New Delhi, 30 November (Hindustan Reporter). The Indian Institute of Corporate Affairs (IICA) has recently taken an important step towards enhancing corporate governance in India. IICA has signed Memorandum of Understanding (MoU) with several leading executive search firms. The agreement will provide six executive search firms with access to the independent director database. This move will help companies find qualified independent directors.
The Ministry of Corporate Affairs said in a statement issued on Saturday that the event took place at the National Financial Reporting Authority (NFRA) headquarters in New Delhi. Dr. Ajay Bhushan Pandey, President of NFRA and Director General and Chief Executive Officer (CEO) of IICA presided over the function. The program saw Memorandum of Understanding (MoU) signed with six leading firms searching for professionals, Korn Ferry, ABC Consultants, EMA Partners Limited, DHR Global, Sheffield Haworth and Vahura. The partnership aims to improve the selection and appointment process of independent directors on Indian boards of directors. This is an important step towards Indian boardroom corporate governance excellence.
According to the ministry, during this period, the leading leaders of the partner firms include Shiv Agarwal, Managing Director of ABC Consultants, Monica Agarwal, Managing Director of Korn Ferry Financial Services APAC, Vikram Chhachi, Managing Partner of DHR Global, Sethumadhavan Srinivasan, Executive Director of Sheffield Haworth, Board of Vahura. Practice Head Shweta Rao and Adarsh Aaron, Associate Director, EMA Partners Limited.
On this occasion, Dr. Ajay Bhushan Pandey, Director General, IICA described the MoU as an important step for the Independent Directors Data Bank (IDDB) to facilitate the appointment of qualified independent directors. It is noteworthy that under the Companies (Appointment and Qualification of Directors) Rules, 2014, the Independent Directors Data Bank (IDDB) acts as a repository of qualified professionals. Under these rules, it is mandatory for all independent directors to register with Databank and complete competency assessment.
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Hindusthan News / Prajesh Shankar
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