IICA ropes in top search firms for finer selection of Independent Directors

New Delhi, Nov 30 The Indian Institute of Corporate Affairs (IICA) signed an MoU with six leading executive search firms on Saturday to enhance the selection and appointment processes for Independent Directors in Indian boardrooms, in a move aimed at aligning corporate governance in the country with global best standards.

The executive search firms include Korn Ferry, ABC Consultants, EMA Partners Limited, DHR Global, Sheffield Haworth, and Vahura. The signing ceremony was hosted at the National Financial Reporting Authority (NFRA) headquarters in Delhi.

IICA DG & CEO Ajay Bhushan Pandey said: "This MoU is an important step for the Independent Director Databank (IDDB) in facilitating the appointment of qualified Independent Directors. Collaboration with search firms of this stature will ensure that companies have access to skilled professionals, aligned with the evolving requirements of modern boardrooms."

He also highlighted IICA’s broader role in driving corporate governance excellence through capacity-building and advocacy interventions designed for Directors and CXOs of organisations.

The event also saw the launch of two key governance resources developed under the School of Corporate Governance & Public Policy at the IICA. The first, the ‘IICA Note on Board Evaluation’, provides an analysis of board evaluation practices, offering insights into global and Indian contexts. It examines evaluation methodologies, tools, sector-specific practices, and emerging trends, highlighting their role in strengthening corporate governance and driving organizational effectiveness.

The second, the Board Evaluation Services Deck, showcases the IICA’s expertise in conducting corporate governance assessments and board evaluations. These evaluations, which have already benefited many leading organisations, provide actionable insights to enhance board performance and governance frameworks.

"The initiatives launched today reaffirm IICA’s commitment to advancing corporate governance by supporting companies in enhancing board leadership, selection processes, and evaluation practices, aligning Indian boardrooms with global standards," Pandey said.

The Independent Director Databank (IDDB), mandated under the Companies (Appointment and Qualification of Directors) Rules, 2014, serves as a repository of professionals eligible to serve as Independent Directors. Registration with the databank and completion of a proficiency assessment is mandatory for all Independent Directors under these rules.

School of Corporate Governance & Public Policy head and IDDB Nodal Officer Niraj Gupta said: "This collaboration reflects the IICA’s focus on aligning board composition practices with contemporary governance standards. It is a significant step toward strengthening accountability and board effectiveness."

The delegates shared their perspectives on the initiative and its potential to enhance governance practices in Indian boardrooms.

ABC Consultants Managing Director Shiv Agrawal highlighted the firm’s 55-year legacy in India and spoke about the evolving role of boards in driving governance excellence and organisational growth. Korn Ferry's Managing Director – Financial Services, APAC, Monica Agrawal, shared her insights on the importance of board composition and skills, emphasising the value that resources like the databank can bring to corporate governance.

DHR Global Managing Partner Vikram Chhachhi expressed his appreciation for the data bank as a valuable resource for companies, boards and executive search firms that support them as expert consultants. Sheffield Haworth Executive Director Sethumadhavan Srinivasan, along with Vahura's Head of Board Practice Shweta Rao and EMA Partners Limited Associate Director Adarsh Aaron also conveyed their support for the initiative.