Mirages in corporate governance

The issue of separation of powers between corporate owners and professional managements has become a hardy perennial in the Indian corporate governance discourse. This week brought two reminders. One was the appointment of Anish Shah as managing director and CEO of Mahindra & Mahindra, flagship of the sprawling automobiles to technology group, with Anand Mahindra stepping back as non-executive chairman. The second was a plaintive reminder from Ajay Tyagi, chief of the Securities and Exchange Board of India (Sebi), that only about half the top 500 listed firms had implemented its order to separ.....

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