Here is a number that should have made more headlines than it did. As of December 2024, 86% of independent director positions across India's Central Public Sector Enterprises were vacant. Not understaffed. Not partially filled. Empty. Out of approximately 750 independent director roles on CPSE boards, 648 were unfilled — a sharp jump from 392 vacancies just three months earlier in September. Think about what that means in practice. Audit committees without quorum. Risk overs