Directors (IOD), the apex association of corporate directors in India on
completing its 20th year of Service, announced that it will hold ‘National
Conference on Corporate Governance’ with the theme ‘Getting REAL with
Corporate Governance’ on August 21 and 22 at Taj Krishna, Hyderabad. The
Conference will have the keynote address by Dr Madhav Mehra, President of
UK’s World Council for Corporate Governance.
This conference aims to unfold a new principle-based approach to corporate
governance, as opposed to traditional rule-driven approach to enable
corporate governance practices to be implanted in the DNA of corporations.
It intends to make boards an effective instrument of corporate
transformation, innovation and social change in the wake of credit and
resource crunch. To register for the event please log on to: http://iodonline.com/1/
Commenting on the conference, Dr Madhav Mehra , President of UK's World
Council for Corporate Governance said, ‘’The basic reason of the economic
meltdown that shook the earth’s tectonic plates, was that the boards
failed to understand the gravity, scale and enormity of risk resulting
from the excessive leverage and opacity due to a cozy culture of the
boardroom; Independent directors were found hopeless in holding powerful
chief executives to account; bonus schemes were manipulated to reward
short term performance; governments, regulators and investors were all in
thrall because of skyrocketing returns and instead of improving oversight
raced to the bottom of regulation.”
This conference aims to bring out a blueprint of measures that mandates
full disclosure and encourages transparency to restore confidence in the
market place. It emphasizes the immediate need for disruption of status
quo in board rooms by appointing new directors, bringing diversity,
encouraging dialogue and focusing on training of directors as the most
critical attribute. “Experience tells us we don’t need independent
directors, we need directors of independent mind,” asserts Dr Mehra.
Mr Salman Khursheed, Minister of corporate affairs has confirmed
participation alongside two of India ’s most respectable former chief
justices Justice P N Bhagwati and Justice M N Venkatchaliah. Other eminent
Indian speakers invited include Mr C B Bhave , Chairman , SEBI, Ms Kalpana
Morparia, JP Morgan, Peter Walker Chairman Pielle Consulting, Dr. K.I.
Varaprasad Reddy, Managing Director, Shantha Biotechnics, Dr S N Dash ,
Secretary , Ministry of Heavy Industries, Richard Saldanha, director
Blackstone group, Shailesh Haribhakti, Mr Uttam Agarwal , President ICAI,
and Prithvi Haldia of Prime Database etc.
The awards for the ‘Distinguished Fellowships’ of the IOD will also be
presented to outstanding corporate and public leaders contributions for
their contributions to business and society.
The inputs from the conference will be presented to the 10th International
Conference on Corporate Governance, in Mayfair, London on 9, 10 October
2009 where 35 countries will be participating.