E Newsletter

Corporate Governance

Issue# 2 (July-September 2008)


Fundamental objective of corporate governance is the 'enhancement of the long-term shareholder value while at the same time protecting the interests of other stakeholders."

-SEBI (Kumar Mangalam Birla) Report on Corporate Governance, January, 2000

Editorial Board

  • Mr Vijay Kapur, Director, ICAI,
  • Mr Balwant Kulkarni, Director, ICSI;
  • Prof Sanjay Sehgal, Head, Dept. of Financial Studies, University of Delhi South Campus.


Corporate Governance Updates

Report about How to implement the OECD Principle in Boardroom

Good boardroom practice requires more than law and regulation, judgement, diplomacy and integrity. This report / book by OECD provides practical help for boards that navigate their way from principles to practice. It aims to describe how boards can practice good corporate governance in reality. This initiative reflects the importance that the OECD attaches to the private sector as a force in implementing good corporate governance.

For more details, please refer to:

click here....

bcIMC CG Principles and Proxy Voting Guidelines

In July 2008, British Columbia Investment Management Corporation (bcIMC), one of the largest institutional investors in Canada, published the latest version of its "Corporate Governance Principle and Proxy Voting Guidelines". This is the fifth edition of this document, which was first produced in May 1996 and then revised in 2001, 2003, and 2006. New sections in these guidelines include Director Effectiveness under The Board of Directors chapter and Remuneration Policy under the Management and Director Compensation chapter.

For more details, please refer to:

click here....

Hermes Corporate Governance Principles - Japan

In July 2008, Hermes Pensions Management issued their Hermes Corporate Governance Principles-Japan. Hermes, which helped in the development of the White Paper on Corporate Governance in Japan, uses an extract from the paper to summarise the fund's views on the current state of the corporate governance system in Japan and the general nature of the reforms, which it believes to be necessary over time. This includes:

  • Shareholders as owners;
  • Utilising capital efficiently;
  • Independent supervision of management;
  • Pre-emption rights;
  • Poison pills and takeover defences;
  • Shareholder meetings and voting;

For more details, please refer to:

click here....

Hermes Principles

Hermes, one of the largest pension fund managers in London, published the latest edition of its principles this year. These principles aim at a dialogue between owners and companies to create a "common understanding, between managers and owners, of the proper goals of a public company".

For more details, please refer to:

click here....

German Corporate Governance Code as amended on June 6, 2008

Since its adoption, the German Corporate Governance Code has been amended via resolution passed by the Government Commission. The latest amendments were done on 6th June 2008.

For amended German Corporate Governance Code, please refer to::

click here....

BAS publishes Consultation Paper on Data Issues

As part of its project to develop new actuarial standards, the Board for Actuarial Standards (the BAS), a part of FRC, has published a consultation paper setting out proposals for a generic standard on data. Data is a crucial ingredient in the calculations that arise in actuarial work, and therefore it is important that the data used is as reliable and thoroughly understood. The consultation paper sets out the principles that the BAS believes should apply to the use of data in actuarial work and the rationale for them. Among the principles are :

  • A set of data checks should be constructed and performed in order to determine whether or not, taken overall, the data is sufficiently accurate and complete to meet the needs of the user;
  • Margins should not be incorporated into actuarial information to compensate for inaccuracy or incompleteness of the data unless specifically required. If margins are incorporated, their effect should be separately identified.

Following the consultation, the BAS will develop an Exposure Draft of a principles-based standard that will apply across many areas of actuarial work.


For the draft of a principles-based standard, please refer to::

click here....

Active ownership and transparency in private equity funds: Guidelines for responsible ownership and good corporate governance

Danish Venture Capital & Private Equity Association's (DVCA) background report on "Active ownership and transparency in private equity funds", was published on June 25th 2008.

For the DVCA's report, please refer to::

click here....

