Corporate Governance Must Conform To Global Trends: SCOPE

Corporate governance norms in the country must be revised in keeping with the changing global trends, while there is the need for greater autonomy and empowerment of the public sector enterprise boards with the establishment of a holding company of leading PSEs, the Standing Conference of Public Enterprises (SCOPE) has said.

At a national workshop on board interview organised in collaboration with the Public Enterprises Selection Board (PESB) here over the week-end, senior SCOPE functionaries sought the Union government’s intervention and support to help the board function as a “more cohesive body.”

The SCOPE, an apex body of Central public sector undertakings, said the board should ensure greater transparency in its selection procedure in the interest of aspirants to the board-level positions.

“Immense opportunities”
SCOPE Chairman C. S. Verma called upon the senior executives of PSEs to focus on the “immense opportunities” they had in their positions to make a difference. “In this period of risks and uncertainties, boards of companies need to play a proactive role, be receptive to new ideas and adopt new approaches with an open mind,” he said.

The senior management of PSEs should continuously focus on learning, un-learning and re-learning, said Mr. Verma.

SCOPE Director-General U. D. Choubey said the corporate governance norms must be reviewed in the current post-recession period and an expert committee appointed to deal with the subject.

The workshop was organised with the objective of grooming effective leaders in PSEs for the board-level positions.

[The Hindu]




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