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Mariwala rates Indian boards at 2-2.5 after Coforge exit
Livemint··11 Sept
Marico founder Harsh Mariwala said Indian boards rate about 2-2.5 on a five-point effectiveness scale after Coforge chair O. P. Bhatt resigned Wednesday. Coforge said Board Evaluation Report material on the chairman was not fully disclosed when presented. Mariwala said evaluations still rely on Sebi-suggested forms rather than reviews tailored to each company's business context.
Prism
What It Means For You
- Investors in listed firms depend on annual board evaluation disclosures to judge director performance.
- Nomination committees may face pressure to deepen reviews beyond checkbox Sebi forms.
- Coforge shareholders await clarity on what the BER omitted about the chairman.
What's Happening
- Bhatt was non-executive independent director and chairperson at Coforge.
- Mariwala is lead independent director at Thermax and a past FICCI president.
- Companies Act 2013 and Sebi rules underpin the annual board review exercise.
Board Evaluation Reports
- BER stands for Board Evaluation Report in Coforge's regulatory filing.
- Evaluations examine board structure, debate quality and support to management.
- Mariwala argued boards should be treated as competitive advantage sources.
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