Future-Ready Boards Must Be Agile, Ethical, And Diverse: Imtaiyazur Rahman
At the prestigious India Boards Conclave held at the National Stock Exchange (NSE)—hosted by Board Stewardship—leaders from several corporate sectors in India gathered to discuss the architecture of future-ready Boards. Against this backdrop, Imtaiyazur Rahman, MD & CEO of UTI Asset Management Company, delivered a keynote that was as introspective as it was inspirational.
With characteristic humility, Rahman opened his address by acknowledging industry stalwarts like Shailesh Haribhakti and Ashishkumar Chauhan. Rahman was joined on the keynote roster by Vikesh Wallia, Managing Director & Editor at Board Stewardship; Ashishkumar Chauhan, Managing Director & CEO of the NSE; and Shailesh Haribhakti, Non-Executive Chairman & Independent Director on Multiple Boards. Together, they brought a multidimensional perspective on the evolution of boardroom leadership in India and beyond.
Rahman’s central message was clear: Boardrooms must urgently transition from ritualistic governance to values-driven stewardship. “It is our collective responsibility to nurture and develop the next level of Board leadership,” he said. “We are in the era of governance where we have to constantly meet the expectations of our stakeholders and fulfil our obligations towards our children and grandchildren.”
He introduced the concept of “Governance 360°”—a framework grounded in five key pillars: Board constitution, code of conduct, agenda analysis, continuous education, and Board evaluations. For Rahman, these elements are not theoretical ideals but lived principles at UTI AMC.
On the first pillar, Rahman challenged Boards to evolve structurally. “Future Boards must be designed for agility,” he asserted. “The composition and constitution of the Board should reflect the evolving demand of the business, not just diversity of power, but diversity of expertise such as technology, ESG, HR, public policy, cybersecurity, and customer behaviour.”
He proposed a rethink of Board tenures with a “4+4” model—emphasising that many Directors begin Board careers late in life and must treat it as a serious, not ceremonial, profession.
Rahman also called out poor boardroom behaviour with clarity and wit. “Mr. Damodaran often said that members of the Board often open their mouths either to chew the cookies or the cashew nut.” Citing Board members who speak only to oppose or speak endlessly without substance, he stressed the need for constructive dialogue and professional decorum.
A powerful anecdote underscored his call for ethical leadership. Recalling Dr. R.H. Bhatia, the late non-executive chairman of UTI, Rahman shared: “He returned the new car we gave him and asked for the oldest one instead. We learnt a lot.”
Moving to the critical topic of Board preparation, Rahman addressed the challenge of navigating massive Board dockets. “We send 5,000-page Board packs in advance. What application of mind will they have?” he asked. “Please send the questions in advance. That will help the management to prepare the answer back.”
He also raised questions about the effectiveness of Board evaluations. “We hired the services of one of the top four firms… And we get very ordinary people who come and sit on our Board as observers and go for the evaluation. I don’t feel we have the competencies and capabilities in India to evaluate Boards to our standard.”
Turning to sustainability and ESG, Rahman urged Boards to go beyond checkbox compliance. “It means questioning not just what we do, but how we do it, whom it affects, and when the effects are felt,” he noted, citing research that shows 74% of financial institutions cite client demand as the primary driver for ESG adoption.
He then warned of rising digital threats and a lack of preparedness. “How many members of the Board are qualified enough to deal with cybersecurity issues?” he asked. “AI and cybersecurity need to be dealt with at the Board level seriously.”
On diversity, Rahman did not mince words. “Diversity is not a feel-good factor. It is a competitive capital,” he said. But diversity, he emphasised, must transcend identity quotas. “To truly optimise that diversity, we must move from composition to culture. Inclusion cannot be dictated. It must be modelled.”
In his stirring conclusion, Rahman issued a call for a new kind of leadership. “The future will not be led by those who are the most cautious or comfortable,” he declared. “It will be led by those who are the most conscious of their impact, their obligations, and their power to shape outcomes that matter.”
Through his keynote at the India Boards Conclave, Imtaiyazur Rahman offered not just insights but imperatives—for Boards to reflect, reform, and rise to meet the demands of a world in flux. The conclave’s high-calibre audience—comprising Independent Directors, CXOs, governance professionals, sustainability experts, and next-gen board aspirants—ensured that the message found thoughtful and influential ears.
