Role And Responsibilities Of Independent Directors

Role and responsibilities of Independent directors under the Companies Act VINOD KOTHARI 1012 Krishna, 224 A J C Bose Road Kolkata – 700017. India Phone/fax – 91-33-22811276/22817715/22813742 E- mail- vinod@vinodkothari.com

Why it is needed ? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

A basic design of existing corporate governance systems Corporate Board of Directors Management Shareholders Stakeholders Creditors Supervisory & enforcement authorities Executive directors Owner directors Independent Directors

Key objectives ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Principles of OECD code on Corporate Governance 2005 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

OECD principle – shareholder rights ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

OECD principle – equitable treatment to all shareholders ,[object Object],[object Object],[object Object],[object Object],[object Object]

OECD principle: Stakeholders’ interest ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

OECD principle: disclosure and transparency ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

OECD principle: Board composition and structure ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Who are Independent Directors ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Other Definitions: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Selection of Independent Director ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Roles & Responsibilities ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Role of Independent Directors ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Responsibilities of Independent Directors ,[object Object],[object Object],[object Object],[object Object]

PROVISIONS OF SARBANES OXLEY ACT ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

IMPLICATIONS OF SARBANES OXLEY ACT ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

NEW YORK STOCK EXCHANGE REGULATIONS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Experience with independent directors ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Independent Directors under Listing Agreement in India ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Recommendations of the Irani Committee on Independent directors ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Derek Higgs report on independent directors: some interesting data ,[object Object],[object Object],[object Object],[object Object]

Do independent directors help? ,[object Object],[object Object],[object Object],[object Object]

Companies Act and Independent Directors ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Legal provisions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Liabilities under other laws ,[object Object],[object Object],[object Object]

Recent examples of liability of independent directors ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Mitigating directors’ liability ,[object Object],[object Object],[object Object],[object Object]

Way out… ,[object Object],[object Object],[object Object],[object Object],[object Object]

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Role And Responsibilities Of Independent Directors

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Role And Responsibilities Of Independent Directors