To make the government and the corporate sector discover common grounds on corporate governance,the ministry of corporate affairs has set up a committee under Adi Godrej to work it out.
A government release issued this morning says the committee will frame a route map for a National Corporate Governance Policy but without impinging on the internal autonomy of companies.
The government in the amended Companies Bill has suggested their should be a 2% cess on profits to finance corporate social responsibility which too has been objected to by India Inc.
The other Members of the Committee are Kiran Mazumdar Shaw,CMD of Biocon,Sidharth Birla,from FICCI,MK Chauhan,Vice Chairman,Asian Centre for Corporate Governance & Sustainability,RS Sharma,former CMD ONGC,G Ramaswamy,former President,ICAI,YM Deosthalee of L&T and corporate lawyer Ziya Modi among others.
The Committee is expected to make its recommendations within six months from the date of its first meeting after wide consultations with all stakeholders in the corporate sector,academics and members of the public.