Astringent regulatory approach requires a framework of strong financial disclosure norms, aimed at ensuring transparency and accountability. Such an approach promotes self-governance by enabling participants in the system to discharge their rights and duties efficaciously, and makes a third-party monitoring mechanism more effective.
The object of corporate governance (CG) norms is to protect the interests of stakeholders by making companies accountable to them. This is achieved by vesting the stakeholders with rights as against the company and statutorily imposing duties on it.
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Clause 49 of the listing agreement with stock exchanges deals with CG issues – the composition of boards of directors and audit committees, qualifications of members of these groups, and financial disclosures by listed companies. It also recommends the formulation of an internal code of conduct.
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Shardul Thacker is a partner at Mulla & Mulla & Craigie Blunt & Caroe in Mumbai.
Mulla House
51, Mahatma Gandhi Road, Flora Fountain
Mumbai 400 001, INDIA
Tel: +91 22 2262 3191 / +91 22 6634 5496
Fax: +91 22 6634 5497
Email: shardul.thacker@mullaandmulla.com
