There is a need to appoint an expert committee to change the corporate governance norms, according to public sector enterprise body SCOPE.
‘India needs to have a clear-cut ownership policy which can come through Sovereign Committee. Its prime role will be succession planning strategy and monitoring and nomination of independent directors. There is a trend to relinquish control of administrative ministry on the Board of enterprises,’ SCOPE director general U D Choubey has said. Choubey's statement comes in the backdrop of market regulator Sebi announcing that it would soon unveil new corporate governance norms.
‘We have already placed documents for consultation. Our consultation is almost over and we are now going to promulgate our rules very soon,’ Sebi chairman U K Sinha had said. ‘For listed companies, we will like to tell you, if we are going to do something over and above what is specially mentioned in the Companies Act, in the interest of corporate governance of the large corporates, it would be after consideration with all stakeholders,’ Sinha had added. As several companies have operations outside India and many more would be venturing in foreign territories, there is a need to align rules with the best in the world, Sinha said.
‘India needs to have a clear-cut ownership policy which can come through Sovereign Committee. Its prime role will be succession planning strategy and monitoring and nomination of independent directors. There is a trend to relinquish control of administrative ministry on the Board of enterprises,’ SCOPE director general U D Choubey has said. Choubey's statement comes in the backdrop of market regulator Sebi announcing that it would soon unveil new corporate governance norms.
‘We have already placed documents for consultation. Our consultation is almost over and we are now going to promulgate our rules very soon,’ Sebi chairman U K Sinha had said. ‘For listed companies, we will like to tell you, if we are going to do something over and above what is specially mentioned in the Companies Act, in the interest of corporate governance of the large corporates, it would be after consideration with all stakeholders,’ Sinha had added. As several companies have operations outside India and many more would be venturing in foreign territories, there is a need to align rules with the best in the world, Sinha said.