Nasscom sets up panel to avoid Satyam-like case

To prevent Satyam-like incidents in future, industry body Nasscom today said it has formed a corporate governance and ethics committee.

The committee, will be chaired by N R Narayana Murthy, Chairman and Chief Mentor of Infosys Technologies, and will function as a permanent sub-committee under the aegis of the Nasscom Executive Council.

"This is one of the initiatives being taken by Nasscom to strengthen corporate governance practices in the Indian IT-BPO industry," the association today said.

Nasscom President Som Mittal said: "This committee will look to work with authorities, policy makers and regulators, to achieve the objectives of this group."

Envisaged as an eight-member committee, the members will include industry experts, independent directors as well as academicians and will meet at least three times a year to formulate strategies and measure implementation schedule.

Nasscom Chairman Ganesh Natarajan said while the committee will focus on awareness and advocacy and share best practices across the member community, "we will also be considering steps to further strengthen the excellent reputation of this sector in corporate India".