European Commission appoints new members of European Corporate Governance Forum

The European Commission has appointed members for the next term of office of the European Corporate Governance Forum. The new Forum comprises 15 members, who are senior experts from various professional backgrounds (issuers, investors, academics, regulators, auditors, etc.) whose experience and knowledge of corporate governance are widely recognized at European level.

For more details, please refer to::

click here....

"Think Small First": A Small Business Act for Europe

The European Commission has on 25th June 2008 at Brussels unveiled the Small Business Act for Europe (SBA), based on ten guiding principles and proposes policy actions to be undertaken by both the Commission and Member States.

For Small Business Act, please refer to ::

click here....

Proposal for a European Private Company Statute (25.06.2008)

The European Commission has presented a proposal for a Statute on a European Private Company ('SPE'). This new company form will enable small and medium-sized enterprises (SMEs) to do business throughout the EU, with the aim of cutting costs and encouraging growth in this area.

The SPE has been designed to address the current onerous obligations on SMEs operating across borders, who need to set up subsidiaries in different company forms in every Member State in which they want to do business. In practical terms, the SPE would mean that SMEs can set up their company in the same form, no matter if they do business in their own Member State or in another. Opting for the SPE will save entrepreneurs time and money on legal advice, management and administration.

For details on the proposal , please refer to:

click here....

Commission proposes further simplification of EU rules on mergers and divisions

The European Commission has put forward a proposal for a directive that will further reduce the administrative burdens on European public limited-liability companies in the area of mergers and divisions. Under the proposal, companies would benefit from simplified requirements on reporting and on publication of draft terms. The proposal complements the two packages of "fast track" measures that were put forward by the Commission in March 2007 and April 2008.

Thus the current proposal aims notably at :-

  • reducing the reporting requirements of companies in the case of mergers and divisions, in particular where shareholders decide that certain reports are not needed and in the context of so-called "simplified" mergers and divisions between parent companies and their subsidiaries;
  • avoiding double reporting where reporting requirements also result from other EU rules; and
  • introducing the possibility for companies to use the Internet and electronic mail in order to publish the draft terms of merger or division and to provide shareholders with the documentation required.

For more details on the proposal, please refer to::

click here....

Corporate Laws Updates

Companies (Central Government's) General Rules and Forms (Amendment) Rules, 2008 (Notification of revised Form 20B, 21A, 23AC and 23ACA (G.S.R. 655(E) 12.09.2008)

In exercise of the powers conferred by sub - section (1) of section 642 read with section 610B of the companies Act, 1956 (1 of 1956), the Central Government made the Companies (Central Government's) General Rules and forms (Amendment) rules 2008 to amend the Companies (Central Government's) General Rules and forms 1956.

These rules come into force from 28th September, 2008.

For more details, please refer to:

click here....
Press Release on Companies Bill 2008 (15.09.2008)

The Ministry of Corporate Affairs had issued a press release on the Company Bill 2008. The Company Bill 2008 seeks to enable the corporate sector in India to operate in a regulatory environment of best international practices that fosters entrepreneurship, investment and growth.

For more details, please refer to:

click here....

First Person

Capital Market Regulation and Corporate Governance
-Mr. Anurag Goel
Secretary, Ministry of Corporate Affairs,
Government of India & Chairman, Board of Trustees, NFCG

I am very fortunate that while discussing an important subject such as the linkage between capital market regulation and corporate governance, I have two masters with whom I am sharing the dais. One is the master of capital market regulation, Mr Damodaran and the other is, of course, the master of corporate governance in its wider sense Dr Irani. I have shared several boards including SEBI with Mr Damodaran for more than 4 years a part from sharing a friendship that goes back to 30 years. With Dr Irani I have a very different relationship. I am trying to implement a task that he set up for the ministry. I thought I would meet Dr Irani after completing the task and that is why I met him today for the first time. I am in a happy position to tell you that, notwithstanding for over 16 months taken for the drafting, vetting of the new Company Law, all that fortunately is almost done, and by next week we will be through. On the monsoon session the new bill will be introduced in the Parliament and many of the issues, which have been raised today, including some Mr. Damodaran specifically directed at the ministry, will be answered there. The bill was a wide canvass on many of the issues on which we share common concern.

