New Committee on Corporate Governance

SEBI has set up a committee to recommend the measures  to help improve the standards of corporate governance of listed companies in India.

Uday Kotak, Managing Director of Kotak Mahindra Bank is the chairman of this committee.

Besides Kotak, this committee comprises of 20 other members. Some other members of this committee are: Keki Mistry, Rishad Premji, R Shankar Raman, Ashish Chauhan, J Ravichandran, Shobhana Kamineni,  Pankaj R Patel, Nilesh Vikamsey, Shyam Agrawal, N Venkatram, Arun Kumar.

This committee has been tasked to among other things make recommendations for ensuring independence in spirit of independent directors and their active participation in functioning of the company.

The other terms of reference for this Panel include improving safeguards and disclosures pertaining to Related Party Transactions.

The Panel has been tasked to go into issues in accounting and auditing practices by listed companies.

The other areas include improving effectiveness of Board Evaluation practices; addressing issues faced by investors on voting and participation in general meetings; and disclosure and transparency related issues.

SEBI has advised this Panel to “endeavour” to submit its report within a period of four months.

In the past, SEBI had set up committees on corporate governance under the Chairmanship of N.R. Narayanamurthy and Kumaramangalam Birla.