No Scope Of ‘Management’ Here: Government Caps Retirement Age Of IIM Chairmen To 74 Years

The Union government has capped the retirement age of the Chairmen of the Indian Institutes of Management (IIMs) at 74, Mint has reported. However, the board has rejected the demand to raise the superannuation age of directors to 70 from the present 65.

“The tenure of Chairperson shall automatically come to an end, on completion of 74 years of age or completion of four years as Chairperson, whichever is earlier,” the new set of rules said.

The new rules also mandates the IIM director to either be a citizen of India or one who is an overseas citizen of India (OCI). Foreign passport holders without an Indian origin link would be kept aside.

"The person proposed to be appointed as director shall be an Indian citizen or an Overseas Citizen of India (OCI),” the IIM rules said.

However, reports suggest that new citizenship restriction may impede IIMs efforts on global reach and reputation.

IIMs have, reportedly in the past never hired a director who is either not an Indian citizen or an OCI. However, there were reports that IIMs may open up their top post to anyone from anywhere, in the spirit of the IIM Act that gives them more autonomy.