This is with reference to your article, “Winds of change, waves of progress” (December 28). Global market environments have become highly competitive and corporates have to constantly review their business policies to ensure survival in the market. Effective management will create better business involvement coupled with greater accountability at all levels. This will, in turn, enhance the quality of performance of professionals. This applies equally to both large and small corporates that enter global markets as equals. A more flexible legislation is essential to ensure greater freedom in decision making by a corporate. Stringent legal procedures will be a hindrance to efficient business management and timely decision taking essential in modern commerce. A simplification of statutory reporting procedures should be backed by strict follow-up with penal provisions to ensure timely compliance with statutory requirements. Dispensing with independent directors in the CSR committee by companies that do not require their services increases the accountability of the existing ones, and board meetings will no longer be a mere formality.
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