Indian Institute of Corporate Affairs (IICA) will provide access to the independent director database to six executive search firms, a move that will further help in finding the qualified independent directors for companies.
The institute is maintaining the Independent Director Databank (IDDB), mandated under the companies law. The databank is a repository of details of professionals eligible to serve as independent directors.
Memoranda of Understanding (MoUs) were signed by the institute with six entities — Korn Ferry, ABC Consultants, EMA Partners, DHR Global, Sheffield Hawroth and Vahura — on Friday in the national capital.
The database has information of around 32,000 independent directors.
“Collaboration with search firms of this stature will help ensure the companies have access to skilled professionals, aligned with the evolving requirements of corporate governance,” IICA Director General and Chief Executive Officer Ajay Bhushan Prasad Pandey said.
IICA’s Head of School of Corporate Governance & Public Policy Niraj Gupta said the pact is an important step in strengthening accountability and board effectiveness.
Emphasising the need to have strong corporate governance practices, Pandey also said any issues in this regard will impact many people.
If there are issues, then people will lose trust and will also adversely impact various elements, including foreign fund flows, he added.
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