An independent director means a director other than a managing director or a whole-time director or a nominee director who does not have any material or pecuniary relationship with the company/directors. Which of the following should be the number of Independent Directors in every listed public company (fraction is to be rounded off to one)?

A. At least one-half of the total number of directors as independent directors

B. At least one-fourth of the total number of directors as independent directors

C. At least one-third of the total number of directors as independent directors

D. It can be any number

Answer: Option C