Satyam board to rope in PCG

Written by Neha Pal | New Delhi | Updated: Jan 31 2009, 05:59am hrs
The Satyam board of directors have decided to rope in Pragmatic Corporate Governance (PCG), an agency which deals with implementation and managing corporate governance programmes worldwide, to handle the corporate governance portfolio of the company.

CII chief mentor Tarun Das, whos now on Satyam boards, told FE, We have also decided on improving the corporate governance aspect of Satyam. PCG will help us in corporate governance and will settle all questions related to corporate governance. They have done it for different companies earlier and thats why we thought they would be appropriate for Satyam. Das said that PCG will let the board know what all things it needs to do from the corporate governance point of view and the board will incorporate them. Corporate governance issues have once again hogged the limelight with the Satyam accounting fraud. For instance, to improve the corporate governance in companies, the ministry of corporate affairs has been planning to amend the corporate governance provisions in the new Companies Bill, 2008.

Talking about the role of corporate governace, Pratip Kar, dean, finance and corporate governance, Tata Management Training Centre, had earlier said external regulatory architecture supports the long-term business development model.