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The government on Wednesday said that the Securities and Exchange Board of India (Sebi) guidelines which require listed companies to meet corporate governance norms for best practices in management may now be extended to unlisted companies as well.
The government may empower independent directors and company secretaries to enforce corporate governance norms, having made compliance voluntary for enterprises. The Institute of Company Secretaries of India (ICSI), a statutory body set up by the government, has suggested a set of best practices that company secretaries on board of companies have to follow.
The Union Cabinet today approved the continuation of Guidelines on Corporate governance for Central Public Sector Enterprises (CPSEs) on mandatory basis. The Guidelines have now been made mandatory and are applicable to all CPSEs. The guidelines cover issues like composition of Board of CPSEs, Audit Committee, Subsidiary companies, Disclosures, Code of conduct and ethics, risk management and reporting.
Company Law is very complicated and interesting subject. If we look at all the corporate regulations or law, it is very clear that it focuses mainly on the interests of the shareholders. The liability of the members is limited in limited companies and as such the shareholders will be clueless often when their investment in the Company is not properly managed.
Following the Satyam revelations in January 2009, an urgent need was felt to analyze the regulatory provisions that exist. Accordingly, the Council of the Institute of Company secretaries of India constituted a Core Group to look into the issues and to, inter alia, make suitable recommendations for policy and regulatory changes in the legal framework.
While in most of the countries in the world, the top executives are trying to survive their jobs and positions and while this is the first time when maximum CEOs are hated by their shareholders, the independent Directors are trying to run away from their current position. One of the reports of Economic Times says that, since Satyam scandal and Nagarjuna case, “there are over 500 independent directors in India who have resigned from their respective positions on the Board citing reasons ranging from ill-health to work pressures”.
‘Corporate Governance’ — these words have been hitting the headlines of financial magazines for quite some years, particularly post Enron, and in India they have once again triggered debates post Satyam scam. Satyam — this word would no longer be used as an adjective to signify the attribute of truthfulness, but will now be used as a noun to signify systemic failure in history of Indian corporate governance system. Satyam story holds within it, legion of myriad hidden lessons for a spectrum of bodies, from directors to investors and from auditors to regulators.
Corporate governance (CG) is one of the most talked about topics in business, indeed in society, today. Google search revealed 513 news citations during a single week in June 2006. Most academics, business professionals, and lay observers would agree that CG is defined as the general set of customs, regulations, habits, and laws that determine to what end a firm should be run. Much more fraught, however, is the question: “what defines good corporate governance?”
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 Institute of Company Secretaries of India (ICSI) has formed a seven-member committee to look into ways to strengthen corporate governance norms in the aftermath of the Satyam scandal. “The ICSI Council, in its recent meeting, deliberated the matter in detail and constituted a core group consisting seven members to go into the issues arising […]
