Following publication of SEBI's Kotak Committee Report on Corporate Governance on the 5th October 2017, it was quite clear that independence of directors, which was among the key focus SEBI wanted the Committee to have, will get no leg-up right now. Sure, there were several recommendations that address the symptoms of the disease (of corporate greed and misdemeanour in large sections of the sector) but no attempt to confront the primal cause of the ailment, namely, how to restore a measure of freedom and independence to the vast majority of the so-called independent directors on company boards. The strangle hold of the controlling shareholders on the selection, remuneration, continuation or separation , of independent directors had to be curtailed if the IDs were to feel free to act on their judgement on critical issues that affect the company and its stakeholders including the non-controlling shareholders. This was a bullet the Kotak Committee was not willing or able to bite. Sad. Don't know how long the IDs and the non-controlling shareholders have to wait still!
My co-authored article on the subject that was published by Mint on the 11th October deals with this topic and is available here:
My co-authored article on the subject that was published by Mint on the 11th October deals with this topic and is available here:
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