3rd meeting of Indo-UK tast force on corporate governance ends

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New Delhi, Oct 31 (UNI) The third meeting of the Indo-UK task force on corporate governance concluded here today with the focus on greater institution-to-institution and business-to-business contacts between Indian and British entities.

Emphasising the importance of corporate social responsibility (CSR) and corporate governance in business value creation and sustainability during the two-day meeting which concluded today, the task force decided to take up a joint research project on "CSR as a contributory factor to sound business strategy".

The research will be funded by the Indian Institute of Corporate Affairs (IICA). ICSI and CASS Business School also agreed to work together on research, training and networking on CSR and corporate governance areas.

The task force was constituted in 2006 to promote bilateral collaboration between India and UK in areas of mutual interest in corporate matters, including corporate regulation and governance.

The UK was represented by an eight-member British delegation, led by Mr Geoffrey Stanley Dart, Director, Corporate Law and Governance, Department for Business, Enterprise and Regulatory Reform (BERR), Government of UK; while the Indian side was headed by Corporate Affairs Secretary Anurag Goel.

The task force also discussed sharing of experience on economic crisis and the role of various regulatory and professional institutions in meeting emerging challenges.

The discussions covered various areas including the Limited Liability Partnership Bill, private versus public enforcement of good governance in context of shareholder activism; and practical aspects of IFRS implementation.

ICSI would organise an international conference in UK in April 2009. Company Secretaries from India would participate and study UK systems and capacity building particularly in context of small and medium practitioners.

In addition to ICSI, ICAI, ICWAI, it was also agreed to expand regulator-to-regulator contact in field of Competition and Insolvency. IICA and NFCG would contribute as think tanks and knowledge managers in various initiatives.

In pursuance of B2B contacts between the corporate of the two sides, networking of Indian and UK firms will be facilitated for sharing of experiences, draw out best practices, improve standards, promote member to member contact.

While UK agreed to share its experiences on functioning of insolvency practitioners, their licensing, and forming joint intelligence committees, Insolvency Practitioners Association (IPA), UK will help the Society of Insolvency Practitioners in India by hand holding, training of trainers, joint projects and sensitisation of creditors.


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