Mumbai, Maharashtra (October 21, 2024): The Tata Group, one of India’s oldest business conglomerates, has witnessed a major change in its internal traditions for the first time. Following the demise of Ratan Tata, the Tata Trusts have made significant adjustments to their appointment policies.
The trustees of the Sir Ratan Tata Trust and Sir Dorabji Tata Trust have become permanent members of Tata Trusts, ending the practice of fixed-term appointments. This decision was made during a board meeting held on Thursday, according to a Livemint report. Under the new arrangement, board members will no longer retire unless they voluntarily step down. Any new appointments will require the unanimous consent of all existing members, the report noted.
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Both trusts hold more than half the shares in Tata Sons, a holding company valued at approximately $165 billion, with stakes in several leading Tata Group companies. The Tata Trusts oversee the group’s philanthropic activities, ensuring the continuation of its charitable endeavors.
According to reports, the Sir Ratan Tata Trust owns 27.98% of Tata Sons, while the Sir Dorabji Tata Trust holds 23.56%. This was the second board meeting since Noel Tata was appointed chairman of Tata Trusts on October 11, following the passing of Ratan Tata. Noel Tata, the half-brother of Ratan Tata, assumed leadership to guide the trusts.
Tata Sons, the parent company of the Tata Group, oversees around 30 companies across various sectors, including hotels, automobiles, consumer products, and airlines. Over the years, the group has expanded globally with acquisitions such as Jaguar Land Rover and Tetley Tea. It owns major entities like Tata Consultancy Services, Taj Hotels, and Air India and is also a partner in ventures with Starbucks and Airbus in India.
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