IICA Partners with Top Firms to Enhance Independent Director Database

The Indian Institute of Corporate Affairs (IICA) has partnered with six executive search firms to expand access to its Independent Director Databank. This collaboration aims to improve corporate governance by facilitating the appointment of qualified independent directors in companies across India.

The Indian Institute of Corporate Affairs (IICA) has announced a significant move to bolster corporate governance by granting six executive search firms access to its Independent Director Databank. This initiative is expected to enhance the pool of qualified independent directors available to companies.

In compliance with company law, the Independent Director Databank (IDDB) serves as a comprehensive repository of professionals eligible to serve as independent directors. The institute has recently signed Memoranda of Understanding (MoUs) with notable entities, including Korn Ferry, ABC Consultants, EMA Partners, DHR Global, Sheffield Hawroth, and Vahura.

The database currently hosts details of approximately 32,000 independent directors. According to IICA's Director General and CEO, Ajay Bhushan Prasad Pandey, this collaboration is crucial for aligning skilled professionals with the dynamic demands of corporate governance. IICA's initiative underscores the importance of robust governance practices in maintaining trust and fostering a conducive environment for foreign investments.

(With inputs from agencies.)