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The new rule based on the recommendations of the Uday Kotak<\/a> committee on corporate governance will be effective from April 1. This stipulates that the chairperson of the board should be a non-executive director and should not be related to the managing director or CEO. It doesn’t apply to companies that don’t have identifiable promoters as per the shareholding pattern.
According to data compiled by nseinfobase.com, the chairperson has an executive role in 213 companies, while the chairman is also MD or CEO in 161 of them, including RIL, Hindustan Unilever<\/a>, ONGC, Coal India, NTPC, Bharat Petroleum Corp and Power Grid Corp.
HUL<\/a> will split the role to comply with the rule, ET reported on December 28. The chairman is related to either the MD or CEO in 79 companies, including Bajaj Finserv, Bajaj Auto, Adani Port, Shree Cement, UPL and Lupin.
The rule varies globally. Sebi’s view is that separation of powers provides a more balanced governance structure, enabling effective supervision.
“What is causing anxiety is making the emotional business decision of choosing the chairman and managing director from among different family members,” said Amit Tandon, founder and managing director, Institutional Investor Advisory Services. “In the UK, this split is for all practical purposes, mandatory. In the US, there has been a gradual shift in the past one decade and about 53% of S&P 500 companies have split the two roles.”
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Sebi chairman Ajay Tyagi said in November that companies had been given sufficient time to comply with the requirement.
The regulations “were notified in May 2018 and we made them applicable from April 2020. The idea was to make people understand and plan for it”, Tyagi said. “I agree with the argument that this may not solve it (corporate governance issues), but that doesn’t mean that you will not try to solve it.”
A Wipro spokesperson said the company will comply with all applicable regulatory norms. A Bharti Airtel spokesperson said, “As a responsible corporate, we have always been and will be compliant with all regulations.”
Reliance Industries<\/a>, SBI, HUL, Bajaj Finserv and Coal India didn’t respond to queries.
“Most promoters have for long treated their companies as proprietary firms, with all powers (and most gains) concentrated in the family,” said Prithvi Haldea, chairman of Prime Database. “It has been found worldwide that concentration of these two roles in one person or in one family has led to poor governance. Though not relevant, I fear that slowing of the economy is being used as a pressure point to do away with, or at least postpone, this regulation.” However, the role of chairman will be much more accountable going forward, Haldea said.
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根据建议的新规则Uday科塔克公司治理委员会将从4月1日是有效的。这个规定,董事会主席应该和不应该非执行董事总经理或首席执行官。它并不适用于公司没有可识别的发起人按照股权模式。
编制的数据显示nseinfobase.com,主席在213家公司一位高管的作用,而也是医学主席或首席执行官在161年,包括瑞来斯,印度斯坦联合利华印度石油天然气公司、印度煤炭公司、NTPC巴拉特石油公司和电网公司。
户遵守规则将分裂作用,等12月28日报道。董事长与总经理或首席执行官在79家公司,包括巴贾杰Finserv, Bajaj汽车,阿达尼港口Shree水泥、占有和卢平。
全球规则各不相同。印度证券交易委员会的观点是三权分立提供了一个更加平衡的治理结构,实现有效的监督。
“是什么导致焦虑的情感商业决策选择的董事长和董事总经理在不同的家庭成员,“说Amit经脉,创始人兼董事总经理,机构投资者咨询服务。“在英国,这个分裂是出于实用的目的,强制性的。在美国,已经有一个循序渐进的转变在过去十年,标准普尔500指数中有53%的公司把两个角色。”
印度证券交易委员会主席Ajay Tyagi 11月表示,公司已经得到足够的时间符合要求。
规定”通知2018年5月,我们使他们适用于2020年4月。他们的想法是让人们理解和计划”,Tyagi说。“我同意的观点,这可能不会解决这个问题(公司治理问题),但这并不意味着你不会设法解决它。”
Wipro的一位发言人表示,该公司将遵守所有适用的监管规范。Bharti Airtel的一位发言人说,“作为一个负责任的企业,我们一直并将符合所有规定。”
信实工业公司户,印度国家银行,Bajaj Finserv印度煤炭公司并没有对此事作出回应。
“大多数推动者长期治疗他们公司自营公司,与所有权力(和大多数收益)集中在家庭,“说做Haldea,主席'数据库。“全世界的人们已经发现,这两个角色集中在一个人或一个家庭导致了糟糕的治理。虽然不相关,但我担心经济放缓是被用作一个压力点,或至少推迟,这规定。“然而,主席的角色会更加负责,Haldea说。
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