surely bring down the temperature (III) The greenhouse effect could be traced back to the industrial revolution. But the current development and the patterns of life have enhanced their emissions (IV) Deforestation has been one of the biggest factors contributing to the emission of greenhouse gases Choose the correct option:....
MCQ-> Directions : In the following passage, there are blanks, each of which has been numbered. These numbers are printed below the passage and against each, five words are suggested, one of which fits the blank appropriately. Find out the appropriate word in each case. As the country embarks on planning (221
 ) the 12th Plan (2012-17) period, a key question mark (222) hangs over the process is on the energy requirements. Growth is energy-hungry and the aspirations of growing at 9-10% will (223) huge demands on the energy resources of the country. In this energy jigsaw, renewable energy will (224) like never before in the 12th Plan and the (225). By the rule of the thumb, India will (226) about 100 gigawatts (Gw)-100,000 megawatts of capacity addition in the next five years. Encouraging trends on energy efficiency and sustained (227) by some parts of the government—the Bureau of Energy Efficiency, in particular, needs to be complimented for this-have led to substantially lesser energy intensity of economic growth. However, even the tempered demand numbers are (228) to be below 80Gw. As against this need, the coal supply from domestic sources is unlikely to support more than 25 Gw equivalent capacity. Imported coal can add some more, but at a much (229) cost. Gas-based electricity generation is unlikely to contribute anything substantial in view of the unprecedented gas supply challenges. Nuclear will be (230) in the foreseeable future. Among imported coal, gas, large hydro and nuclear, no more than 15-20Gw equivalent can be (231) to be added in the five-year time block. (232) (233) this, capacity addition in the renewable energy based power generation as touched about 3Gw a year. In the coming five years, the overall capacity addition in the electricity grid (234) renewable energy is likely to range between 20Gw and 25Gw. Additionally, over and above the grid-based capacity, off-grid electricity applications are reaching remote places and (235) lives where grid-based electricity supply has miserably failed.221
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MCQ-> One of the criteria by which we judge the vitality of a style of painting is its ability to renew itself- its responsiveness to the changing nature and quality of experience, the degree of conceptual and formal innovation that it exhibits. By this criterion, it would appear that the practice of abstractionism has failed to engage creatively with the radical change in human experience in recent decades. it has, seemingly, been unwilling to re-invent itself in relation to the systems of artistic expression and viewers’ expectations that have developed under the impact of the mass media. The judgement that abstractionism has slipped into ‘inertia gear’ is gaining endorsement, not only among discerning viewers and practitioners of other art forms, but also among abstract painters themselves. Like their companions elsewhere in the world, abstraction lists in India are asking themselves an overwhelming question today: Does abstractionism have a future? The major- crisis that abstractionists face is that of revitalising their picture surface; few have improvised any solutions beyond the ones that were exhausted by the I 970s. Like all revolutions, whether in politics or in art, abstractionism must now confront its moment of truth: having begun life as a new and radical pictorial approach to experience, it has become an entrenched orthodoxy itself. Indeed, when viewed against a historical situation in which a variety of subversive, interactive and richly hybrid forms are available to the art practitioner, abstractionism assumes the remote and defiant air of an aristocracy that has outlived its age; trammelled by formulaic conventions yet buttressed by a rhetoric of sacred mystery, it seems condemned to being the last citadel of the self-regarding ‘fine art’ tradition, the last hurrah of painting for painting’s sake. The situation is further complicated in India by the circumstances in which an indigenous abstractionism came into prominence here during the 1960s. From the beginning it was propelled by the dialectic between two motives, one revolutionary and the other conservative-it was inaugurated as an act of emancipation from the dogmas of the nascent Indian nation state, when an’ was officially viewed as an indulgence at worst, and at best, as an instrument for the celebration of the republic’s hopes and aspirations. Having rejected these dogmas, the pioneering abstractionists also went on to reject the various figurative styles associated with the Santiniketan circle and others. In such a situation, abstractionism was a revolutionary move, It led art towards the exploration of the s 3onsc)ous mind, the spiritual quest and the possible expansion of consciousness. Indian painting entered into a phase of self-inquiry, a meditative inner space where cosmic symbols and non-representational images ruled. Often, the transition from figurative idioms to abstractionist ones took place within the same artist. At the same time, Indian abstractionists have rarely committed themselves wholeheartedly to a nonrepresentational idiom. They have been preoccupied with the fundamentally metaphysical project of aspiring to the mystical- holy without altogether renouncing the symbolic) This has been sustained by a hereditary reluctance to give up the murti, the inviolable iconic form, which explains why abstractionism is marked by the conservative tendency to operate with images from the sacred repertoire of the past. Abstractionism thus entered India as a double-edged device in a complex cultural transaction. ideologically, it served as an internationalist legitimisation the emerging revolutionary local trends. However, on entry; it was conscripted to serve local artistic preoccupations a survey of indigenous abstractionism will show that its most obvious points of affinity with European and American abstract art were with the more mystically oriented of the major sources of abstractionist philosophy and practice, for instance the Kandinsky-Klee school. There have been no takers for Malevich’s Suprematism, which militantly rejected both the artistic forms of the past and the world of appearances, privileging the new- minted geometric symbol as an autonomous sign of the desire for infinity. Against this backdrop, we can identify three major abstractionist idioms in Indian art. The first develops from a love of the earth, and assumes the form of a celebration of the self’s dissolution in the cosmic panorama; the