The trustees of Sir Ratan Tata Trust and Sir Dorabji Tata Trust have now become permanent members, ending the practice of fixed-term appointments, according to a report by Mint. This decision was made during a board meeting of the two trusts on Thursday. As a result, the board members will not retire unless they choose to resign. New members will be appointed only if there is unanimous agreement.
The two trusts together own more than half of Tata Sons, the holding company of the $165-billion Tata Group, which oversees various industries including salt, software, and philanthropic activities.
Sir Ratan Tata Trust holds 27.98 per cent of Tata Sons, while Sir Dorabji Tata Trust owns 23.56 per cent, according to the report.
This board meeting was the second since Noel Tata was appointed head of Tata Trusts on October 11, following the death of his half-brother, Ratan Tata, a corporate icon, on October 9 at age 86.
Tata Sons manages 30 companies across industries such as consumer goods, hotels, automobiles, and airlines. It has grown into a global leader, owning brands like Jaguar Land Rover and Tetley Tea, and partnering with companies like Starbucks and Airbus in India.
