Corporate governance policy in two months: Moily

In recent times, there has been rising concerns over governance issues in the corporate sector.

hidden December 20, 2014 12:50:25 IST
Corporate governance policy in two months: Moily

New Delhi: The government is expected to come out with the national policy on corporate governance within two months, Corporate Affairs Minister Veerappa Moily said today.

A government-appointed panel, headed by industrialist Adi Godrej, has already submitted to the ministry the recommendations on corporate governance.

Corporate governance policy in two months Moily

Corporate Affairs Minister M Veerappa Moily. Image courtesy PIB

"We are evolving a national corporate governance policy.... Within two months, it will come," Moily said in New Delhi.

He was participating in the session on Value Creation with Good Corporate Governance, organised by industry body CII.

Noting that good corporate governance is a strategic necessity, the minister said the Godrej panel has recommended 17 guiding principles on corporate governance and they are being looked at.

These principles cover various aspects such as the responsibilities of independent directors and the functioning of a company's board.

In recent times, there has been rising concerns over governance issues in the corporate sector.

Speaking on the occasion, ITC chairman YC Deveshwar noted that governance is a systemic process and suggested that a rating mechanism would help in assessing overall governance activities at companies.

PTI

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