Millennium Post

ONGC chief explains importance of company board

International Management Institute [IMI] in partnership with department of public enterprise, ministry of heavy industries & public enterprise, government of India organised a two-day Director's Conclave - Towards Value Adding Board at the national capital.

Sudhir Vasudeva, CMD, ONGC delivered the keynote address in the inaugural session. Pritam Singh, director general - IMI, O P Rawat, secretary - department of public enterprise, Arun K Jain, professor of strategy & corporate governance, IIM Lucknow and Arun Kumar Rath, chairman - Centre for Corporate Governance & Social Responsibility were the other dignitaries present on this occasion.

Delivering the keynote address, Vasudeva stated that the Board comprises the wise men at the top in whose hands lies the destiny of the company, theoretically. Practically, it is a different ballgame that needs to be understood better in order to improve the capacity of the board to deliver on their mandate. CMD highlighted salient features of the Annual Corporate Director's Survey based on feedback of directors from 860 companies wherein strategic planning topped the list of priorities, with 75 per cent of directors wanting to devote more time to strategy.

It has been pointed out that 50 per cent of the boards with a combined CEO and chair position are considering splitting the role at their next CEO succession, more than one-third of directors want to spend more time on crisis management planning, two-thirds say that board has taken action to address the fraud risk, etc.
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