Corporate governance award instituted

By Our Legal Correspondent

NEW DELHI, NOV. 12. To encourage Indian companies to excel in corporate governance so that they can be counted amongst the best in the world, the Institute of Company Secretaries has instituted ``ICSI National Award for Excellence in Corporate Governance''.

The awards to three companies, one winner and two runners, will be presented by the Vice President, Mr. Krishan Kant, here on November 19. The Union Law Minister, Mr. Arun Jaitley will preside over the function.

Announcing this, the President of the Institute, Dr. P. V. S. Jagan Mohan Rao, said ``corporate governance is no longer a nicety or a fancy document used to adorn corporate walls, good governance is today a competitive necessity vis-a-vis both our stake holders and customers''.

He said the endeavour of the institute was to develop the norms of good governance and enable Indian companies always to remain on the cutting edge of global competitiveness. He said the award was proposed to be conferred annually on a company adjudged by a panel of eminent persons, who will select three companies.

This year, the President said the jury for the selection of the award would include, Mr. Justice M. N. Venkatachalaiah, former Chief Justice of India, Mr. V. K. Dhall, IAS, Secretary, Department of Company Affairs, Mr. N. Vittal, Chief Vigilance Commissioner.

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Section  : Business
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