Institute of Directors, CGIO sign pact for best corporate governance practices

In a bid to further Indian business ties with Asean and East Asian markets, Institute of Directors (IOD) has signed a pact with Centre for Governance, Institutions and Organizations for collaboration in best corporate governance practices.

The Memorandum of Understanding (MoU) to further Indian business ties with Asean and East Asian markets was signed by IOD and the Centre for Governance, Institutions and Organizations at the NUS Business School of National University of Singapore.

"The main objective is for collaboration in the areas of advancing good corporate governance practices and sharing of experiences," said the Centre's Director Lawrence Loh.

Singapore, a multi-national hub with operational centre for regional businesses, is strong in the East Asian practice, coming together will be good synergies for uplifting of corporate standards across India, Singapore, Asean and East Asia, Loh said.

"There are many things we can still learn from the Indian systems, he said, cited the examples of Tata Group and Reliance Group and inheritance of business practices from the Commonwealth and former colonial regimes.

He also noted the strength of good corporate governance of family-based business in India, calling it the best in the world. In exchange, we can give them the Asean and East Asian concepts," he said.

Highlighting India's high business potential, Loh, nevertheless, pointed out that foreign investors were still focused on East Asian markets namely China.

Calling the MoU a bride linking Indian businesses to Asean-East Asian entities, Loh said his centre has deep understanding of Asean and East Asia businesses.

"Our Centre has done such collaborations with businesses in Asean member countries. We understand the concept through the centre's Asean Corporate Governance Score Card," he pointed out.