Step forward for boards

Corporate governance standards set for a big improvement

Many of the recommendations of a committee, chaired by Uday Kotak and set up to improve corporate governance standards in India, have been accepted by the Securities and Exchange Board of India (Sebi). This marks an important step towards improving the structure and functioning of corporate boards in India. The committee report comes after several major scandals rocked India Inc, which were marked by inattention or other oversight failures from boards. The concern widely expressed at the time was that boards are too subservient to promoters, or can be too easily misled by promoters or management. The committee has sought