To improve corporate governance, the Ministry of Corporate Affairs has constituted a high-level committee, headed by Godrej Group Chairman Adi Godrej.
The committee, comprising representatives from the corporate world, industry bodies and government departments, will suggest a comprehensive policy framework to enable corporate governance of highest quality in all classes of companies without impinging on their internal autonomy to order their affairs in their best judgment.
The committee is likely to make its recommendations within six months after wide consultations with all stakeholders in the corporate sector, academics and members of the public.
The government is keen on bringing in major changes in corporate governance guidelines by including good practices such as tax compliance and asking companies to adopt it voluntarily.
Some of the prominent members of the Committee are: Biocon head Kiran Mazumdar Shaw, FICCI Vice-President Sidharth Birla, Asian Centre for Corporate Governance & Sustainability Vice-Chairman M. K. Chauhan, former chairman of Company Law Board S. Balasubramaniyan, besides former heads of ONGC, R. S. Sharma, and SAIL, S. K. Roongta.
The President of the Institute of Company Secretaries of India (ICSI) is the Member-Secretary and Convener of the Committee.