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Author: Ansh Mangla
Independent directors play a crucial role in enhancing corporate governance and protecting the interests of stakeholders. The Companies Act, 2013, and the Securities and Exchange Board of India (SEBI) have laid down specific provisions regarding the liabilities of independent directors to ensure accountability while safeguarding their independence.
Under the Companies Act, 2013, there are several types of directors with distinct roles & responsibilities like Managing Director, Whole Time Director, Executive Director, Independent Director, Nominee Director & Alternate Director
The Finnish Corporate Governance Code, updated in 2020, provides guidelines and best practices for corporate governance in Finland.
The OECD Principles of Corporate Governance serve as a comprehensive framework for corporate governance practices globally.
The Corporate Governance Principles and Recommendations (CGPR) in Australia, last updated in 2019, provide a framework to guide the governance practices of Australian companies.
The UK Corporate Governance Code, introduced in 2018, represents a significant milestone in shaping corporate governance standards in the United Kingdom.
While the modern framework of corporate governance in India has evolved significantly, drawing from global best practices, it also reflects traditional Indian values and principles.