Reliance CMD Mukesh Ambani will chair a crucial board meeting of the Indian Institute of Management-Bangalore ( IIM-B) on Wednesday to discuss governance change.

Recommendations of the human resource development ministry-appointed committee, which called for reducing the size of society and boards at IIMs by inducting more alumni and corporate donors, will be taken up by the 26-member board of governors. The agenda includes strategy for raising funds for IIM-B and stepping up PhD output.

HRD minister Kapil Sibal has asked all IIMs to amend their memorandum of association and rules by the beginning of next year. This will enable B-schools to create their own posts, open centres in India and abroad and manage funds on their own.

The issue of increasing fee for the two-year PGP hasn't been listed on the agenda, perhaps indicating that the fee for the flagship programme could remain at Rs 13 lakh for 2011-12. A final decision will be announced after the board meeting.