Taking the Satyam saga as a cue, the recently concluded Confederation of Indian Industry (CII), Ahmedabad chapter's CFO Forum 2009 highlighted the importance of corporate governance in the current scenario.
Under a panel discussion 'Corporate Governance - The New Strategic Initiative', the forum pointed out that the issue carries more relevance now than ever.
"No matter how good a company, its corporate governance has to be good as well. Corporate governance has more value now than what it had earlier," said Rangarao V Dani, Registrar of Companies, Ministry of Corporate Affairs, Government of India during the forum.
Similarly, talking on various aspects of corporate governance, Sugata Sircar, Chairman – CII’s CFO Forum 2009 & Finance Director, Gujarat Gas Company Ltd. said, "There is an increased need to establish the independence of auditors. A task force set up by CII on corporate governance, in fact, has advocated for setting by ICAI to standardize disclaimers given by the auditors."
The forum was organised to highlight latest trends in corporate governance and share perceptions, experience of the CFOs and CEOs on the governance practices and the new challenges for the industries.
"Most of the companies are promoter controlled which makes separation of ownership and management difficult. Therefore, more professional and independent CFOs and directors should be appointed. Moreover, good corporate governance cannot be achieved without transparency. Unless the organisation is transparent, it cannot have good corporate governance," said Dani.
