Fresh Guidelines on Corporate Governance: Will Anyone Follow?

by Vimarsh Bajpai, for DARE, December 24, 2009.

I am sure none of us would have forgotten the heated debate on corporate governance and the role of independent directors after the Satyam fiasco last year. The IT company was left in shambles by its founder Ramalinga Raju as a result of an accounting fraud. The role of independent directors on the Satyam board came in under severe criticism from all sides leading the government, industry and accounting bodies to look at the corporate governance norms afresh.

The three musketeers — Kiran KarnikDeepak Parekh and C. Achuthan — who revived the embattled Satyam, recently shared an award for the Best Business Leader given by a prominent TV channel. The team surely deserved appreciation for picking up the pieces to stitch together the firm that was once the cynosure of all eyes. The trio were brought in to put the Satyam house in order after Raju told the world that he and his associates cooked up accounting books and fraudulently siphoned off money. The company has finally been taken over by Tech Mahindra, the IT arm of Mahindra & Mahindra.

Fresh Guidelines

A set of fresh guidelines on corporate governance have been issued by industry association CII. Prepared by a task force chaired by Naresh Chandra, the report has made recommendations regarding the appointment of independent directors and non-executive directors, their duties, liabilities and remuneration, the separation of the office of a company’s chairman and the CEO, among others…(continue reading)

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