landscape is no longer a realistic, transcription of the scene, but is transformed into a visionary occasion for contemplating the cycles of decay and regeneration. The second idiom phrases its departures from symbolic and archetypal devices as invitations to heightened planes of awareness. Abstractionism begins with the establishment or dissolution of the motif, which can be drawn from diverse sources, including the hieroglyphic tablet, the Sufi meditation dance or the Tantrie diagram. The third- idiom is based on the lyric play of forms guided by gesture or allied with formal improvisations like the assemblage. Here, sometimes, the line dividing abstract image from patterned design or quasi-random expressive marking may blur. The flux of forms can also be regimented through the poetics of pure colour arrangements, vector-diagrammatic spaces anti gestural design. In this genealogy, some pure lines of descent follow their logic to the inevitable point of extinction, others engage in cross-fertilisation and yet others undergo mutation to maintain their energy. However, this genealogical survey demonstrates the wave at its crests, those points where the metaphysical and the painterly have been fused in images of abiding potency, ideas sensuously ordained rather than fabricated programmatically to a concept. It is equally possible to enumerate the troughs where the two principles do not come together, thus arriving at a very different account. Uncharitable as it may sound, the history of Indian abstractionism records a series of attempts to avoid the risks of abstraction by resorting to an overt and near-generic symbolism which many Indian abstractionists embrace when they find themselves bereft of the imaginative energy to negotiate the union of metaphysics and painterliness. Such symbolism falls into a dual trap: it succumbs to the pompous vacuity of pure metaphysics when the burden of intention is passed off as justification; or then it is desiccated by the arid formalism of pure painterliness, with delight in the measure of chance or pattern guiding the execution of a painting. The ensuing conflict of purpose stalls the progress of abstractionism in an impasse. The remarkable Indian abstractionists are precisely those who have overcome this and addressed themselves to the basic elements of their art with a decisive sense of independence from prior models. In their recent work, we see the logic of Indian abstractionism pushed almost to the furthest it can be taken. Beyond such artists stands a lost generation of abstractionists whose work invokes a wistful, delicate beauty but stops there. Abstractionism is not a universal language; it is an art that points up the loss of a shared language of signs in society. And yet, it affirms the possibility of its recovery through the effort of awareness. While its rhetoric has always emphasised a call for new forms of attention, abstractionist practice has tended to fall into a complacent pride in its own incomprehensibility; a complacency fatal in an ethos where vibrant new idioms compete for the viewers’ attention. Indian abstractionists ought to really return to basics, to reformulate and replenish their understanding of the nature of the relationship between the painted image and the world around it. But will they abandon their favourite conceptual habits and formal conventions, if this becomes necessary?Which one of the following is not stated by the author as a reason for abstractionism losing its vitality?
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MCQ-> Read carefully the four passages that follow and answer the questions given at the end of each passage:PASSAGE I The most important task is revitalizing the institution of independent directors. The independent directors of a company should be faithful fiduciaries protecting, the long-term interests of shareholders while ensuring fairness to employees, investor, customer, regulators, the government of the land and society. Unfortunately, very often, directors are chosen based of friendship and, sadly, pliability. Today, unfortunately, in the majority of cases, independence is only true on paper.The need of the hour is to strengthen the independence of the board. We have to put in place stringent standards for the independence of directors. The board should adopt global standards for director-independence, and should disclose how each independent director meets these standards. It is desirable to have a comprehensive report showing the names of the company employees of fellow board members who are related to each director on the board. This report should accompany the annual report of all listed companies. Another important step is to regularly assess the board members for performance. The assessment should focus on issues like competence, preparation, participation and contribution. Ideally, this evaluation should be performed by a third party. Underperforming directors should be allowed to leave at the end of their term in a gentle manner so that they do not lose face. Rather than being the rubber stamp of a company’s management policies, the board should become a true active partner of the management. For this, independent directors should be trained in their in their in roles and responsibilities. Independent directors should be trained on the business model and risk model of the company, on the governance practices, and the responsibilities of various committees of the board of the company. The board members should interact frequently with executives to understand operational issues. As part of the board meeting agenda, the independent directors should have a meeting among themselves without the management being present. The independent board members should periodically review the performance of the company’s CEO, the internal directors and the senior management. This has to be based on clearly defined objective criteria, and these criteria should be known to the CEO and other executive directors well before the start of the evolution period. Moreover, there should be a clearly laid down procedure for communicating the board’s review to the CEO and his/her team of executive directors. Managerial remuneration should be based on such reviews. Additionally, senior management compensation should be determined by the board in a manner that is fair to all stakeholders. We have to look at three important criteria in deciding managerial remuneration-fairness accountability and transparency. Fairness of compensation is determined by how employees and investors react to the compensation of the CEO. Accountability is enhanced by splitting the total compensation into a small fixed component and a large variable component. In other words, the CEO, other executive directors and the senior management should rise or fall with the fortunes of the company. The variable