And for a Friday as Chairman of Governance Committee at BCCI – Board Compliance Seminar…. some thoughts….
Post the unfortunate misgovernance developments at the Iconic Institutions, Tatas and Infosys, the Role, Effectiveness and Accountability of the Board of Directors has come for sharp scrutiny and rightly so.
India has ofcourse some great very well managed Professionally Run Boards where the People at the Top run the Company as Trustees of the Capital. But many Indian Family Owned Listed Companies, sadly still run as Jagirdaris. The Owners manipulate Corporate Governance…. is Just Posters on the wall!!
Company Act 2013, SEBI-LODR have attempted good improvements and now the Uday Kotak led Committee has made very good recommendations – min 6 Board Members, splitting roles of Chairman & MD, evaluation of Board and Independent Directors etc etc. I fully support and hope it is accepted.
Institutions like Bombay Chamber are crucial in enforcing these changes. BCCI has India’s best large MNCs as also thousands of small and medium enterprises promoting Ethics and Governance as a Good Corporate Citizen.
India has progressed substantially from 142 rank to 100 in “Ease of Doing Business”. But that’s just the beginning. Much more needs to be done. Lets all contribute to a Developed India…. the Transparent way…. the Legal way…. the Ethical way…. the SEEGOS way.