IICA Partners with Leading Search Firms for Enhanced Selection of Independent Directors

New Delhi, Nov 30 (NationPress) The Indian Institute of Corporate Affairs (IICA) entered into a Memorandum of Understanding with six top executive search firms on Saturday to improve the selection and appointment methods for Independent Directors in Indian boardrooms. This initiative is intended to align corporate governance in India with global best standards.

The selected executive search firms comprise Korn Ferry, ABC Consultants, EMA Partners Limited, DHR Global, Sheffield Haworth, and Vahura. The signing ceremony took place at the headquarters of the National Financial Reporting Authority (NFRA) in Delhi.

IICA DG & CEO Ajay Bhushan Pandey remarked, 'This MoU is a significant advancement for the Independent Director Databank (IDDB) in aiding the appointment of qualified Independent Directors. Our collaboration with such esteemed search firms will guarantee that companies have access to adept professionals, in sync with the evolving demands of contemporary boardrooms.'

He further emphasized IICA’s comprehensive role in promoting excellence in corporate governance through capacity-building and advocacy initiatives tailored for Directors and CXOs of organizations.

The event also marked the introduction of two essential governance resources developed under the School of Corporate Governance & Public Policy at IICA. The first resource, the ‘IICA Note on Board Evaluation’, offers an in-depth analysis of board evaluation practices, providing insights into both global and Indian contexts. It investigates evaluation methodologies, tools, sector-specific practices, and emerging trends, underscoring their importance in fortifying corporate governance and enhancing organizational effectiveness.

The second resource, the Board Evaluation Services Deck, highlights IICA’s proficiency in conducting corporate governance assessments and board evaluations. These evaluations have already benefited numerous leading organizations, delivering actionable insights to elevate board performance and governance frameworks.

'The initiatives launched today reaffirm IICA’s dedication to advancing corporate governance by aiding companies in improving board leadership, selection mechanisms, and evaluation practices, thereby aligning Indian boardrooms with global benchmarks,' Pandey stated.

The Independent Director Databank (IDDB), established under the Companies (Appointment and Qualification of Directors) Rules, 2014, functions as a repository of professionals qualified to act as Independent Directors. Registration with the databank and the completion of a proficiency assessment are compulsory for all Independent Directors as per these regulations.

Niraj Gupta, head of the School of Corporate Governance & Public Policy and IDDB Nodal Officer, remarked, 'This collaboration reflects IICA’s commitment to aligning board composition practices with modern governance standards. It is a crucial step toward enhancing accountability and board effectiveness.'

The delegates exchanged views on the initiative and its potential to improve governance practices within Indian boardrooms.

ABC Consultants Managing Director Shiv Agrawal highlighted the firm’s 55-year legacy in India and discussed the evolving responsibilities of boards in promoting governance excellence and organizational growth. Korn Ferry's Managing Director – Financial Services, APAC, Monica Agrawal, shared insights on the significance of board composition and skills, stressing the value that resources like the databank can contribute to corporate governance.

DHR Global Managing Partner Vikram Chhachhi expressed appreciation for the databank as an invaluable resource for companies, boards, and executive search firms that offer expert consultancy. Sheffield Haworth Executive Director Sethumadhavan Srinivasan, along with Vahura's Head of Board Practice Shweta Rao and EMA Partners Limited Associate Director Adarsh Aaron, also voiced their support for the initiative.