Confederation of Indian Industry (CII) and Ministry of Corporate Affairs (MCA) in partnership with the Institute of Company Secretaries of India (ICSI) and the Institute of Chartered Accountants of India (ICAI) has set up the National Foundation for Corporate Governance (NFCG). One of the Objectives of the Foundation is to create awareness on the importance of implementing good corporate governance practices both at the level of individual corporations and for the economy as a whole. The Foundation provides a platform for quality discussions and debates amongst academicians, policy makers, professionals and corporate leaders through workshops, conferences, meetings and seminars.
The Foundation constituted a Core Group on Independent Directors to bring out the Independence Principles for Boards and Directors. The Group comprised of Prof. N. Balasubramanian (Chair), Mr. M.M.Chitale, Mr. Deepak Bagla, Mr. Nawshir Mirza and Mr. Ram Savoor. The Core Group after deliberations formulated a Draft Report on 'Independence Principles for Corporate Boards and Directors' under the authorship of Prof. N. Balasubramanian, Mr. Nawshir Mirza and Mr. Ram Savoor.
The structure of the Report consists of two parts: the first sets out the Principles, (three in number, with several sub Principles) while the second enumerates detailed annotations of the reasoning behind these principles and the background in which the group had evolved them.
These non-binding principles are recommendatory in nature and are intended to be offered to a wide spectrum of corporations in the public and private sectors and will have applicability, when adopted, to corporations across a range of industries and business sectors, both listed and unlisted.
These Principles are now offered for further due process of public comment before review and final release by the National Foundation for Corporate Governance.
Comments / Suggestions / Inputs may please be forwarded to:
The Executive Director
National Foundation for Corporate Governance
E-mail : email@example.com
Director (CII), NFCG
E-mail : firstname.lastname@example.org