Godrej Consumer Products announced that the company had subjected itself to a voluntary review of its Corporate Governance practices by an external rating agency, namely the Investment Information and Credit Rating Agency (ICRA). For the last several years, the Company had a Corporate Governance Rating of CGR2+ (pronounced CGR two plus) and the Stakeholder Value Creation and Governance Rating of SVG1 (pronounced SVG one).
The Company has received a communication from ICRA on 07 July 2020, whereby they have informed us that pursuant to SEBI directives to credit rating agencies, they are required to discontinue rating services other than rating of securities offered by way of public or rights issue, rating of financial instruments under respective guidelines of a financial regulator or any authority specified by SEBI and research related services. Hence the above corporate governance rating and stakeholder value creation rating assigned to GCPL is discontinued by ICRA in compliance with SEBI directives.
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