‘Policy on corporate governance in 60 days’

The government is set to come out with the national policy on corporate governance within the next 60 days, corporate affairs minister Veerappa Moily said on Tuesday. A government appointed panel, headed by industrialist Adi Godrej, has already submitted its recommendations to the ministry on the matter.

"We are evolving a national corporate governance policy. It will come within two months," Moily said while 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, Moily said the panel has recommended 17 guiding principles on corporate governance and they are being looked at. "These principles cover various aspects such as responsibilities of independent directors and the functioning of a company's board."

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.

Moily said the current Companies Bill is essential for an enlightened corporate governance process. FE

Please read our terms of use before posting comments
TERMS OF USE: The views expressed in comments published on indianexpress.com are those of the comment writer's alone. They do not represent the views or opinions of The Indian Express Group or its staff. Comments are automatically posted live; however, indianexpress.com reserves the right to take it down at any time. We also reserve the right not to publish comments that are abusive, obscene, inflammatory, derogatory or defamatory.