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Ministry of Corporate Affairs announced setting up of Committee for Corporate Governance

Ministry of Corporate Affairs in March 2012 set up a committee under the leadership of Adi Godrej, chairman Godrej Group to bring out a formal policy document that will initiate enlisting of diverse elements of corporate governance under a single national corporate governance policy.

The committee that comprised members from industry chambers and corporate houses is to submit its report in six. The first meeting of the committee is scheduled to be held on 5 April 2012.

The members of the committee include Kiran Mazumdar Shaw, CMD of Biocon Ltd; former ONGC chairman RS Sharma; former ICAI chairman G Ramaswamy; CMD L&T Finance Holdings YM Deosthalee; S Balasubramanian, ex-chairman company law board; former SAIL chairman SK Roongta; Zia Mody of AZB and partners, and representatives from the institute of company secretaries and cost and works accountants.

The committee’s report is to synthesise the disparate elements in diverse guidelines and draw on innovative best international practices and practices of specific companies.

Also, the committee is entrusted with the responsibility to anticipate emerging demands on corporate governance in enterprises of various classes and scales of operations.

Currently, listed companies are expected to follow corporate governance norms under Clause 49 of the listing agreement of market regulator, SEBI.

The ministry has a voluntary guidelines for corporate governance released in 2009. However, the ministry had mentioned that in cases where corporates are unable to adopt the guidelines, they should inform their shareholders about the reasons for not adopting these guidelines either fully or partially.



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