Industry & Economy
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PSU
PSUs need to improve corporate governance norms: Gupta
Our Bureau
New Delhi
,
Aug. 8
WITH a number of PSUs tapping the capital market and becoming less dependent on Budgetary support for capital requirements, the need to follow corporate governance norms has also increased for them, according to Mr Prem Chand Gupta, Minister for State (Independent Charge) of Company Affairs.
Speaking at the valedictory session of a joint conference organised by SCOPE and Academy of Corporate Governance, he said: "They have to gear up for more and more competence, transparency, and competitive ability. It is in this regard that the concept of independent directors becomes relevant for the PSUs."
Whatever may be the percentage of independent directors on the boards of companies, there is a need to create a pool of independent directors, he added.
Complimenting SCOPE for its proposal to form a `bank of independent directors' and imparting comprehensive training to them so that they can effectively discharge their responsibilities, Mr Gupta said: "With greater exchange of human resources between the public and private sectors, this would be beneficial for all companies in the country."
While stating that level playing field and free competition was the order of the day, he said that only those business enterprises could survive and flourish which deliver the best goods and services at competitive prices.
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