SEBI Consultation Paper: Restructuring of Regulatory Provisions governing Independent Directors – A critical assessment by an Independent Director
Independent Directors are important part of Corporate Governance and to achieve globally accepted benchmark standards of governance, it is pertinent to strengthen institution of Independent Directors by aligning regulatory frameworks & adoption of best global corporate practice of the matter. In adherence to this agenda, SEBI has formalized a consultation paper reviewing regulatory provisions related to Independent Directors and put it in public domain for discussion for inclusion of wide range of opinions of stakeholder in policy formation.
Being a prominent think-tank of Ministry of Corporate Affairs, Indian Institute of Corporate Affairs (IICA) and having realisation of the advocacy roles for the evolving regulatory framework, the institute has initiated a survey amongst the registered Independent Director’s of the Databank with an objective to compile their views on various items of the proposal and to share it with SEBI as a detailed report.
It has also been realised that is would be pertinent to seek the critical assessment by the Independent Directors based on the challenges they face and expectations they have from the existing regulatory framework. Giving action to the idea we are sharing the views of Mr. Nawshir Mirza, professional Independent Director serving on boards of a number of listed and unlisted companies. The views and the critical assessment of the proposal are of the author and not necessarily bind IICA & its staff.
