Mumbai, March 4 -- Thirty-six Maharatna and Navratna companies fell short of the mandated minimum number of independent directors in 2024-25, according to the fifth edition of Excellence Enablers' survey. The survey explores corporate governance practices across 14 Maharatna and 26 Navratna companies.

While corporate governance practices have seen improvement over the years, there are still areas that need attention, indicating ongoing gaps in compliance with governance norms.

The Companies Act requires every listed company to appoint independent directors constituting at least one-third of its board. The report shows that the highest number of independent directors on a single board in the last four years (FY22-FY25) was eight in FY22,...