I must tell you that I always enjoyed being the last speaker. The reason is that by the time your turn comes to speak everything that is to be said has already been said. Nobody is expecting anything new especially when you have the panel like the one you have here. This gives me tremendous freedom. I can choose to say and pick up any thoughts that I want to and I thought I will just pick upon two thoughts in today's context- (1) New dimensions are being added to corporate governance. (2) We all seem to know what needs to be done, and how to go about doing it. Mr. Damodaran has already shown a way forward. But before I add to that, I must recall that Dr Irani's task is something which I had not foreseen and he spoke about the new role of the ministry and the vision of the ministry and this is a subject which is very close to my heart. I must take this opportunity to share with you what in my perception this ministry is trying to do. I think and I am saying it because of the genuine feeling, in the last few years ever since it became a ministry in its own right, what we have been able to do and are attempting to do, has perhaps not been done in the last two decades. We have also crystallized for ourselves a clear statement of our vision as to what it is that we want to do. I will give you the vision: "To be a leader and a partner in initiatives for corporate reforms, good corporate governance and enlightened regulation with a view to promote and facilitate effective corporate functioning and investor protection". This ministry today believes that the two basic outcomes that we are looking for, working for all the time is effective corporate functioning on the one hand and investor protection on the other hand and the two obviously work together.

MCA 21, I am told that in international fora and all over people say it is amazing, how could you do it. A minister in the UK told my minister, we have been at it for 6 years and we have got 40% e-filings, how you got it to 100%? A survey by CNBC of CEOs and CFOs said that 92% of them found it to be a revolutionary e-governance initiative and it should be more like that. MCA 21 is something which all of you are aware of.

The Bill for Limited Liability Partnership has gone the rounds of Parliamentary committee and all that over the last one and half years. We moved notice for introduction in the Rajya Sabha in the first week of May, which unfortunately was adjourned sine die. We are sure that it will come in the monsoon session.

Accounting standards were notified in December 2006 and after the crisis that we have been having the last two months, people have started to understand much more the importance of the accounting standards. We are now working towards convergence with international accounting standards and I already had meetings with David, Chairman of the International Accounting Standards Board and people from European Commission and others. We have amended the Acts of the three professional bodies ICAI, ICSI and the Cost and Works Institute. You are aware of the Investor Education and Protection Fund. Some effort has been made but this is an area we need to continue to do more and more work. Then there is the National Foundation for Corporate Governance (NFCG), which has organized this event, and Indian Institute of Corporate Affairs about which I will come a little later. But the purpose of all this is the ministry is working on a wide spectrum starting from legislative and policy framework to delivery system. I would like to tell all of you including Dr Irani that we are actively working at the system where there is a much greater certainty of law being applied.I know once that is done there will be reactions but we are quite ready for that.

Coming to the two points that I wanted to mention to this particular gathering - the new dimensions of corporate governance - I think basically I would have mentioned only two sides: the concerns arising out of the current world wide crisis in financial systems and structures. I think that is a major area, there are lot of issues there. I think NFCG would need to organize a separate full day workshop to really start looking at that. But that is something that we need to take in to account when we are talking of corporate governance over the next few years.

