The Hindu Business Line : 6 institutes named as corporate governance centres

THE Governing Council of National Foundation for Corporate Governance (NFCG) approved the accreditation of six premier institutions on an ad-hoc basis as national centres for corporate governance (NCCG).

According to an official communication, these institutes are the four Indian Institutes of Management (IIMs of Ahmedabad, Bangalore, Kolkata, and Lucknow) along with the Administrative Staff College of India, Hyderabad, and the Indian School of Business, Hyderabad.

The NFCG envisages setting up NCCG to provide training to directors and undertake research and advocacy in corporate governance.

The Governing Council of NFCG, which held its first meeting on Wednesday, under the Chairmanship of Mr Prem Chand Gupta, Minister of Company Affairs, approved the criteria for selection and accreditation of institutions besides approving the accreditation of institutes on an ad-hoc basis as NCCGs.

The NFCG is a trust set up by the Government in association with the Confederation of Indian Industry, Institute of Chartered Accountants of India and Institute of Company Secretaries of India.

The objectives of setting up the NFCG are: discussing issues relating to corporate governance, sensitising corporate leaders on the importance of good corporate governance, self regulation and directorial responsibilities, and providing research and training in corporate governance.

It was decided at the meeting that further initiatives would be taken by the NFCG on research and case studies, a model whistle blowers' policy, a corporate governance policy for large institutional investors and a corporate governance audit after consultations with stakeholders.

The Governing Council approved the decision of the Board of Trustees to develop links with reputed international organisations.

The council also launched the Web site www.nfcgindia.org. NFCG will post a discussion paper on corporate governance on this site and invite feedback.

Mr N. R. Narayana Murthy, Chairman and Chief Mentor, Infosys Technologies Ltd, was nominated as the second Vice-Chairman of the Governing Council.