SCOPE: Corporate Governance Must Abide by Universal Trends

SCOPE: Corporate Governance Must Abide by Universal Trends

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Corporate governance norms in the country ought to be amended to run parallel with the changing trends occurring in the global market, while there is a greater requirement for autonomy and empowerment of the public sector enterprise boards by incorporating a holding company of leading PSEs, the Standing Conference of Public Enterprises (SCOPE) has said.

During national workshop on board interview which was held in collaboration with the Public Enterprises Selection Board (PESB) here over the week-end, senior SCOPE functionaries asked Union government to intervene and assist the board to function with increased synergy.
The SCOPE, an apex body of Central public sector undertakings, said the board should ensure greater transparency in its selection procedure in the interest of aspirants to the board-level positions.

SCOPE Chairman C. S. Verma called over the senior executives of PSEs to concentrate on the tremendous opportunities that they possess to bring a change in the current scenario. “In this period of risks and uncertainties, boards of companies need to play a proactive role, be receptive to new ideas and adopt new approaches with an open mind,” he said.

Mr. Verma also stated, “The senior management of PSEs should continuously focus on learning, unlearning and re-learning.”
SCOPE Director-General U. D. Choubey said the corporate governance norms must be reviewed in the current post-recession period and an expert committee appointed to deal with the subject.
Grooming, brushing and developing leaders in PSEs for the board-level positions was the main agenda of the workshop.

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