IICA contracts with 6 search firms for access to the independent director’s databank
The Indian Institute of Corporate Affairs (IICA) will provide access to the independent director database of six top search firms, a move that will further assist in finding qualified independent directors for companies.
The agency maintains an Independent Director Databank (IDDB), which is mandated under the Companies Act. The databank is a database of professionals who are qualified to act as independent directors.
Memoranda of Understanding (MoUs) were signed by the institute with six agencies — Korn Ferry, ABC Consultants, EMA Partners, DHR Global, Sheffield Hawroth and Vahura — on Friday in the national capital.
The database has information on approximately 32,000 independent directors.
“Partnering with search firms of this nature will help ensure that companies find skilled professionals, in line with the changing needs of corporate governance,” said IICA Director General and CEO Ajay Bhushan Prasad Pandey.
Head of IICA’s School of Corporate Governance & Public Policy Niraj Gupta said the agreement was an important step in strengthening the board’s accountability and effectiveness.
Emphasizing the need to have strong corporate governance practices, Pandey also said that any problems in this regard would affect many people.
If there are problems, people will lose confidence and there will be a negative impact on various things, including foreign capital flows, he added.
