New Delhi: The Tata Trust has made some key changes regarding the appointments under Noel Tata’s leadership. According to a Live Mint report, trustees of the Sir Ratan Tata Trust and Sir Dorabji Tata Trust have now become permanent members, ending the system of fixed-term appointments. The report further states that the decision was made on Thursday during the board meeting of both the trusts. After this decision, the board members will now not retire unless they choose to resign, and new members will be appointed only with the unanimous consent of all the trust members.
The business daily further reported that the two trusts collectively own more than half of the shares of Tata Sons, which is the holding company of the USD 165-billion salt-to-software conglomerate, and manages all the philanthropic activities of the group.
This was the second board meeting held by the trusts after they appointed Noel Tata to head Tata Trusts on October 11.
According to the report, Sir Ratan Tata Trust owns 27.98 percent of Tata Sons, while Sir Dorabji Tata have 23.56 percent shares of the holding firm.
It is important to note that Tata Group’s parent company, Tata Sons, oversees 30 firms across various sectors, including hotels, automobiles, consumer products, and airlines. In last few years, Tata Sons has become a global business group with acquisitions of brands like Jaguar Land Rover and Tetley Tea. It owns Tata Consultancy Services, Taj Hotels, and Air India, and is a business partner of Starbucks SBUX.O and Airbus in India.
Noel Tata’s appointment was made following the death of his half-brother and legendary corporate icon Ratan Naval Tata on October 9 in Mumbai at the age of 86.