The CII-E&Y Corporate Governance Handbook that serves as a quick reference to Board of Directors, Audit Committees, CEOs and CFOs was released.
Addressing the second Corporate Governance Summit organized by the Confederation of Indian Industry (CII) today, M Damodaran, Chairman, SEBI, stressed on the need to move the debate away from the discussion of board composition to issues of compliance, transparency, better understanding of corporate governance messages and sharing information with stakeholders. "We have put the framework in place but there is a need to put content in place and ensure that its value is recognized by all stakeholders," said the Sebi Chairman.
TC Nair, Whole Time Member, SEBI, expressed concern that corporate governance was being looked upon purely as a part of regulation by some companies and said "A majority have complied with requirements for the sake of compliance," he pointed out.
Adi Godrej, Chairman, CII National Council on Corporate Governance and Regulatory Framework & Chairman, The Godrej Group, emphasized that corporate governance should be principle based and not rule based. "Good corporate governance and performance are not mutually exclusive, a performance-linked variable remuneration system can make a significant difference," he pointed out.
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