Second is, a very interesting thing which I have discovered that corporate social responsibility is apparently becoming more and more important within the overall corporate governance framework. Though I still have heard debates and people say that corporate governance is something different and corporate social responsibility is something different. All sorts of debates are going on but issues of equity and sustainability are certainly becoming more and more important considerations in corporate strategies. Boards are certainly seeing more and more role for themselves with respect to society and community and we all seem to be moving one step forward from the mantra of PPP - public private partnership to the fourth P saying people public private partnership. I think all around there is a lot of appreciation of the fact that this is bound to come. As a result of all these, what I seem to be seeing is that corporate social responsibility and inclusive growth have major overlaps. Corporate social responsibility and through that the corporate's role in ensuring inclusive growth for the country is becoming more and more important. In fact NFCG, my ministry and CII had organized a two-day summit in Delhi earlier this month and there appears to be a strong consensus. I heard the Chief Minister of Rajasthan, a number of MPs, people from all over the world and a huge number of representatives from the corporate sector, all seem to be talking of governance, not corporate governance. I see that trend happening and the reason is obvious. The Government is looking for more and more partnership with the private sector, with the professionals, with the experts, with the institutions. The role of the partners is increasing. These are the two things, which I want to briefly mention in terms of the canvass that corporate governance may cover over the coming years.

Way forward: If anything has to go forward, you need institutionalized systems in place, which work. Individuals however brilliant, leaders however charismatic cannot replace institutions. They need to be supported by institutional structures. They can put in place institutional structures but just as Damodaran was saying about the bathtub, baby and the water I think the same thing applies here. If you don’t have the institutional systems and backups, no amount of efforts will succeed. That is where I have two thoughts. First is the National Foundation for Corporate Governance (NFCG) as an existing structure. When I joined this ministry, for the first four months I spent a lot of time on NFCG. I made sure that the council has the minister as the chairman, Mr Narayana Murthy is the Vice Chairman and the Secretary of the Ministry is other Vice Chairman, it has Chairman, SEBI, Chairman, IREDA, Chairman of Indian Banks Association, president of CII, DG CII, President of ICSI, ICAI, Secretary ICSI, ICAI, Secretary DPE, Secretary banking on its board– it is a high power board. The board has a clear vision, but what I found over a period of time is that everybody seems to be doing his/her own thing in corporate governance. When you talk of corporate governance, different people have different definitions, everybody, every industry association, every corporate house everybody is doing a lot but I did not find a single place, which puts it all together. That is the role the board of NFCG saw for itself. It said that that NFCG should be a facilitator. It doesn't look at NFCG as the apex of corporate governance thing but as a great facilitator, as a clearing-house of information, as a facilitator of having a shared vision and to make sure that the efforts are aligned to each other.The difference between iron and magnet is only the alignment, which converts iron into magnet. That is one institutional structure, which is in place. I would request all of you to make use of NFCG a little more in institutional sense.

The other thing is an institute which has been approved by the Cabinet earlier this month, which the ministry is setting up: the Indian Institute of Corporate AffairsThis institute has taken shape because we felt that the ministry to actualize and operationalise the vision it set for itself needs institutional support and this institution is the result of this. I would not take much more time to explain what it is but let me just say that this is going to be a very strong platform for corporates, governments and professionals to work together on all issues that impact on corporate functioning. We are in the process of crystallizing the vision. But let me give you two of the many possible formulations. One is to redefine the corporate landscape in India.This may sound ambitious but these are the kind of thoughts which are running in our mind to redefine the corporate landscape in India for thriving on future shocks through ethical, sustainable, competitive business strategies with corporates and government working in partnership for inclusive growth and global fitment. The another formulation is a holistic think tank, capacity building, service delivery institute - to help corporate growth reforms and regulation; to synergize knowledge management and partnership; and problem solving in a one stop shop mode.There are many other things that we want to do. The ministry is in the process of setting up this institute and would be quite happy to welcome your ideas on this and to partner with any or all of you in taking this forward.

Let me end by complimenting Rajesh and his team on organizing this event and I would like to thank all of you for your participation.

Edited transcript of the Special Address by Mr. Anurag Goel, Secretary, Ministry of Corporate Affairs, Government of India & Chairman, Board of Trustees, NFCG at National Conclave on Corporate Governance in India organized by NFCG on 27th May 2008 in Mumbai.

