The Corporate Affairs Ministry is expected to bring out the code on corporate governance in a year’s time. Mr Salman Khursheed, Minister of State for Corporate Affairs, said on Monday that the final code would be based on the draft common minimum code, which would be out for public review by the third week of December. The Minister was speaking at the release of a report of the CII Task Force on Corporate Governance. “We will bring out the [draft] code by the end of the year. This will be comprehensive and non-mandatory. We will invite feedback then for what to make mandatory. We have been working on the code for the last few weeks and want the efforts to converge in December,” said Mr Khursheed.
The Minister added that inputs from all stakeholders such asindustry bodies and regulators would be included in the final code. “Today, we have produced what we thought was best to Parliament. We are now waiting for a discussion.”
Mr R Bandyopadhyay, Secretary, Ministry of Corporate Affairs, said that the draft report will be launched in the ‘India Corporate Week’ that the Ministry will hold in the third week of December.