Corporate Governance occupies mind space of the government, regulators, corporates, boards, markets, employees, investors – almost the entire society - as one of the most important business constituents given its all-pervasive characteristic. Across the world, innovative governance practices are evolving in response to the global financial crisis, wave of privatization, activity and integration in the capital markets, rising investment levels, greater stakeholder awareness and the urge to survive and thrive in uncertain times. Globally, governments and law-makers are endeavouring to legislate good governance while promoting and disseminating the understanding of best practices for voluntary adoption. Regulators are keen to deter non-compliance. Industry and responsible corporates are constantly striving for exemplary corporate behavior by designing corporate governance structures and processes with strong emphasis on risk management, enhanced transparency and greater stakeholder engagement. CII has been a front-runner in the evolution of corporate governance in India. From the Voluntary Code of Corporate Governance released as early as 1998 to the Report of the CII Task Force in 2009, CII established its position as a front-runner when, in a unique instance, an industry association took the lead in recommending corporate governance practices for its member companies. CII’s Code served as a base for various reports leading to Clause 49, as we know it today. CII also hosts the National Foundation for Corporate Governance, a Public Private Partnership initiative of the Ministry with the 3 professional institutes – the Institute of Chartered Accountants of India, Institute of Company Secretaries of India, and the Institute of Cost Accountants of India. CII has also been advocating industry’s concerns on the regulatory front. It has been involved in each stage of development of the Companies Bill, finalization of the merger review process and revision in the SEBI Takeover Code. It has represented industry’s concerns and engaged in constructive dialogue with the government and the regulator for the creation of a conducive regulatory environment for industry’s growth. CII encourages voluntary adoption of best practices and self-regulation by corporates, thus obviating the need for warranting additional regulations. Its comprehensive and sustained policy advocacy is aimed at facilitating the creation of a streamlined and harmonized regulatory environment.
Corporate Governance occupies mind space of the government, regulators, corporates, boards, markets, employees, investors – almost the entire society - as one of the most important business constituents given its all-pervasive characteristic. Across the world, innovative governance practices are evolving in response to the global financial crisis, wave of privatization, activity and integration in the capital markets, rising investment levels, greater stakeholder awareness and the urge to survive and thrive in uncertain times. Globally, governments and law-makers are endeavouring to ...