|
| New Cos Bill may include corp governance norms: Khurshid |
| Press Trust of India / New Delhi Dec 21, 2009, 21:47 IST |
|
The government is looking at the possibility of modifying the proposed Companies Bill 2009 to include corporate governance guidelines, Corporate Affairs Minister Salman Khurshid said here today.
"We need an open mind on this one (to make the voluntary guidelines on corporate governance mandatory) ...after the Companies Bill is passed...And becomes and Act, we will know what is mandatory and what is not," Khurshid said.
The new Companies Bill, which will replace the 1956 Act, was introduced in Parliament in August and is likely to come up for discussion in the Budget session.
Khurshid also said the government would take stock of how companies are responding to and adopting the corporate governance code and subsequently would considering making certain provision mandatory. "We will take stock of everything...Those (companies) who cannot follow it would want to tell us why they can't do it and maybe we will consider them," he said.
The guidelines released today by the ministry, contain proposals like a company should change audit partners every three years and firms every seven years, a fixed remuneration for directors, the limit on the number of boards independent directors can be on has been kept at seven and separation of the office of chairman and managing director.
|
|
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
|
Content Guide
