Split offices of chairman, CEO, govt tells India Inc

by Pankaj Doval, for The Times of India, December 22, 2009.

NEW DELHI: In a bid to strengthen corporate governance across India Inc, the government on Monday came out with a set of voluntary guidelines for the industry, making significant recommendations like separation of offices of chairman and CEO and a cap of seven on the number of directorships an individual can accept. Other important recommendations are rotation of audit firms every five years and an annual review of the effectiveness of the company’s internal controls, something considered crucial to prevent recurrence of Satyam-like fraud.

Corporate affairs minister Salman Khurshid said corporate governance norms required to be strengthened. “The existing set of corporate governance framework needs to be taken to a higher level to ensure greater level of accountability to shareholders,” the minister said at the concluding event of ‘India Corporate Week’ where President Pratibha Patil, who was the chief guest, asked companies to work for the development of rural economy…(continue reading)

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