{"id":417,"date":"2018-01-29T10:03:22","date_gmt":"2018-01-29T10:03:22","guid":{"rendered":"http:\/\/www.classiciasacademy.com\/blog\/?p=417"},"modified":"2018-11-20T14:42:42","modified_gmt":"2018-11-20T09:12:42","slug":"kotak-committee-corporate-governance","status":"publish","type":"post","link":"https:\/\/www.classiciasacademy.com\/blog\/kotak-committee-corporate-governance\/","title":{"rendered":"Kotak Committee on Corporate Governance"},"content":{"rendered":"<h3><a href=\"https:\/\/currentaffairs.gktoday.in\/recommendations-uday-kotak-committee-corporate-governance-10201748780.html\">Kotak Committee on Corporate Governance<\/a><\/h3>\n<h3>In News:<\/h3>\n<p>Uday Kotak committee established by SEBI has recently released its recommendations addressing rising concerns in corporate governance.<\/p>\n<h3>Formation of Committee<\/h3>\n<ul>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span lang=\"en-IN\">SEBI has set up a committee under the Chairmanship ofUdayKotak, of Kotak Mahindra Bank to advise on issues relating to corporate governance. <\/span><\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><span lang=\"en-IN\">The other members of the committee are the representatives of various stockholding groups, academicians and research professionals.\u00a0<\/span><\/span><\/span><\/span><\/li>\n<\/ul>\n<p>Terms of Reference of the Committee:The Committee shall make recommendations to SEBI on the following issues with the aim of improving standards of corporate governance of listed companies in India:<\/p>\n<ul>\n<li>Ensuring independence in spirit of Independent Directors and their active participation in functioning of the company;<\/li>\n<li>Improving safeguards and disclosures pertaining to Related Party Transactions;<\/li>\n<li>Issues in accounting and auditing practices by listed companies<\/li>\n<li>Improving effectiveness of Board Evaluation practices;<\/li>\n<li>Addressing issues faced by investors on voting and participation in general meetings;<\/li>\n<li>Disclosure and transparency related issues;<\/li>\n<li>Any other matter, as the Committee deems fit pertaining to corporate governance in India.<\/li>\n<\/ul>\n<h3>Present scenario<\/h3>\n<ul>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">The existing definition of \u2018senior management\u2019 means and includes officers or personnel of the listed entity who are members of its core management team, excluding board of directors.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">Normally this comprises of all the members of the management one level below the executive directors, including all functional heads.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">In India, most companies are run by the dominant shareholder, also known as \u201cpromoter\u201d who is either an industrialist or the government.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">Independent directors, who are supposed to represent ordinary shareholders, are chosen not by shareholders but largely by the management, i.e. the promoter.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">At present, the Companies Act, 2013, says that one-third of the directors on board of every public-listed company must be independent directors.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">There\u2019s no way that any independent director would be chosen without the approval of the promoter.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">In public sector enterprises, the appointment of independent directors is at least independent of the CEO because it\u2019s the ministry concerned that appoints independent directors.<\/span><\/span><\/span><\/li>\n<\/ul>\n<h3>Recommendations on corporate governance<\/h3>\n<ul>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">The Committee, while <\/span><span style=\"color: #000000;\"><b>redefining senior management,<\/b><\/span><span style=\"color: #000000;\"> recommended that the term \u2018senior management\u2019 shall specifically include \u2018company secretary\u2019.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">The Committee recommended that secretarial audit must be made compulsory for all listed entities.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">It also clarified that the same may be extended to all material unlisted Indian subsidiaries.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">This is in line with the theme of strengthening group oversight and improving compliance at a group level.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">Committee also recommended certificate from a company secretary, providing that none of the directors have been debarred or disqualified from being appointed or continuing as directors by any such statutory authority.<\/span><\/span><\/span><\/li>\n<\/ul>\n<h3>On Independent Directors<\/h3>\n<ul>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\"><b>Board<\/b><\/span><span style=\"color: #000000;\">\u00a0&#8211; It recommended a minimum of 6 directors and a maximum of 8 to be on the board of listed entities.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">And at least 50% (currently one-third) of the board should have independent directors and compulsorily one woman among them.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">It also called for more transparency on appointment of independent directors and a more enhanced role for them.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">It proposed a mandatory formal induction for every new Independent Director appointed to the board.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">It said that stakeholders should approve the application to fill a casual vacancy of office of any Independent Director.