During the panel discussion, Keki Mistry, vice-chairman and CEO of HDFC, said while whistle-blower policy is critical, there should also be enough checks and balances to deter complaints with mala fide intentions. He underlined the need for a framework where such complainants are penalised.
Mistry also batted for immunity to independent directors unless there is a wilful fraud. “They cannot be held accountable for the performance or functions which are typically the responsibility of executive management,” he said.
UK Sinha, former chairman of Sebi, said corporate India must gauge horizontal trends of global developments and keep up with them. CII released a report, that made 15 recommendations on corporate governance issues ranging from global practices to regulatory policy suggestions.
In latter half of the summit, Pradeep Ramakrishnan, general manager, Sebi, said independent directors need to do more towards engaging with the firms to protect minority shareholders’ interest.
“If India is to move to a leadership position in the global corporate space, business strategies can only be effective if complemented with responsible governance and ethical actions,” said Chandrajit Banerjee, director general, CII.
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