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Report on Corporate Governance of CPSEs Delhi, India

Report on Corporate Governance of CPSEs Delhi, India. February 2010 Anne E Molyneux Director – CS International. Main Report Recommendations. CG reforms - seen as part of the broader reform program Focus efforts on the profitable companies - navratnas and miniratnas

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Report on Corporate Governance of CPSEs Delhi, India

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  1. Report on Corporate Governance of CPSEsDelhi, India February 2010 Anne E Molyneux Director – CS International

  2. Main Report Recommendations • CG reforms - seen as part of the broader reform program • Focus efforts on the profitable companies - navratnas and miniratnas • Deepening 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

  3. 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

  4. 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.

  5. No Consensus • Board 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

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