Mission Corporate Governance - ICGI - Status Report 17 Feb 2025

Mission Corporate Governance - ICGI - Status Report 17 Feb 2025

My mission is to bring in the Institute of Corporate Governance of India under an Act of Parliament. That's my mission and I have been writing to the Prime Minister, the Finance Minister and the Home Minister. I am very happy about it. Happy in the sense they are the people who govern the country and they have taken my information and have responded very well in terms of sending it to some of the other departments of the government as well as providing me with a status number so that I can always go back.

The interest that they have shown in Corporate Governance, that is, going from accounting to accountability is a very important factor and that is the status as of today. How we eventually come to a fruitful conclusion as the Institute of Corporate Governance of India, a separate independent institute is what this status report brings to fore.

My objective is to bring the Institute of Corporate Governance of India under an Act of Parliament. There is a need for it. That is my emphasis.

I have explained a lot of things. So I'm very happy that the Prime Minister, the Finance Minister and the Home Minister have listened to me so far. My request is that GoI should not leave this ICGI as it is very important.

Here are 5 key points summarizing the transcript:
1. The main mission is to establish the Institute of Corporate Governance of India (ICGI) as an act of Parliament, emphasizing its importance for improving corporate accountability.

2. Two critical areas of focus are i. reducing the cost of consumption for manufacturing companies by working with their suppliers (often MSMEs), and ii. improving investor assurance through governance due diligence for startups and VC funding.

3. I was looking at Prime Minister Modi talking about the textile Industry. I have already done $350 billion in 2030 Analytics for the Textile Industry. How to approach that? That is recycling of the waste, the PM mentioned, which is ignored by the textile units.

4. The Union Budget 2025 I praise for focusing on four engines of development: Agriculture, MSMEs, Investment, and Exports. I State ICGI as a mandatory requirement for each and every company. It must come from the government alone. It is non-mandatory as of today for very many companies and I reiterate companies to adopt it right now. I suggest that industries need to actively engage with these initiatives rather than passively receive them.

5. The concept of "Effort per Person" (EPP) is introduced as a key metric for measuring productivity and achieving growth targets, particularly in relation to India's 2047 economic goals.

This is the sum and substance of ICGI Status Report.