A Chairman’s view of the Boardroom
- Mr. Y C Deveshwar,
Past President CII &,
Chairman, ITC Limited

Good governance has only one aim and that aim is to create value under competitively challenging circumstances. There is a need for rewarding shareholders because it helps to access one very important resource i.e. financial capital, which helps to grow your company. Therefore, to win the confidence of shareholders, existing and potential, and money markets, it is extremely important that value is created for them.

We live in a society and we are its integral part, business is only an economic organ of the society specifically charged with economic function, but it impacts other stakeholders. It impacts social structures, income distribution, environment and ecological balance. Depending upon the type of industry, how much green house gases you’ll emit, how much of natural capital you utilize - it has a long-term impact on society. It is not only the shareholders return that companies can merely account for. They also have to be accountable for the value impact they create on society at large. In an emerging economy such as India, more and more resources are now being managed in private hands and we're growing at a very fast pace at around 9% of the recent past and our next five-year plan is envisioning that we could by the end of the plan reach a double digit rate of growth. In India, the population is 17% of the global population but the land resources are merely 2.4%, the water resources are 4% and the forest resources are just 1%. We can visualize that if everybody in India as a result of high rate of economic growth has a sense of well being not only financially but also quality of life, then only we can visualize how much of natural resource would get utilized and sustained. Unless all of us begin to look at our long term accountability to society with not only uni-dimensional view of business, which is returns to shareholder capital, but also return on societal capital, which is a triple bottom line approach.

It is very easy to envision that it is important to get shareholder returns because if shareholders are unhappy there may be no business. So, for the company to survive, there has to be value creation for the shareholder. But if a company can in addition to creating shareholder wealth also be able to create societal wealth, then it will in the long run get powered by reputation asset called branding. We also agree that over a period of time, consumers would begin to view the companies' products emotionally.

What is corporate governance? What is good governance? Good governance is using shareholders' resources as trustees in a manner that can provide long-term shareholder wealth, create long-term reputational asset, ensure societal resources are used carefully and additional values are created for stakeholder, whether inside the organization or outside. When balance sheets are analysed, we find they do not give a clue as to what is the long term sustainability of the enterprise, because all the vital interests, the brand equity, reputational asset, values, quality of leadership, vitality of human resource, collaborative culture, its alignment to the end goals, innovative capacity, entrepreneurial energies, all these being even more important than the financial assets are not available in the balance sheets. We know that India is getting next to Japan, the second highest private equity, because of the reputation created by the Indian entrepreneurs. If we have this vitality inside our corporation then that becomes a means to create perpetuity, a means to enable the organization to revitalize, reinvent, re-energize itself and remain contemporary with the current and emerging needs of consumers and for the rest of the stakeholders around. So this vitality is extremely important and that really cannot be measured by some code.

There are principles of good corporate governance around the world but practice has to be adapted accordingly to one's own circumstance.A decade ago, British companies had no outsiders on their board. Since we’re an emerging economy, a lot of entrepreneurial energies along with global best practices in terms of the principles and concepts of good corporate governance are required to be able to grow. But its application has to be according to the special circumstances. The conventional wisdom was - stick to your knit as the global economies are opening up with high level of competition and don’t do anything other than what you have done always. But today, the top Indian business houses that are really performing are diversified companies because of the emerging economy with large opportunities. However, there are constraints related to financial and management resources and also the institutional strength of organizational skills is not that widely available. People with the management capacity and financial resources, can actually in the emerging economy, play and leverage the institutional strengths and create unique sources of competitive advantage.

There are three things that create value for an organisation and these are its values, vision and vitality. These all interact with each other. Suppose, you have a large capacity you will revise your vision to be more broader and futuristic, more encompassing, but values really guide what you will do and not do in reaching your vision in mobilizing the vitality.

The subject of my topic was the Chairman's view from of the Boardroom, but I add to it a little bit more and say- of and from the boardroom. The term 'Board' is an amalgam of the above-mentioned three things i.e. values, vision and vitality - what are its values' quotient - how deeply it is committed to them. It is not what you write on a piece of paper and circulate in your organization, it is your body language, your day-to-day conduct. It is what you practice, not only when the times are good but also when there are downs. It is extremely important that the composition of the board has diversity in it. People with different backgrounds and adaptive skills are better to bring multiplicities of skills.

