MP K. Haribabu has said directors should be made accountable and strictly adhered to the corporate governance by bringing independent directors on the board to bring transparency.
He was speaking at a seminar conducted by AP Chambers of Commerce and Industry Federation on ‘director and officers’ insurance liabilities’ in association with Institute of Directors (IOD) here. Federation president G. Sambasiva Rao said directors of all the companies had the responsibility to know about insurance liabilities.
He said the directors had to keep in mind not only their markets but also compliance regulations, different government bodies, auditors’ opinions and the latest best practices for corporate governance and risk management.
New India Assurance Co Ltd Chief Manager Lalit Kharbanda spoke on the need for liability insurance in general and directors and officers liability insurance in particular for companies and directors in the current business environment.
IOD honorary secretary Shiva Rao Tummalapalli, New India Assurance administrative officer Narendra Tummalapalli, United India Insurance Regional Manager Vijay Kumar and Bharat Re-insurance vice-president Ram Prasad, spoke.
