A survey of Nifty 50 companies showed that in the annual reports of FY 2019-20, published several months after the year’s closure, only 28 companies recognised Covid-19 as a risk. The study of corporate governance by Excellence Enablers also found that while most companies complied with the requirement of minimum directors, several had more than 14 directors. It pointed out that having a large board can lead to underperformance. As on March 31, 2020, 10 companies were non-compliant with the minimum requirement for independent directors on board.
A look at some of the findings.
Tighter regulatory prescriptions led to more serious initiatives in the area of corporate social responsibility (CSR), according to the survey. The number of companies with unspent CSR amounts has come down in the last three years. The survey said that while companies have given explanations for not spending the money, some reasons such as “project sanctioned, but not executed", “non-utilisation of funds by NGOs”, and “non-availability of suitable projects” could have been adequately addressed by appropriate careful monitoring during the year. Here are the key findings related to CSR.
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