ver 95 per cent businesses have said good corporate governance practices help organisations achieve better operational and financial results, according to a survey.
Besides, 93 per cent corporates identified culture as an important catalyst for implementing strong corporate governance, the survey, conducted jointly by Grant Thornton and Confederation of Indian Industries (CII), said.
The survey covered 107 companies across industries NSE 0.18 % between October 2019 and November 2019.
As many as 75 per cent of the respondents believe that mandatory corporate governance practices should be extended to unlisted companies, it added.
Stressing on the significance of promoting diversity on boards, 88 per cent of the total firms surveyed said their organisation have a woman director on the board.
The other parameters taken in the survey include absence of formal training programmes on corporate governance for the board of directors and key managerial personnel, cost of implementation as major challenges in implementing corporate governance practices, role of technology in improving the corporate governance practices, among others.
"While compliance with laws and regulation must form a part of any governance framework, there is an opportunity for progressive boards to broadly work on better corporate governance practices. This includes promoting a culture of integrity and ethics, tapping into key stakeholder groups and creating enough scope for debate and dissent," said Dinesh Anand, partner, Grant Thornton India LLP.
The entire contents of this article are solely for information purpose and have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation by the Author. Compliance Calendar LLP and the Author of this Article do not constitute any sort of professional advice or a formal recommendation. The author has undertaken utmost care to disseminate the true and correct view and doesn’t accept liability for any errors or omissions. You are kindly requested to verify and confirm the updates from the genuine sources before acting on any of the information’s provided hereinabove. Compliance Calendar LLP shall not be responsible for any loss or damage in any circumstances whatsoever.