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Murthy to head Nasscom's ethics council
By siliconindia
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Thursday, 12 February 2009, 16:53 IST |
3 Comments
Pune: Witnessing the deteriorating scene of India's corporate governance, the trade body Nasscom has framed a corporate governance and ethics council. The council will be under the helm of Infosys' Chief Mentor and non-executive Chairman N R Narayana Murthy.
The committee will function as a permanent sub-committee of the Nasscom executive council and is one of the initiatives being taken by the trade body to strengthen corporate governance practices in the Indian IT-BPO (business process outsourcing) industry, an official statement said. The eight-member committee will include industry experts, independent directors and academicians as its members, and will meet at least thrice a year to formulate strategies and measure implementation schedule.
"We are delighted that Narayana Murthy has kindly consented to chair this committee. His valuable experience and leadership will help the industry and Nasscom reaffirm its commitment to the highest levels of corporate governance and transparency," Nasscom president Som Mittal said in the statement. "This committee will work with authorities, policy makers and regulators to achieve its objectives," he added.
Nasscom's executive body was scheduled to meet Wednesday to discuss the scope and responsibilities of the corporate governance council, being set up in the wake of the multi-crore fraud at Satyam Computer Services. "As an industry, we have to do something to re-instill not just customer confidence in our industry but also that of our own employees. Just one Satyam incident does not mean that the entire IT industry is not clean," said Ganesh Natarajan, Nasscom Chairman.
Earlier a member of the trade body's executive council who declined to be identified said, "Nasscom has informally invited Murthy to chair the council." Reacting to the speculations, Murthy denied to comment on the issue as he has not received a written letter of invitation.