Drawing attention to the need for governance improvements, he highlighted how in the World Bank report of Ease of Doing Business, India has even beaten the USA to climb from number 49 in 2012 to being 8 this year on the parameter of shareholder protection. He stressed on the need for further improvement while talking about parameters like conflict of interests in boards; CEO's chairing the board etc which companies need to focus on.

Setting the tone for the future, he called on companies to note world developments futuristically and emphasized important areas like indirect impact reporting on impact in society; integrated reporting which is trying to capture sustainability etc saying these were central to long term corporate survival. He also talked about SEBI's role in bringing about change in a non-disruptive manner.

Delivering the Multilateral Partner Outlook, Vladislava Ryabota, Regional Corporate Governance Lead, South Asia, IFC spoke about the emphasis on internal control, board oversight, independent directors etc brought about in India by the new Companies Act and SEBI Regulations raising the bar for Indian companies significantly.

She opined how the board's true desire to conform, improve and perform in line with global best practices is the driver of governance. Asserting effective implementation of best practices, she deliberated how this is a universal challenge. She also spoke about the importance of following best practices not just by the letter of law but also spirit; need for independent directors to add value by providing strategic guidance; importance of gender diversity for different perspectives.

(Continued on the next page)