The Indian Institute of Corporate Affairs (IICA) will provide access to its database of independent directors to six executive search firms, which can further help find qualified independent directors for corporations.
The Institute maintains an Independent Directors Data Bank (IDDB) required under company law. The data bank is a repository of detailed details about specialists authorized to act as independent directors.
On Friday within the country’s capital, the institute signed memorandums of understanding with six entities – Korn Ferry, ABC Consultants, EMA Partners, DHR Global, Sheffield Hawroth and Vahura.
The database comprises information on roughly 32,000 independent directors.
“Partnering with search firms of this stature will help ensure companies have access to skilled professionals aligned with evolving corporate governance requirements,” said IICA CEO and CEO Ajay Bhushan Prasad Pandey.
Director of the School of Corporate Governance and Public Policy at IICA, Niraj Gupta, said the pact is a vital step in strengthening board accountability and effectiveness.
Stressing on the necessity to have sound corporate governance practices, Pandey also said that any issues on this regard will impact many individuals.
If problems arise, people will lose confidence and it is going to even have an adversarial impact on various elements, including the flow of foreign funds, he added.
 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. Get more Companies News and Business News on Zee Business.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. Get more Companies News and Business News on Zee Business.){kind=link}