Indian Institute of Corporate Affairs Hosts Roundtable on Board Composition Enhancement

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

The Indian Institute of Corporate Affairs (IICA) held a pivotal closed-door roundtable consultation with leading executive search firms on 2nd August 2024 at its Gurugram campus. The event convened over 20 managing partners, equity partners, and senior partners from top executive search firms in India to collaboratively address and enhance board governance and composition.

Key Figures and Presentations:

Dr. Ajay Bhushan Pandey, Chairman and Director General & CEO of IICA, and Chairman of the National Financial Reporting Authority (NFRA), chaired the meeting. Dr. Niraj Gupta, Head of the School of Corporate Governance & Public Policy at IICA, and Mr. Mathew John and Mr. Manoj Singh, both Chief Program Executives at IICA, played instrumental roles in leading the proceedings.

Dr. Pandey emphasized the crucial role executive search firms play in bolstering board governance. Meanwhile, Dr. Gupta and Mr. John delivered a presentation on IICA's initiatives and the Independent Director Databank (IDDB), highlighting its importance and benefits to the industry.

Participating Firms:

The roundtable included representatives from prestigious firms such as Korn Ferry, Egon Zehnder, Executive Access, ABC Consultants, Kestria, KPMG, Pedersen & Partners, EMA Partners, DHR Global, Boyden India, Sheffield Haworth, Vahura, Athena Consulting, 3P Consultants, WalkWater Talent Advisors, Xpheno, and Deininger Consulting.

Discussion Highlights:

Reflections and Expectations: Participants shared insights on current board practices and the selection process for directors.

IDDB Value Propositions: The discussion explored the unique advantages offered by the Independent Director Databank and its potential impact on industry practices.

Enabling Access to IDDB: Strategies were discussed to improve access to and utilization of the IDDB by executive search firms.

Enhancing Utilization of Search Firms: The roundtable identified collaborative opportunities to better leverage search firms and external consultants for board mandates.

IICA Initiatives: The group reviewed IICA's current and future initiatives aimed at advancing corporate governance excellence.

Outcome and Future Directions:

The consultation reinforced IICA's commitment to fostering best practices in board governance through collaborative engagements. The insights gathered will help shape future strategies and initiatives, particularly in enhancing the functionality and relevance of the Independent Director Databank and other governance-related initiatives.

IICA continues to drive efforts towards responsible business practices and effective corporate governance, ensuring that the insights and recommendations from this roundtable contribute significantly to the improvement of board governance standards in India.