The Union Minister of State for Ministry of Law, Justice and Corporate Affairs, P.P. Chaudhary, has said that Independent Directors are watchpersons of Corporate entities. Delivering the Inaugural Address after inaugurating the two-day Orientation Programme for newly appointed Independent Directors of Public Sector Banks (PSBs) and Public Sector Undertakings (PSUs), Chaudhary said, “It is high time to conduct such orientation programmes for Independent Directors (IDs) on a regular basis on various provisions, eventually leading to better accountability.
The role of IICA is huge due to the large economic infrastructure in the country. He said that IDs impart balanced view along with transparency and credibility. The two most important functions of IDs are in advisory and monitoring capacity. They are systemically crucial in monitoring internal financial controls.”
The Minister appreciated the spirit behind organising the Conference aimed at capacity development of Independent Directors, since they play a crucial advisory role to ensure integrity and professional conduct in companies. Referring to the Section 150 of the Indian Companies Act, 2013, he shared the Central Government is seriously considering to develop a data base of Independent Directors at IICA.