The programme was inaugurated by Seema Bahuguna, Secretary; DPE. Dr. Madhukar Gupta, Additional Secretary, DPE and Rajeev Sharma, CMD, PFC were present on this occasion. The participants were addressed by eminent faculty including...
CS N.K.Jain, Corporate Advisor and Former Secretary, ICAI, Anupam Kulshrestha , Ex-Deputy Comptroller and Auditor General, GoI, Dr. Ashwani Kumar Gupta, Financial Expert, Dr. Madhukar Gupta, Additional Secretary , DPE, Rajesh K Chaudhary, Joint Secretary, DPE and Rajeev Sharma , CMD, PFC.
The participants were apprised about the role of directors in context of Companies Act 2013, SEBI Regulations, DPE guidelines, Working of Audit Committee, understanding financial statements and working of CSR Committee. A short presentation was made by Ernst & Young on the role of Government Directors in MoU System.
The Board of Directors is considered a key part of the corporate governance. The Board’s role is to monitor management on behalf of the shareholders. The primary responsibility of governing a company (whether private or Government Company) is upon its Board of Directors. The Board should function as follows –
The Board should meet regularly, keep its control over the PSU and monitor the executive management of the company. They should also steer discussions properly in the meetings with regard to the affairs of the company. It has responsibilities in the matter of employment and dismissal of the CEO. The Board of Directors should provide guidance and supervise on the selection, evaluation, etc. of the senior management of the PSU. The Board should monitor the performance of the company in the fulfilment of its business objectives, plans, and strategies. The Board also oversees to ascertain the proper management of the company. It also ensures compliance with the applicable laws, rules, and regulations, etc. The PSUs have to comply with the corporate governance rules made from time to time by the Department of Public Enterprises under the Ministry of Heavy Industries and Public Enterprises, New Delhi.