LIC employees resent appointment of private candidates

Excelsior Correspondent
JAMMU, Oct 23: LIC Employees, represented by Northern Zone Insurance Employees’ Association, Srinagar Division, affiliated to All India Insurance Employees’ Association (AIIEA), lodged strong protest against the recent executive order issued by the Appointments Committee of the Cabinet (ACC) approving ‘revised consolidated guidelines’ for appointment of Whole Time Directors (WTDs), Managing Directors (MDs), Executive Directors (EDs) and Chairpersons in public sector insurance companies and the Public Sector Banks.
In a statement, the employees said that these institutions are governed by Acts of Parliament and their management structures, roles and appointment processes are clearly defined in these laws.
“The issuance of new guidelines without amending the enabling Acts amounts to executive overreach and an undermining of Parliamentary authority. This move strikes at the very ethos of nationalisation, which ensured that banking and insurance serve the public interest rather than private profit. The revised guidelines open the door for greater private influence and eventual privatisation of these eminently successful public sector financial institutions,” reads the statement, adding that this would threaten the economic sovereignty of the nation apart from endangering the security of people’s savings.

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