component should be linked to achieving the long-term objectives of the firm. Senior management compensation should be reviewed by the compensation committee of the board consisting of only the independent directors. This should be approved by the shareholders. It is important that no member of the internal management has a say in the compensation of the CEO, the internal board members or the senior management. The SEBI regulations and the CII code of conduct have been very helpful in enhancing the level of accountability of independent directors. The independent directors should decide voluntarily how they want to contribute to the company. Their performance should decide voluntarily how they want to contribute to the company. Their performance should be appraised through a peer evaluation process. Ideally, the compensation committee should decide on the compensation of each independent director based on such a performance appraisal. Auditing is another major area that needs reforms for effective corporate governance. An audit is the Independent examination of financial transactions of any entity to provide assurance to shareholder and other stakeholders that the financial statements are free of material misstatement. Auditors are qualified professionals appointed by the shareholders to report on the reliability of financial statements prepared by the management. Financial markets look to the auditor’s report for an independent opinion on the financial and risk situation of a company. We have to separate such auditing form other services. For a truly independent opinion, the auditing firm should not provide services that are perceived to be materially in conflict with the role of the auditor. These include investigations, consulting advice, sub contraction of operational activities normally undertaken by the management, due diligence on potential acquisitions or investments, advice on deal structuring, designing/implementing IT systems, bookkeeping, valuations and executive recruitment. Any departure from this practice should be approved by the audit committee in advance. Further, information on any such exceptions must be disclosed in the company’s quarterly and annual reports. To ensure the integrity of the audit team, it is desirable to rotate auditor partners. The lead audit partner and the audit partner responsible for reviewing a company’s audit must be rotated at least once every three to five years. This eliminates the possibility of the lead auditor and the company management getting into the kind of close, cozy relationship that results in lower objectivity in audit opinions. Further, a registered auditor should not audit a chief accounting office was associated with the auditing firm. It is best that members of the audit teams are prohibited from taking up employment in the audited corporations for at least a year after they have stopped being members of the audit team.A competent audit committee is essential to effectively oversee the financial accounting and reporting process. Hence, each member of the audit committee must be ‘financially literate’, further, at least one member of the audit committee, preferably the chairman, should be a financial expert-a person who has an understanding of financial statements and accounting rules, and has experience in auditing. The audit committee should establish procedures for the treatment of complaints received through anonymous submission by employees and whistleblowers. These complaints may be regarding questionable accounting or auditing issues, any harassment to an employee or any unethical practice in the company. The whistleblowers must be protected. Any related-party transaction should require prior approval by the audit committee, the full board and the shareholders if it is material. Related parties are those that are able to control or exercise significant influence. These include; parent- subsidiary relationships; entities under common control; individuals who, through ownership, have significant influence over the enterprise and close members of their families; and dey management personnel.Accounting standards provide a framework for preparation and presentation of financial statements and assist auditors in forming an opinion on the financial statements. However, today, accounting standards are issued by bodies comprising primarily of accountants. Therefore, accounting standards do not always keep pace with changes in the business environment. Hence, the accounting standards-setting body should include members drawn from the industry, the profession and regulatory bodies. This body should be independently funded. Currently, an independent oversight of the accounting profession does not exist. Hence, an independent body should be constituted to oversee the functioning of auditors for Independence, the quality of audit and professional competence. This body should comprise a "majority of non- practicing accountants to ensure independent oversight. To avoid any bias, the chairman of this body should not have practiced as an accountant during the preceding five years. Auditors of all public companies must register with this body. It should enforce compliance with the laws by auditors and should mandate that auditors must maintain audit working papers for at least seven years.To ensure the materiality of information, the CEO and CFO of the company should certify annual and quarterly reports. They should certify that the information in the reports fairly presents the financial condition and results of operations of the company, and that all material facts have been disclosed. Further, CEOs and CFOs should certify that they have established internal controls to ensure that all information relating to the operations of the company is freely available to the auditors and the audit committee. They should also certify that they have evaluated the effectiveness of these controls within ninety days prior to the report. False certifications by the CEO and CFO should be subject to significant criminal penalties (fines and imprisonment, if willful and knowing). If a company is required to restate its reports due to material non-compliance with the laws, the CEO and CFO must face severe punishment including loss of job and forfeiting bonuses or equity-based compensation received during the twelve months following the filing.The problem with the independent directors has been that: I. Their selection has been based upon their compatibility with the company management II. There has been lack of proper training and development to improve their skill set III. Their independent views have often come in conflict with the views of company management. This has hindered the company’s decision-making process IV. Stringent standards for independent directors have been lacking....
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