IICA Partners with Executive Search Firms to Enhance Corporate Governance in India

New Delhi: The Indian Institute of Corporate Affairs (IICA), under the Ministry of Corporate Affairs, hosted a landmark MoU signing ceremony with six leading executive search firms at the National Financial Reporting Authority (NFRA) Headquarters in New Delhi. Presided over by Dr. Ajay Bhushan Pandey, Chairman of NFRA and DG & CEO of IICA, the event marked a significant step towards advancing corporate governance excellence in Indian boardrooms.

The MoUs were signed with prominent firms Korn Ferry, ABC Consultants, EMA Partners Limited, DHR Global, Sheffield Haworth, and Vahura. These partnerships aim to streamline the selection and appointment processes for Independent Directors, aligning with evolving governance requirements.

Dr. Pandey stated, “This collaboration is pivotal for the Independent Director Databank (IDDB) in ensuring the appointment of skilled Independent Directors. These partnerships will provide companies with access to seasoned professionals, enhancing governance standards in Indian boardrooms.”

Executives from the partnering firms shared their perspectives on the initiative:

• Shiv Agrawal, MD of ABC Consultants, emphasized the evolving role of boards in governance and growth.
• Monica Agrawal, MD – Financial Services, APAC, Korn Ferry, highlighted the importance of board composition and skills for effective governance.
• Vikram Chhachhi, Managing Partner at DHR Global, called the IDDB a valuable resource for companies and executive search consultants.
• Leaders from Sheffield Haworth, Vahura, and EMA Partners echoed the sentiment, expressing support for the databank’s role in enhancing board efficiency.

The Independent Director Databank (IDDB), mandated under the Companies (Appointment and Qualification of Directors) Rules, 2014, serves as a repository of eligible professionals. Registration and proficiency assessments are compulsory for Independent Directors, ensuring a robust selection process.

Dr. Niraj Gupta, Head of the School of Corporate Governance & Public Policy, emphasized that the collaboration reflects IICA’s commitment to contemporary governance practices, strengthening accountability and board effectiveness.

Launch of Key Governance Resources

The event also saw the unveiling of two critical resources by IICA’s School of Corporate Governance & Public Policy:

1. ‘IICA Note on Board Evaluation’: An analytical resource examining global and Indian board evaluation practices, offering tools and methodologies to enhance governance.
2. Board Evaluation Services Deck: Showcasing IICA’s expertise in governance assessments, this resource provides actionable insights for board performance improvement.

The MoU ceremony underscores IICA’s focus on aligning Indian boardroom practices with global standards. By fostering collaboration between executive search firms and governance institutions, the initiative aims to bolster leadership, selection, and evaluation frameworks in Indian companies.