Report on Corporate Governance of CPSEs Delhi, India
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Transcript of Report on Corporate Governance of CPSEs Delhi, India
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February 2010Anne E Molyneux
Director – CS International
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Main Report RecommendationsCG reforms - seen as part of the broader reform programFocus efforts on the profitable companies - navratnas and
miniratnasDeepening CG reforms requires:
Strengthening the state’s ownership role; Professionalising CPSE boards; Enhancing transparency and disclosure.
Implementation of reform requires careful management Future steps
Strategy for CPSE reform Revision of the CG Guidelines Monitor compliance with CG Guidelines Company level reforms Enhance DPE capacities to do all this
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Agreed results of discussion
Improving the composition of boards
Improving board selection, appointment and induction processes.
Ensuring systematic board evaluations be mandatory and be introduced for the board, peer review for individual directors and for committee activities.
Ensuring board leadership and development programs are in place, mandatory and taken up at least annually by directors
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Agreed results (2)
Ensuring clear distinction of roles and responsibilities of shareholder, board and management
Ensuring clear corporate governance guidelines that CPSE must adhere to.
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No ConsensusBoard empowerment
CPSE position in the face of private sector competition and the existence of a ‘level playing field’ for entities operating in similar businesses.
Despite the fact the according to the OECD CG Guidelines for SOEs Part VIC it is stated that ‘Good practice calls for the Chair to be separate from the CEO’.
Actions regarding remuneration of CPSEs were disparate