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">It held that no person be appointed as alternate director for an independent director of a listed company.<\/span><\/span><\/span><\/li>\n<\/ul>\n<h3>Other Recommendations<\/h3>\n<ul>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">The panel suggested making a distinction between the roles of chairman and MD\/CEO of listed companies.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">It emphasized on regular interaction between NEDs (non-executive director) and the senior management.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">It also suggested an Audit Committee review for the use of loans or investment by holding company for over Rs 100 crore.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">It suggested increasing the number of Audit Committee meetings to five every year.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">It also proposed making D&amp;O (Directors and Officers) insurance mandatory for independent directors, for top 500 companies by market capitalization.<\/span><\/span><\/span><\/li>\n<\/ul>\n<h3>Unaddressed Areas<\/h3>\n<ul>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">In India, there are independent directors who are beholden to the promoter for their place on the board.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">Theydon \u2018have considerable freedom to express them, as vast majority of private companies treat promoter and CEO in a same rank.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">So it would be quite a challenge for an independent director to question decisions of a board.<\/span><\/span><\/span><\/li>\n<\/ul>\n<h3>Way Forward<\/h3>\n<ul>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">The recent instances of rift between the founders and the management of companies drew serious attention to the shortfalls in corporate governance.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">These have considerably weakened the confidence in the quality of board supervision and auditing.<\/span><\/span><\/span><\/li>\n<li><span style=\"font-family: 'Times New Roman', serif;\"><span style=\"font-size: medium;\"><span style=\"color: #000000;\">The panel has thus suggested a host of changes for bringing in transparency at companies\u2019 boards.<\/span><\/span><\/span><\/li>\n<\/ul>\n<p>It is now up to the market regulator, SEBI to move forward on implementing the panel\u2019s recommendations.<\/p>\n<h3>Independent Directors<\/h3>\n<ul>\n<li><span style=\"color: #000000;\"><span style=\"font-family: 'Bookman Old Style', serif;\"><span style=\"font-size: small;\">An Independent director is a <\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: 'Bookman Old Style', serif;\"><span style=\"font-size: small;\"><b>non-executive director<\/b><\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: 'Bookman Old Style', serif;\"><span style=\"font-size: small;\"> who does not have any kind of relationship, material or financial, with the company.<\/span><\/span><\/span><\/li>\n<li><span style=\"color: #000000;\"><span style=\"font-family: 'Bookman Old Style', serif;\"><span style=\"font-size: small;\">Independent directors are to ensure the independence of decisions taken in matters related with the board.<\/span><\/span><\/span><\/li>\n<\/ul>\n<h3>D&amp;O Insurance<\/h3>\n<ul>\n<li>Directors and officers Insurance is a liability insurance payable to the directors and officers of a company, or to the organization itself.<\/li>\n<li>It is provided as reimbursement for losses or advancement of defense costs in the event of loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers.<\/li>\n<\/ul>\n<p align=\"JUSTIFY\"><span style=\"font-size: medium;\">Classic IAS Academy is an age old name in the list of <strong><a href=\"https:\/\/www.classiciasacademy.com\/\">IAS Coaching in Delhi<\/a><\/strong><\/span><span style=\"font-family: Calibri, serif;\"><span style=\"font-size: medium;\"><b>.<\/b><\/span><\/span><span style=\"font-family: Calibri, serif;\"><span style=\"font-size: medium;\"> Just like an ordinary stone becomes a beautiful glittery diamond after proper cutting and polishing, <\/span><\/span><span style=\"font-size: medium;\">Classic IAS Academy <\/span><span style=\"font-family: Calibri, serif;\"><span style=\"font-size: medium;\">honed my skills to make me a gem in the world of IAS. They made me aware of my own potential which helped me clear the IAS examination in a hassle-free manner. I would like to express my sincere gratitude to the <\/span><\/span><span style=\"font-size: medium;\">Classic IAS Academy<\/span><span style=\"font-family: Calibri, serif;\"><span style=\"font-size: medium;\"> faculty members, who helped me sail through the rough times of preparation for this examination, in a calm and composed way.<\/span><\/span><b><\/b><\/p>\n<p align=\"JUSTIFY\"><b>Corporate Governance<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>Kotak Committee on Corporate Governance In News: Uday Kotak committee established by SEBI has recently released its recommendations addressing rising concerns in corporate governance. Formation <a class=\"mh-excerpt-more\" href=\"https:\/\/www.classiciasacademy.com\/blog\/kotak-committee-corporate-governance\/\" title=\"Kotak Committee on Corporate Governance\">    [read more]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[15],"tags":[84],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Best IAS Coaching in Delhi, Top UPSC Coaching in Delhi<\/title>\n<meta name=\"description\" content=\"best ias coaching in delhi - Classic IAS Academy is the best institute for IAS coaching in Delhi. 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