The Indian Institute of Corporate Affairs (IICA), under the Ministry of Corporate Affairs, Government of India, hosted the MoU Signing Ceremony with Executive Search Leaders at the National Financial Reporting Authority (NFRA) Headquarters, New Delhi. The event was presided over by Dr. Ajay Bhushan Pandey, Chairman, NFRA, and DG & CEO, IICA.

The MoUs were signed with six leading executive search firms: Korn Ferry, ABC Consultants, EMA Partners Limited, DHR Global, Sheffield Haworth, and Vahura. These partnerships aim to enhance the selection and appointment processes for Independent Directors in Indian boardrooms, a critical step towards advancing corporate governance excellence in Indian Boardrooms.

Distinguished leaders from the partnering firms included Mr.Shiv Agrawal, Managing Director of ABC Consultants; Ms. Monica Agrawal, Managing Director – Financial Services, APAC, Korn Ferry; Mr. Vikram Chhachhi, Managing Partner, DHR Global; Mr. Sethumadhavan Srinivasan, Executive Director, Sheffield Haworth; Ms. Shweta Rao, Head of Board Practice, Vahura; and Mr. Adarsh Aaron, Associate Director, EMA Partners Limited.

Dr. Ajay Bhushan Pandey, DG & CEO of IICA, remarked, “This MoU is an important step for the Independent Director Databank (IDDB) in facilitating the appointment of qualified Independent Directors. Collaboration with search firms of this stature will ensure that companies have access to skilled professionals, aligned with the evolving requirements of modern Boardrooms.” He also highlighted IICA’s broader role in driving corporate governance excellence through capacity-building and advocacy interventions designed for Directors and CXOs of organizations.

The distinguished delegates shared their perspectives on the initiative and its potential to enhance governance practices in Indian boardrooms. Mr. Shiv Agrawal, Managing Director of ABC Consultants, highlighted the firm’s 55-year legacy in India and spoke about the evolving role of boards in driving governance excellence and organizational growth. Ms. Monica Agrawal, Managing Director – Financial Services, APAC, Korn Ferry, shared her insights on the importance of board composition and skills, emphasizing the value that resources like the databank can bring to corporate governance. Mr. Vikram Chhachhi, Managing Partner, DHR Global, expressed his appreciation for the databank as a valuable resource for companies, boards and executive search firms that support them as expert consultants. Mr. Sethumadhavan Srinivasan, Executive Director, Sheffield Haworth, along with Ms. Shweta Rao, Head of Board Practice, Vahura, and Mr. Adarsh Aaron, Associate Director, EMA Partners Limited, also conveyed their support for the initiative.

The Independent Director Databank (IDDB), mandated under the Companies (Appointment and Qualification of Directors) Rules, 2014, serves as a repository of professionals eligible to serve as Independent Directors. Registration with the databank and completion of a proficiency assessment are mandatory for all Independent Directors under these rules.

Dr. Niraj Gupta, Head, School of Corporate Governance & Public Policy, and Nodal Officer of the IDDB, stated, “This collaboration reflects IICA’s focus on aligning board composition practices with contemporary governance standards. It is a significant step toward strengthening accountability and board effectiveness.”

The event also saw the launch of two key governance resources developed under the School of Corporate Governance & Public Policy at IICA. The first, the ‘IICA Note on Board Evaluation’, provides an analysis of board evaluation practices, offering insights into global and Indian contexts. It examines evaluation methodologies, tools, sector-specific practices, and emerging trends, highlighting their role in strengthening corporate governance and driving organizational effectiveness. The second, the Board Evaluation Services Deck, showcases IICA’s expertise in conducting corporate governance assessments and board evaluations. These evaluations, which have already benefited many leading organizations, provide actionable insights to enhance board performance and governance frameworks.

Other dignitaries present at the event included Ms. Smita Jhingran, Member, NFRA, and Ms. Vidhu Sood, Secretary, NFRA. Representing IICA were Col. Amandeep Singh Puri, Dr. Niraj Gupta, Head, School of Corporate Governance & Public Policy; Mr. Mathew John, Chief Program Executive, Centre for Board Excellence & Leadership (C-BEL); and Dr. Anindita Chakrabarti, Principal Research Associate, Centre for Independent Directors.

The partnerships established through this MoU were facilitated by the Indian Institute of Corporate Affairs (IICA), with key contributions from Dr. Niraj Gupta, Head, School of Corporate Governance & Public Policy, and Mr. Mathew John, Chief Program Executive, Centre for Board Excellence & Leadership.

The initiatives launched today reaffirm IICA’s commitment to advancing corporate governance by supporting companies in enhancing board leadership, selection processes, and evaluation practices, aligning Indian boardrooms with global standards.

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