IICA Inaugurates Directors' Certification Master Class to Enhance Corporate Governance Acumen

The event, running from July 10 to 12, brings together over 50 board members from leading organizations across India to strengthen their understanding of corporate governance.

The Indian Institute of Corporate Affairs (IICA), the apex think tank of the Ministry of Corporate Affairs, Government of India, inaugurated its Directors' Certification Master Class in Ooty, Tamil Nadu, on July 10, 2024. The event, running from July 10 to 12, brings together over 50 board members from leading organizations across India to strengthen their understanding of corporate governance.

Inaugural Session:

Dr. Ajay Bhushan Pandey, Chairman of the National Financial Reporting Authority (NFRA) and Director General & CEO of IICA, led the session.

Ms. Neera Saggi, Independent Director on the boards of Tata Steel and GE Power, and Mr. Shailesh Haribhakti, Board Chairman and Independent Director in various organizations, were prominent attendees.

Collaborative Initiative: Dr. Pandey announced a new initiative between IICA and NFRA to develop specialized training modules for accounting professionals, auditors, and independent directors. This initiative aims to enhance skills and knowledge, contributing to sustainable corporate growth.

Keynote Address: Dr. Pandey emphasized the critical role of corporate governance, audit committees, and independent auditors. He cited historical cases such as Kreuger & Toll and McKesson & Robbins to highlight the evolution of regulatory frameworks.

Five Key Defences in Corporate Governance:

Management

Audit committees and independent directors

Financial reporting frameworks and auditors

Investors/shareholders and lenders

Independent regulators like NFRA

Dr. Pandey urged audit committees to engage deeply with audit standards and review NFRA disciplinary orders regularly. He emphasized the importance of Key Audit Matters (KAM) and Emphasis of Matters (EOMs) for transparent reporting.

Training Programs: The new training modules include:

Nine-month courses for auditors and accountants with online classes 2-3 days a week.

Shorter courses for independent directors lasting 3-6 months.

These courses, developed with input from industry experts, aim to meet global standards and fulfill continuing professional learning requirements for chartered accountants.

Distinguished Speakers:

Mr. Nawshir Mirza, Independent Director at Thermax Ltd.

Mr. Vivek Talwar, Former Chief Sustainability Officer at Tata Group.

Mr. Puneet Gupta, Managing Director at Protiviti India.

Dr. Anil Kumar, Independent Director at LIC of India.

CA Mohan R. Lavi, Board Advisor.

Dr. Mahendra Chouhan, Former Chairman of Fino Payments Bank.

Mr. Nagendra Rao, Past President of ICSI.

Mr. PS Jayakumar, Former MD & CEO of Bank of Baroda.

Leadership: The three-day program is led by Dr. Niraj Gupta, Head of the School of Corporate Governance & Public Policy (SoCGPP) at IICA, supported by Mr. Manoj Singh and Mr. Mathew John, Chief Program Executives at IICA.

The Directors' Certification Master Class aims to foster learning and collaboration, equipping participants with the necessary knowledge and skills to excel as directors and governance professionals. The event marks a significant step towards enhancing corporate governance standards in India.