In a press release distributed on May 30, 2016 CimplyFive Corporate Secretarial Services Pvt. Ltd. (CimplyFive), a firm that offers research and technology based solutions for compliance with the Indian Companies Act 2013, and InGovern Research Services Pvt. Ltd. (InGovern), the Indian corporate governance research and proxy advisory company, “announced the release of their report ‘Board Evaluation Practices in India: A Study of Top 100 Companies in 2015’. Board Evaluation is a new practice mandated by the Companies Act, 2013in India for the first time. This study is the first ever analysis of the Board Evaluation Practices after it was mandated in India.
Highlights of the Top 100 Companies evaluation using proprietary 5-star rating system are:
- 5 companies got 3-Star rating, the highest rating given to the select group of companies. These companies disclosed positive results of their evaluation in addition to the evaluation criteria and evaluation process
- 52 companies got 2-Star rating, as they reported both the evaluation criteria and the evaluation process
- 26 companies got 1-Star rating, as they reported either the evaluation criteria or the evaluation process
- 3 companies did not do Board Evaluation despite the mandate
- 17 companies were exempt from Board Evaluation being public sector companies. Despite exemption, 3 of them shared their evaluation process, criteria or outcome.”
You may read an executive summary of the report on the publications page of the InGovern internet site.
You may download the entire report here.