Insurance Regulator to Align Corporate Governance, Disclosure Norms With Companies Act
New Delhi: The Insurance Regulatory and Development Authority of India (IRDA) has said it will align its corporate governance and disclosure norms in accordance with the new Companies Act, 2013. It has also set up a 12-member committee under its member R K Nair for the same.
"In order to bring harmony between the corporate governance and disclosure requirements of the Authority and the Companies Act, 2013, the Authority has decided to constitute a working group harmonising Irda Corporate Governance Guidelines and Disclosures with Companies Act, 2013," Irda said in a circular.
The terms of reference of the working group include recommending any changes that need to be made to insurance regulations specifically on corporate social responsibility, related party transactions or financial statements.
It will also undertake a comprehensive view of the extant guidelines on corporate governance related with composition of board and its committees, provisions relating to independent directors, provisions related to remunerations of CEO, managing director or whole time directors.
The working group is expected to complete its task within four months.
The new Companies Act, 2013 was notified on August 30, 2013.
The new act has brought in significant changes in several aspects of corporate organisation such as appointment of directors and key management persons, appointment of auditors, corporate governance and financial reporting requirements.
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