On January 19, 2010, ACGA launched a new policy document on India, the "ACGA White Paper on Corporate Governance in India".
The launch was held at the Taj Mahal Palace and Towers in Mumbai. Forty people, including approximately 34 guests and six press, attended. Among the guests were fund managers, company officials, auditors, accountants and risk management consultants.
The "India White Paper" was compiled with the support and input of ACGA members and friends in India and around the globe, and is the first effort of its kind focussing on corporate governance issues in India. The paper makes a series of recommendations for reform in five key areas:
- Shareholder meetings and voting;
- Related-party transactions;
- Preferential warrants;
- Corporate disclosure; and
- The auditing profession.
ACGA believes these reforms are necessary to strengthen the long-term competitiveness of India's capital markets and the accountability of its listed companies.
Prior to and after the launch, we talked to a number of regulators, fund managers, analysts, government officials and business federations about the White Paper, including: the National Stock Exchange; the Securities and Exchange Board of India (SEBI); Ministry of Finance; Institute of Company Secretaries of India; Ministry of Corporate Affairs; and the Federation of Indian Chambers of Commerce and Industry.
Media coverage and other coverage of India White Paper:
- Financial Times, January 18, 2010: "India warned over governance".
- Financial Times, January 18, 2010: "Satyam exposes governance failings".
- Lex on FT, January 19, 2010: "India".
- Associated Press, January 19, 2010: Lax Indian rules still problem after Satyam fraud".
- NDTV, January 19, 2010: "Report draws spotlight on corporate governance".
- Forbes.com, January 19, 2010: "Lax Indian rules still problem after Satyam fraud".
- Responsible Investor, January 20, 2010: "Institutional Investors Input to New India Governance Recommendations".
- Hindu Business Line, January 20, 2010: "FIs asked to enforce corporate governance".
- Indian Corporate Law Blawg, January 20, 2010: :ACGA White Paper on Corporate Governance".
- Initial Private Opinion Blog, January 20, 2010: "Goverance in companies - the dark side - report".
- Wall Street Journal, January 25, 2010: "India's shaky governance".
- Business India, February 21, 2010:"Let Shareholders Say No".
References to India White Paper:
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