Korn Ferry in partnership with NSE organized a discussion with eminent experts on board practices in Indian companies during an event on 17th December. The discussion was held in the backdrop of launch of a recent study by Korn Ferry titled ‘Boards That Lead’.
For this study, the National Stock Exchange of India (NSE) facilitated Korn Ferry India in conducting an online survey related to the practices followed by the Boards of NSE listed companies in two speciﬁc governance-related matters—CEO succession planning and Selection of Independent Directors, under the overarching theme of ways to improve board effectiveness. This ﬁrst-of-a-kind survey in which all NSE listed companies were invited to participate, and the one-on-one interviews with select companies that followed the survey, formed the basis for this study report.
Speaking about the study, Mr. Vikram Limaye, MD & CEO, NSE, said, “NSE is focused on enhancing governance standards in listed companies. This study, in partnership with Korn Ferry, is another step in this direction and it allowed us to take stock of some of the prevalent practices of Indian boards that have an impact on board effectiveness.”
Mr. Robert Hallagan, Vice Chairman, Co-leader, Board Services, Korn Ferry said, “India’s growth story is inspiring. To continue to flourish, corporate governance standards must keep in step. ‘Boards that Lead’ is not just a survey, through this we are attempting to start an engaged discussion and ‘call to action’ to develop governance principles and practices in India that are respected around the world.”
Navnit Singh, Chairman & Regional Managing Director, Korn Ferry India, explained, “A well-governed board has a strong positive influence on an organization’s performance and value creation for employees, clients as well as other stakeholders. The study reflects that boards need to spend more time on CEO succession as this is crucial to the well-being of the organisation and an area for which the board has the ultimate responsibility.”