The point I want to make is that I am not so much enamoured by concentration of power and therefore create mechanism so that there is nobody who is powerful. My formula particularly for emerging economy would be to empower, because to exploit the growth circumstance, you need empowered people. Empowered doesn’t mean only one man, the organization has to be empowered at each level. It has to be distributed leadership. One person cannot manage a large organization such as ITC.

The task of the board is to ensure that the systems, processes, practices and enough empowerment are there with the right quality of people, with right skills.. For taking decisions dynamically, exploiting the opportunity, assessing the risk and creating value, there has to empowerment. However, with high degree of empowerment there should be simultaneous high degree of accountability also. So instead of elimination of power there would be empowerment and systems of accountability. Suppose, you give your chief executive a job and everyday you tell him to do this or that, then that is not good. Empowerment should be free from management, but within a framework of accountability, which has good systems of transparency, processes, information flow and no distortion. This is the key message that I wanted to give you and one reason why ITC has succeeded despite not following the conventional wisdom. Another thing is that dynamics of the board also depends upon the ownership. The governance systems in U.S. and U.K. companies have emerged, because majority of them have institutional shareholders, who were in the driving seat, therefore their management and ownership was divorced, so you get an agency to manage, which is the board. Therefore, it is important to get a link through governance practices between the shareholders and the management through the board.

Now in our company we have created three tiers – this is a unique system. In 1996, we had to struggle because the management said that India is a great opportunity and we want to diversify and use skills that we have in creating larger value. Overseas shareholders can grow, because they can grow through even a shrinking market, they can grow through acquisition, so our overseas shareholder will benefit, whereas our shareholders, who are also 68% would not grow. They would not have the opportunity, so we had this little bit of disagreement, we had some challenging times, but we had other shareholders, who were institutional shareholders - about 34%. It so happened that board managed to get an idea of creating value – not only shareholder value by high rates of growth but also creating this two others legs of the triple bottom line.

As per this three tiers system, at the top is the board, whose role is to do strategic supervision, in the middle we have a corporate management committee - whose role is strategic management, and at the bottom we have business heads and divisional committees – whose role is executive management. So what we have within ITC are focused businesses because it is always easier to handle one thing than handle many things. That is why we created companies within a company, and each of these business is a strategic business unit headed by our chief executive and a divisional management committee and their role is nothing else but to succeed in that business in their own competitive environment. I can also tell you that the way we yearn about it is create focus business where at the same time an umbrella can be created within which institutional strength for ITC could be made available to people and have lot of mechanisms for alignment including ESOPs, incentives and collaborations, so that everybody is pointing in the same direction. We want everybody to be aligned with the stakeholders, when it pinches to the stakeholders, it should pinch everybody, but I agree that there has to be a balance. It should be such that it should not corrupt, it should not bring short-term orientation with the independent or non-executive director.

The message is that it depends upon which country you are operating, what is the kind of economy, the environment, the size of your company, what is the nature of your business, single or multi-business and innovation, lies in creating governance mechanism and strategy of organization as the key inputs into governance, so that you are able to synergise and create dynamism within your organization and be able to succeed and create wealth along the triple bottom line.

Edited transcript of the Address by Mr. Y C Deveshwar, Chairman ITC limited at CII‘s Governance Series organized jointly with NFCG on 23rd March 2007 in Bangalore.

NFCG Initiatives

The following initiatives were undertaken by NFCG towards promoting Corporate Governance (July - September 2008): -

National Seminar on Corporate Compliance Management

National Seminar on Corporate Compliance Management was organized by the Institute of Company Secretaries of India (ICSI) in partnership with NFCG on July 19, 2008 at Chandigarh. The Seminar focused on the compliance with sprit and details of laws, which cast upon the Company Secretaries and other corporate professionals an onerous responsibility to guide the corporates in adapting the compliance regimes, so as to ensure protection to investors, shareholders and other stakeholders.

