The Ministry of Corporate Affairs, Government of India, has set up National Foundation for Corporate Governance (NFCG) in partnership with Confederation of Indian Industry (CII), Institute of Company Secretaries of India (ICSI) and Institute of Chartered Accountants of India (ICAI).

Vision

Be a catalyst in making India the best in corporate governance

Mission

• To foster a culture for promoting good governance, voluntary compliance and facilitate effective participation of different stakeholders;
• To create a framework of best practices, structure, processes and ethics; and
• To make significant difference to Indian Corporate sector by raising the standard of corporate governance in India towards achieving stability and growth.

To effectively execute the policies and programmes, NFCG has a sound internal structure capable of delivering the intended outcomes and identifying the potential pitfalls.

The internal governing structure of NFCG consists of: -

• Governing Council
• Board of Trustees
• Executive Directorate

The Governing Council of NFCG works at the apex level for policy making. It is chaired by the Hon'ble Minister for Corporate Affairs, Government of India

Mr Prem Chand Gupta,
Hon'ble Minister for Corporate Affairs, Government of India
Chairman, Governing Council, NFCG

The other Members of the Governing Council are:


Mr Anurag Goel,
Secretary,
Ministry of Corporate Affairs,
Government of India and Vice Chairman of the Governing Council NFCG

Mr N R Narayana Murthy,
Chief Mentor, Infosys Technologies Limited
Second Vice Chairman of the Governing Council


Mr K V Kamath,
President,
Confederation of India Industry (CII)


Mr C A Ved Jain,
President,
The Institute of Chartered Accountant of India (ICAI)


Mr Keyoor Bakshi,
President,
The Institute of Company Secretaries of India (ICSI)


Mr Chandrajit Banerjee,
Director General,
Confederation of Indian Industry (CII)


Mr Ashok Haldia,
Then Secretary
The Institute of Chartered Accountants of India (ICAI)


Mr Naresh Kumar Jain,
Secretary and CEO
The Institute of Company Secretaries of India (ICSI)


Mr J Harinarayan,
Chairman,
Insurance Regulatory and Development Authority (IRDA)


Mr B. Bhave,
Chairman,
SEBI Chairman,
Security and Exchange Board of India (SEBI)

Secretary
Banking Division
Ministry of Finance


Mr R Bandyopadhyay,
Secretary Department of Public Enterprises (DPE)

The Board of Trustees deals with the implementation of policies and programmes and laying down of the procedure for smooth functioning. It is chaired by the Secretary, Ministry of Corporate Affairs, Government of India.

The Executive Directorate provides internal support to NFCG activities and implements the decisions of the Board of Trustees. Executive Director is the Chief Executive Officer of NFCG.

• To extend financial assistance to Accredited and Partner Institutions for organizing / carrying out the following activities in the area of Corporate Governance: -

• Directors' and Faculty Orientation programmes
• Research Work
• Seminars / Workshops / Conferences
• To evolve Corporate Governance principles / norms on identified themes.

NFCG has accredited following Institutions across the country as 'National Centres for Corporate Governance' (NCCG), to create awareness on the importance of implementing good Corporate Governance practices, provide quality training to Directors and Faculty as well as produce quality research :-

• Indian Institute of Management Ahmedabad
• Indian Institute of Management Calcutta
• Indian Institute of Management Lucknow
• Indian Institute of Management Bangalore
• Administrative Staff College of India, Hyderabad
• Indian School of Business, Hyderabad
• National Academy of Legal Studies and Research, Hyderabad.
• National Law School of India University, Bangalore
• S P Jain Institute of Management & Research, Mumbai
• Jamnalal Bajaj Institute of Management Studies, Mumbai
• Symbiosis Institute of Management Studies, Pune
• Loyola Institute of Business Administration, Chennai

NFCG in collaboration with the following Partner Institutions, is actively involved in creating awareness on the importance of implementing good Corporate Governance practices .

• Confederation of Indian Industry (CII)
• Institute of Chartered Accountants of India (ICAI)
• Institute of Company Secretaries of India (ICSI)

NFCG focuses on evolution of Corporate Governance Principles / Norms on identified themes. For this purpose, NFCG has, from time to time, constituted the Core Groups comprise of experts from industry, professional bodies and academics.

The Core Groups constituted so far on the following identified themes:

• Corporate Governance Norms for Independent Directors
• Corporate Governance Norms for Institutional Investors
• Corporate Governance Audit
• Corporate Social Responsibility
• Corporate Governance Norms for Small and Medium Enterprises (SMEs)

• Independence Principles for Corporate Boards and Directors
• Internal Governance Norms for Institutional Investors

• Discussion paper on Corporate Governance
• Corporate Governance Review of Practice - a study of Corporate Governance practices in leading Corporates in India