Granting more autonomy to the Indian Institutes of Management (IIMs), the Centre has allowed these elite institutions to open off-campus centres within and outside the country.
The IIM Boards can also create posts within the framework of Memorandum of Association.
This was announced by Union Human Resource Development Minister Kapil Sibal at a meeting with the chairpersons and directors of IIMs here on Wednesday to discuss the future vision of the IIMs and the necessary steps taken to achieve these.
The IIM Boards will also have the powers to acquire and dispose of property, not fully or partially funded by the Ministry of Human Resource Development, powers to approve their budget and manage the funds generated by the institutions.
However, pointing out that autonomy should be made accountable, Mr. Sibal suggested that the faculty, the director and the IIM Boards prepare annual action plans and define key performance indicators at each level besides ensuring transparency.
Committee reports
Considering the reports of the three committees constituted in the last meeting at Bangalore on various issues, Wednesday's meeting agreed to reduce the number of Board members to 14 (from the existing maximum of 26). This was one of the recommendations made by R.C. Bhargava, chairman of IIM, Ranchi, at a committee on Governance Structure for IIMs chaired by him. It also discussed and approved the composition and selection of the Boards with adequate membership to IIM Society, the government, the faculty and the alumni.
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