GoM on Nov 13 to decide on more powers to PSEs: Dev

New Delhi, Nov 8 (UNI) The Group of Ministers (GoM) will meet here on November 13 to decide on the recommendations of the Group of Experts (AGE), including giving additional powers to the public sector enterprises (PSEs) to improve their efficiency in the ever-growing competitive world, Heavy Industries Minister Santosh Mohan Dev said today.

''The GoM meeting will finalise additional powers to be given to PSEs,'' Mr Dev said while inaugurating the 2nd Directors Conclave on Corporate Governance organised by the Standing Conference of Public Enterprises (SCOPE) here.

He said some of the recommendations of the AGE pertaining to increasing financial and functional autonomy to Navratna, Mini-navratna and other profit-making PSEs had already been implemented.

Other recommendations will be considered by the GoM at its meeting next week, he added.

The AGE was set up under the chairmanship of Dr Arjun Sengupta to advise the government on issues of autonomy, audit, vigilance and accountability of the PSEs.

He said many of the sick PSEs which were revived had started earning profits, and several of them were in West Bengal.

''The government is committed to strengthening the PSEs and make them strong, vibrant and effective.'' Highlighting the virtues of corporate governance, such as transparency, accountability and protecting the rights of the stakeholders, he pointed out that the empowerment of boards and corporate governance were interlinked.

''Both drive the enterprise to achieve higher level of performance,'' he said.

He also stressed the need for developing a bank of competent directors to steer the development of Indian Industry in general and the public sector in particular.

''Directors and potential directors play a key role in adopting and adapting good corporate governance practices in any organisation.'' Earlier, Mr Dev gave away the SCOPE Meritorious Awards 2004-05 to SAIL, NTPC, Gujarat Alkalies&Chemicals Ltd, Neyveli Lignite Corporation, Indian Oil Corporation and National Backward Classes Finance&Development Corporation.

In his keynote address, Heavy Industries Secretary Ramesh Chandra Panda said the Department of Public Enterprises was formulating, in consultation with SCOPE, corporate governance guidelines for the unlisted PSEs to help them harmonise their management strategies with the internationally-prevalent management styles to forge greater business cooperation and joint ventures.

SCOPE Chairman Sarthak Behuria called for giving full autonomy to the boards of profit-making PSEs without further delay.

SCOPE Director General S M Dewan also wanted speedy implementation of the Arjun Sengupta Committee, the Arvind Pande Committee on vigilance-related issues, and the Nair Committee Report on rationalising the government guidelines to PSEs.

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