National Seminar on Corporate Compliance Management: Chandigarh

Directors Orientation Programme on Corporate Governance

Directors Orientation Programme on Corporate Governance was organized by the Institute of Company Secretaries of India (ICSI) in partnership with NFCG on August 2, 2008 at Kolkata. This orientation programme was the first of the series of programmes being organised by ICSI-NFCG at various place across the country during this year with an aim to provide opportunity to Board members to deliberate upon intricate issues in the good Corporate Governance practice. The programme focused on the issues of Board Performance & Effectiveness; Regulatory framework of Corporate Governance; Directors duties, responsibilities, etc; and Financial Information and Audit Committee.

National Seminar on Corporate Governance

The National Seminar on Corporate Governance was organised by the Institute of Chartered Accountants of India (ICAI) in partnership with NFCG on August 23, 2008 at Mumbai. This seminar was the first of the series of seminars being organised by ICAI-NFCG at various place across the country during this year with an aim to create awareness in good governance practices. The seminar focused mainly on addressing to the Corporate Governance related issues confronted by both the Private and Public Sector entities, whether listed or unlisted, i.e. the Proactive role of Board to improve Corporate Governance effectiveness; Corporate Governance practices in Public Sector Enterprises; Corporate Governance practices in family Owned Business & SME Sector,; and Impact of IT in facilitating Corporate Governance & Risk Management.

National Seminar on Corporate Governance: Mumbai

Directors Orientation Programme on Corporate Governance

Directors Orientation Programme on corporate Governance was organized by the Institute of Company Secretaries of India (ICSI) in partnership with NFCG on September 6,2008 at Chennai. This orientation programme was the second of the series of programmes being organised by ICSI-NFCG at various place across the country during this year with an aim to provide opportunity to Board members to deliberate upon intricate issues in the good Corporate Governance practice. The programme focused on the issues of Board Performance & Effectiveness; Regulatory framework of Corporate Governance; Directors duties, responsibilities, etc; and Financial Information and Audit Committee.

Directors Orientation Programme on Corporate Governance: Chennai

National Seminar on Corporate Governance

The National Seminar on Corporate Governance was organised by the Institute of Chartered Accountants of India (ICAI) in partnership with NFCG on September 13, 2008 at Kolkata. This seminar was the second of the series of seminars being organised by ICAI-NFCG at various place across the country during this year with an aim to create awareness in good governance practices. The seminar focused mainly on addressing to the Corporate Governance related issues confronted by both the Private and Public Sector entities, whether listed or unlisted, i.e. An indispensable entity for ensuring better governance leading to Corporation's continual success; Corporate Governance practices in banking and Insurance Sectors; Code of Governance for Public Sector Enterprises & NGO; and Corporate Social Responsibility & Sustainability Reporting.

National Seminar on Corporate Governance: Kolkata

Corporate Governance Orientation Programme for Company Directors

The 8th Corporate Governance Orientation Programme for Company Directors was organized by Indian Institute of Management Bangalore in partnership with NFCG on September 21-24, 2008 at Banaglore. The Orientation Programme aimed to help Company Directors to take stock of the developments in Corporate Governance area, especially in the context of their applicability to their companies.

Corporate Governance Orientation Programme for Company Directors

Research on Family Run Buisiness alongwith case studies -

Indian Institute of Management Calcutta (IIMC)

Research on Corporate Social Responsibility –

Symbiosis Institute of Management Studies (SIMS), Pune.

Research study on Improving Internal Controls for Batter Corporate Governance–

Symbiosis Institute of Management Studies, (SIMS) Pune.

Research study on 'Corporate Governance in Medium Sized Family Managed Public Ltd. Companies' -

SP Jain Institute of Management & Research, (SPJIMR) Mumbai

Research study on Corporate Board Interlock in India & their implications for Good Corporate Governance -

Indian Institute of Management Bangalore (IIMB).

