Deepak Parekh On Corporate Governance
Speaking at the CII summit on Corporate Governance, HDFC Chairman Deepak Parekh called for stricter enforcement of laws against bribery. The suggestion comes in the wake of several bribery scandals that have come to light in the recent months. He said India needs a new anti-corruption law like the Bribery Act in the UK. As a means to strengthen corporate governance, Mr Parekh suggested that independent directors on boards should have their own meetings so they can evaluate the performance of the management. He also expressed concern over the recommendations of the Parliamentary Standing Committee that independent directors should have a fixed tenure.
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