Corporate ethics rules must for PSUs

by The Economic Times, March 26, 2010.

NEW DELHI: Public sector companies must follow corporate governance norms and business ethics code issued by the department of public enterprises, the Union Cabinet clarified on Thursday.

The decision to bring all the 246 listed and unlisted central public sector enterprises under good governance codes will safeguard the interest of shareholders and ensure transparency in these companies’ operations, a statement issued by the department of public Enterprises (DPE) said.

“The guidelines on corporate governance have been made mandatory and are applicable to all CPSEs,” said the statement.

As per the norms, the number of functional directors should not exceed half of the board’s strength and at least a third should be independent directors. The audit committee of these companies should have a minimum of three directors as members and an independent director should head the committee…(continue reading)

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