T ABLE OF CONTENTS CERTIFICATE ; DECLARATION ; ACKNOWLEDGEMENT ; LIST OF ABBREVIATIONS ; TABLE OF CASES ; ABSTRACT ; RESEARCH DESIGN ; Aim ; Research Objective ; Statement of Problem ; Scope and Limitations ; Research Hypothesis ; Research Questions; Research Methodology ; Sources ; Chapterisation ; I. INTRODUCTION ; II. UNDERSTANDING BOARD STRUCTURE AND FUNCTIONS ; 2.1 Need for Board Centered Corporate Governance ; 2.2 Board Structure ; 2.3 Board Functions ; 2.3.1 Defining the Company's Purpose, Strategies and Policies ; 2.3.2 Relational Role ; 2.3.3 Appointment & Monitoring Role ; III. TRACING THE EVOLUTION OF INDEPENDENT DIRECTORS ; 3.1 As a means to Reduce Agency Costs ; 3.2 As an institutional check to prevent corporate abuses and plain mismanagement; 3.3 Emergence of the Independent Directors in the United States ; 3.4 Emergence of the Independent Directors in the United Kingdom ; 3.5 Emergence of the Independent Directors in India ; IV. DEFINING AND UNDERSTANDING THE CONCEPT OF INDEPENDENT DIRECTORS ; 4.1 Criteria for determining the Independence ; 4.1.1 Concept Of Independent Directors In The United States ; 4.1.2 Concept of Independent Directors in The United Kingdom ; 4.1.3 Concept Of Independent Directors In India ; 4.1.4 A new Paradigm for the definition of Independent Directors ; 4.2 Distinguishing Independent Directors from Other Types of Directors ; 4.2.1 Executive and Non-executive Directors; 4.2.2 Alternate Directors ; 4.2.3 Shadow directors ; 4.2.4 De facto Directors ; 4.2.5 Managing Director ; 4.2.6 Nominee Director ; 4.3 Defining the Roles of Independent Directors; 4.3.1 Monitoring Role ; 4.3.2 Advisory Role ; 4.3.3 Relational Role- B/w Company and the Outsiders ; V. COMPARATIVE ANALYSIS ; 5.1 Identifying the differences in various jurisdictions ; 5.1.1 Approach to the criteria for independence ; 5.1.2 Nomination & Procedure for Appointment- How far it ensures Independence; 5.1.3 Duties prescribed ; 5.1.4 Liability; 5.1.5 Tenure of Independent Directors ; 5.1.6 Remuneration ; 5.2 Identifying the reasons for such differences; 5.2.1 Difference in Ownership Patterns in US and UK- Dispersed Ownership patterns ; 5.2.2 Concentrated Ownership Structure in India ; VI. ENSURING EFFECTIVENESS OF INDEPENDENT DIRECTORS; 6.1 Limitations on Independent Directors Independence ; 6.1.1 Time Constraints ; 6.1.2 Lack of Knowledge and Information ; 6.1.3. Weak Incentives to Monitor ; 6.1.4. The Lack of Sufficient Legal Liability ; 6.1.5 Structural Constraints ; 6.2 Means to combat such Limitations ; 6.2.1. Longer terms of service in the Board- Concept of Full time ID ; 6.2.2 Remuneration ; 6.2.3 Staff support for Independent Directors ; 6.2.4 Incentives ; VII. CONCLUSION ; BIBLIOGRAPHY .