A board position is not very different from taking a seat in the cockpit of an airplane
India is increasingly becoming the preferred destination for funds that seek better returns in a fast-growing economy. These funds have championed rigorous governance norms in their home countries and, as they enter the Indian market, they are not going to be kind to Indian company boards. The rules in India on corporate governance have been largely influenced by the Sarbanes-Oxley Act in the US. Sebi revised Clause 49 of the Listing Agreement to amplify its scope and usher in a new era of governance. The changes deal with board composition; independent directors’ compensation and disclosures; code of conduct for board members and senior management; audit committees; compliance certificates; and a host of other matters.
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