Phil Armstrong at 10 th ICSI National Award for Excellence in Corporate Governance

Crises such as Satyam compromise India’s promising and enduring economic outlook. Because it

exposes fundamental areas of concern that are important to foreign investors and capital markets.

Issues such as: 3

• the relationship between controlling and minority shareholders particularly in family owned

or controlled companies

• related party transactions and its proper regulation

• quality of financial disclosure

• the role of promoters

• independent oversight of the Indian accounting profession

• limited activism of domestic institutional investors, and

• issues of director independence and board effectiveness.