KPMG in India launches Board Leadership Center

The Center engages with directors and business leaders, articulates boardroom challenges and delivers actionable thought leadership – on risk and strategy, talent and technology, globalization and compliance, financial reporting and more – all through the Board lens.

The keynote address was delivered by Richard Rekhy, CEO, KPMG in India. According to him, “High-performing boards focus on a dynamic agenda which dedicates sufficient time to forward-looking activities – recalibrating risk with strategy, scanning competition and evaluating skills which will be required three to five years hence.  Aligning boardroom talent with the company’s strategy is a key driver of many boards’ increasing focus on Board composition and succession planning today. The Board today is a competitive weapon, and the definition of Board effectiveness has transformed significantly over the past few years. With the world having witnessed numerous corporate scandals, a director now faces not only complex oversight responsibilities, but also personal risk and liability. Successful Boards encourage a candid process to discuss directors’ roles and expected value contribution to the organisation, continually evaluating such contribution over time.”

The first panel session was ‘Value of diversity on Boards’. Eminent Board members in the panel session included Naina Lal Kidwai , G N Bajpai, Kiran Karnik and Anita Ramachandran.

Sharing her thoughts on diversity, Naina Lal Kidwai, Former Chairperson of HSBC India and a leading independent director said “While I am not an ardent supporter of quotas, I do agree that the regulatory mandate has definitely contributed to the increase in women directors in the country. We should not stop at one but rather have more women directors. Thinking and well performing companies realize this and we have seen the capital markets reward such companies around the world. I believe we should also have diversity in terms of relevant skill sets and experience – for instance, how many companies have directors with information technology - particularly with digital technology and cyber security know-how?”

Sharing his thoughts on need of diversity of skills at the Board, G N Bajpai, Former Chairman of Securities Exchange Board of India and a leading independent director said “I feel that while the role of management is ‘business management’; the role of the Board is ‘enterprise management.’  While the former focusses on day-to-day business, the latter focuses on the larger issue of Board’s future performance. Diverse Boards bringing in the ‘outside in view’ contributes to better decision making and therefore secures the future of the company. Women contribute to this diversity by bringing a different physiological mindset”

The second panel session focused on “Imperatives of high performing boards”. Eminent Board members in the panel session included Manisha Girotra, Rama Bijapurkar, and Shailesh Haribhakthi.

Sharing her thoughts on succession planning, Rama Bijapurkar, Marketing Consultant and a leading independent director said “The board’s role is to be the jury on key decisions. Independent directors need to think and act independently on this jury, and in case of huge differences, the Chairpersons role is to build a healthy consensus. Given the increasing legal liabilities for directors on statutory boards, I would imagine that advisory boards will gain popularity”

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