A Critical Examination of Corporate Governance Provisions in the 2013 Companies Act
Keywords:
Corporate Governance, Disclosure and Accountability, Audit Committees, Independent Directors, Corporate Social Responsibility (CSR)Abstract
The Companies Act of 2013 introduced significant governance measures, prioritizing disclosure and accountability for both listed and unlisted companies. Key provisions include the establishment of audit committees with expanded duties, the requirement for financially skilled independent directors, and an obligation for large corporations to contribute to Corporate Social Responsibility (CSR). The Act also mandates the appointment of a company secretary for listed companies and those with significant capital. It aligns with the governance standards set by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring the protection of shareholder rights, timely information disclosure, equal opportunities, and enhanced transparency. Additionally, the Act stipulates improved disclosure of remuneration plans, whistleblower protection, and performance reviews for directors, aiming to enhance governance practices and effectively safeguard shareholder interests.
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