Research work on 'The Effects of Ownership Structure on Corporate Governance and Performance: An Empirical Assessment in India'-

University Business School (UBS) Panjab University.

Research project on Group Companies in India -

National Law school of India University (NLSIU), Bangalore.

Case Study on areas relevant to Corporate Governance -

National Law school of India University (NLSIU), Bangalore.

Research Work on Corporate Governance -

Jamanalal Bajaj Institute of Management Studies (JBIMS), Mumbai.

Research study on corporate Governance Practices in SMEs -

Administrative Staff College of India, (ASCI) Hyderabad.

Developing Corporate Governance Norms for SMEs -

Indian Institute of Technology Kharagpur, (IITK)

Case Studies on Corporate Governance -

Management Development Institute, (MDI) Gurgaon.

Research study on Corporate Practices in SLPE in AP -

Administrative Staff College of India, (ASCI) Hyderabad.

Corporate Governance Rating Software -

Institute of Chartered Accountants of India (ICAI).

Forthcoming NFCG Events

Directors' Orientation Programmes
  • Audit Committee Programme for Corporate Directors –
  • Indian Institute of Management, Bangalore (IIMB) in the month of January 2009 at Bangalore.

  • Directors Orientation Programmes –
  • The Institute of Company Secretaries of India (ICSI) in the month of January 2009 at Mumbai.

    Seminars / Conferences / Workshops
  • Improving Audit Committee function in Corporate Governance –
  • Symbiosis Institute of Management Studies in the month of December 19 th, 2008 at Pune.

  • National Seminar –
  • Corporate Governance beyond Legal Framework - Institute of Chartered Accountants of India (ICAI) on December 24 th, 2008 at Kanpur.

  • National Seminar on Corporate Governance –
  • Institute of Chartered Accountants of India (ICAI) on December 26, 2008 at Chennai.

  • Seminar on Corporate Governance reform for State Level Public Enterprises - Orissa -
  • Administrative Staff College of India, Hyderabad (ASCI) in the month of January 2009 at Bhubneshwar.

  • National Seminar on Corporate Governance –
  • Institute of Chartered Accountants of India (ICAI)- in the month of January at Bangalore.

  • Regional Seminar - Series on Translating Governance Ideologies to veracity -
  • Confederation of Indian Industry on January 14 th 2009 at Mumbai.

  • Seminar on Corporate Governance reform for State Level Public Enterprises- Karnataka -
  • Administrative Staff College of India, Hyderabad (ASCI) on January 14th 2009 at Hyderabad.

  • Seminar on Role and Responsibilities of Independent Directors -
  • Jamanalal Bajaj Institute of Management Studies, Mumbai (JBIMS) in the January 17, 2009 at Mumbai.

  • Regional Seminar -
  • Workshop on Directors Liabilities for Legal Non - compliances - Confederation of Indian Industry on January 22nd ,2008 at Jaipur.

  • International Seminar - Change the world through corporate governance –
  • The Institute of Chartered accountants of India (ICAI) - on January 23rd, 2008 at New Delhi.

    Declamation Contest
  • Declamation Contest on Corporate Governance -
  • National Law School of India University (NLSIU) in the month of October 2008 at Bangalore.

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Executive Director National Foundation for Corporate Governance The Mantosh Sondhi Centre, 23, Institutional Area, Lodi Road, New Delhi - 110 003 Tel.: 011- 2460 1180 Fax: 011- 2461 5693 E mail: ed.nfcg@ciionline.org Website: www.nfcgindia.org Study Team: Shalini Budathoki & Prasanna Venkatesh

Disclaimer Clause: The data used here are from various published and electronically available primary and secondary sources. We have taken care to verify and cross-check the accuracy of such data. However, despite due diligence, the source data may contain occasional errors. In such instances, NFCG would not be responsible for such errors.