Business Daily from THE HINDU group of publications
Monday, Apr 06, 2009
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Business Daily from THE HINDU group of publications Monday, Apr 06, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Corporate Governance Industry & Economy - Industry Associations Web Extras - Outlook Panel on corporate governance may submit report in six months Our Bureau Kolkata, April 5 The core group formed by the Institute of Company Secretaries of India (ICSI) in the wake of the Satyam scam is expected to come out with its recommendations on corporate governance issues in six months, according to its Secretary and Chief Executive Officer, Mr N.K. Jain. The recommendations of the seven-member core group, headed by ICSI’s immediate past-President, Mr Kayoor Bakshi, would be forwarded to the Ministry of Company Affairs by the year-end, Mr Jain said while interacting with the media here. The core group is likely to focus on enhancement of disclosure and transparency norms by companies, how to make functioning of board more effective and introduce an evaluation system for independent directors in particular and the board in general. “There is currently no system for evaluation of the independent directors and we will have to decide whether the time is right for introducing such a system,” he said. The issue was pertinent in view of the fact that more than 150 independent directors in different companies across the country resigned shortly after the Satyam scam, he observed. The Life Insurance Corporation of India and Punjab National Bank had approached ICSI immediately after the scam with the request to provide training to their independent directors on corporate governance issues, he added.
The councils of company secretaries in countries such as the US, the UK, Australia, Singapore, India, China, Brazil and Russia, he pointed out, were in favour of setting up a new global body by the year-end. The proposed body, which would have representatives from the councils of these countries for “lobbying” with multilateral and international organisations, would work in tandem with the existing International Federation of Company Secretaries, he said. A steering committee formed for the purpose would meet by June to finalise the basic framework such as draft contribution, fee structure and location of the head quarter for setting up the proposed entity, he added. “The first agenda of the new body will be the formation of a separate division for corporate governance and advisory services under the sectoral classification of WTO,” Mr Jain said. More Stories on : Corporate Governance | Industry Associations | Outlook
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