The frequency of corporate frauds and governance failures that have dotted the global corporate map require improved corporate governance practices. India has liberalized the regulatory fabric of the country to align its corporate governance norms with those of developed countries. Yet, achieving good governance standards is the biggest challenge faced by the stakeholders, even today.
Board of Directors plays a pivotal role in corporates in guiding the top management on operational, environmental and corporate governance issues. Simultaneously, Board has to ensure compliance with legal framework, integrity of financial accounting, reporting systems and credibility in the eyes of the stakeholders through proper and timely disclosures, which is a challenge again.
Board of Directors have to exercise strategic oversight over business operations, measure and reward management’s performance, ensure compliance with legal framework, integrity of financial accounting, reporting systems and credibility in the eyes of the stakeholders through proper and timely disclosures. Since, Board is quite occupied and has less time during Board meeting interactions, Innovative solutions are the need of the hour.
Herein, Solidus Capital helps in training the Board members on the adept changing laws and regulations. Develop practical solutions to tackle the key challenges of risk management, internal control, Board balance, Directors and Key managerial remuneration. Also, helps in rating board diversity, governance practices and publishing such results or using performance evaluation as a minimum benchmark for director appointment.
Before work on any major program begins, governance structure needs to be defined i.e. roles, responsibilities and decision-making for all the relevant programs and portfolios to drive accountability that helps in decision-making, rather than the ultimate responsibility shift and organizational loss.
Solidus Capital helps in designing a Governance Structure that provides a key link between the program, overall organizational strategy and initiatives.
Further, Solidus Capital arranges Corporate Responsibility Review (CRR), wherein engagement of shareholders with stakeholders groups are made in India, integrating best suitable industry-wide and international governance practices.
- (i) Board setting general policies and strategic direction as learned from their wide industry expertise
- (ii) Shaping the company’s framework for accountability, control and risk management
- (iii) verseeing and determining compensation of Key managers including the CEO
- (iv) Stakeholders engagement and setting their duties, rights and responsibilities
- (v) Disclosure to the Board on financial and non-financial information and Key risks associated therewith
- (vi) Board’s suggestion on improving corporate performance by laying focus on cash cows and weeding out blood hounds