CHAIRPERSON vs CHIEF EXECUTIVE

CHAIRPERSON vs CHIEF EXECUTIVE

The Section 4(2)(a)  of LIC Act 1956  has been amended as follows:

"2) The Board of Directors of the Corporation shall consist of the following directors, not exceeding fifteen, of whom at least one shall be a woman, namely:-

(a) a Chairperson of the Board, to be appointed by the Central Government, who shall be a whole-time director of the Corporation;"

The Staff Rules 1960( erstwhile Staff Regulations 1960) and LIC Pension Rules 1995 have also  been amended where the word "Chairman" has been substituted by the word "Chief Executive"

Does this mean that Chairperson and Chief Executive will be different ?

If it is so,Chairperson of LIC will not come under the definition of Rule 2(j)  of LIC Pension Rules 1995 as 'employee' of the Corporation unless the Rule is suitably amended.

Any views on this?

C H Mahadevan