Corporate Governance in India – Strong?
As I was typing the word, Strong, by mistake, I typed snoring; maybe it’s not a mistake after all! But Corporate Experts converging at the Partnership Summit 2009 organised by CII jointly with the Ministry of Commerce and Industry and Delhi State, on the theme 'Building Partnerships in a Post-Crisis World', yesterday were confident that Corporate Governance was still strong in India. Some of the observations-
· With so many inherent controls and regulatory procedures, such malpractices cannot be widespread in the corporate world.
· Immunity should not be available for non-executive directors for allowing management's misdirection.
· The responsibility of the Audit Committee equals that of management vis-a-vis maintaining true accounts.
· 'Auditing' is a service and not a commodity; auditors need to be transparent about their businesses since they comment on the transparency of other's businesses.
The Summit is being attended by over a thousand delegates from 25 countries.