|The Institute of Company Secretaries of India (ICSI) has conferred the ‘ICSI National Award for Excellence in Corporate Governance’ to India’s most-loved car company Maruti Suzuki for the year 2009.
Mr. Shinzo Nakanishi, Managing Director and CEO of Maruti Suzuki India Limited received the award at the hands of Mr. Vilasrao Deshmukh, Union Minister for Heavy Industries and Public Enterprises at a function held in Mumbai today.
The prestigious award aims to foster and reward the culture of evolving globally acceptable standards of corporate governance among Indian companies.
Maruti Suzuki was felicitated for practising good corporate governance principles and for implementation of innovative practices, programmes and projects that promote the cause of corporate governance.
Maruti Suzuki Managing Director and CEO S. Nakanishi said, “The ICSI recognition will further encourage Maruti Suzuki to increase its focus on promoting corporate governance. Corporate Governance is a way of life at Maruti Suzuki. We believe that it is not only the key to corporate excellence but is basic to social and national excellence. In the global corporate environment, corporate governance acts as a catalyst for law, ethics, management practices, wealth creation and management sharing.”
The ICSI jury, headed by Hon’ble Justice Shri R. C. Lahoti, former Chief Justice of India, comprised a galaxy of eminent personalities from the government bodies, academicians and senior executives of Fortune 500 companies.
The parameters of selection included: Board independence and governance, Board systems and procedures, Transparency and disclosure compliances, Consistent shareholder value enhancement, Stakeholders value enhancement, Corporate Social Responsibility, Creative and contributive capabilities of top management sub-systems, Sustainable relationship building with major stakeholders in the corporate family, Future vision and sustainability of the entire corporate edifice, and Other good corporate governance initiatives.
Maruti Suzuki was judged by its responses to questionnaires designed by the ICSI; disclosures in annual reports and corporate website; important inputs available from the regulatory authorities and media; assessment based on ICSI research and analysis and industry norms and investor perception.