Financial Daily from THE HINDU group of publications
Wednesday, Dec 25, 2002
Financial Daily from THE HINDU group of publications Wednesday, Dec 25, 2002 |
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Corporate
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Corporate Governance Industry & Economy - Industry Associations CII hails Naresh Chandra Panel suggestions Our Bureau
NEW DELHI, Dec. 24 THE President of the Confederation of Indian Industry (CII), Mr Ashok Soota, has welcomed the recommendations of the Committee on Corporate Audit and Governance. In a statement, the chamber has said that these recommendations will play an important role in strengthening the corporate governance framework in the country. The Committee, which had been appointed by the Ministry of Finance and Company Affairs under the chairmanship of Mr Naresh Chandra, submitted its report to the Minister of Finance, Mr Jaswant Singh, on Monday. The chamber has expressed the hope that the recommendations of the report will be speedily implemented. Corporate scandals in the US have highlighted the criticality of corporate governance and its importance in creating trust and confidence among investors. The chamber has expressed the view that the recommendations of the report, if properly implemented, would provide the framework for establishing strong corporate governance standards in the country, and ensure that the rights of the shareholders are protected. The chamber is of the opinion that the report contains many "revolutionary" measures that will transform auditor-company relationships, establish an efficient and professional body to provide oversight to auditors, create a disciplinary mechanism for auditors and also expand the definition of independent directors. The chamber has expressed confidence that the recommendations of the report will ensure that objectives of preserving the independence of auditors, instituting efficient oversight of auditors, making the CEO and the CFO take responsibility for the audited statement of the company, and protecting the independence of directors, would be met.
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