Independent directors: Clause 49 is fine, bug lies in appointments

Business Standard 26/03/2009

According to the Grant Thornton-Ficci ‘CG Review 2009: India 101-500’ survey, 84% of the respondents said compliance with Clause 49 enhances the perceptions of their stakeholders on the conduct of the company’s business. This is possibly also an indication of the mindset of Indian companies where stakeholders’ perception is considered as an extremely important business driver. To the extent that such considerations result in decisions that seek to enhance shareholder value, this is a positive sign.