The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its post-facto approval to the Memoranda of Understanding (MOUs) between the Ministry of Corporate Affairs, Competition Commission of India (CCI) and Indian Institute of Corporate Affairs (IICA) with Foreign Countries/Organizations.  

The Memoranda of Understanding are between the following: 

1. Ministry of Corporate Affairs and the Ministry of Economic Affairs of the Netherlands;  
2. Competition Commission of India (CCI) and Federal Anti-monopoly Service of the Russian Federation;  
3. CCI and the Australian Competition and Consumer Commission;  
4. CCI and Directorate General for Competition of the European Commission;  
5. CCI and Competition Bureau, Canada;  
6. Indian Institute of Corporate Affairs (IICA) and George Washington University, USA;  
7. IICA and Institute of Directors, London, UK; and  
8. IICA and International Finance Corporation. 

The signing of MOUs will facilitate the exchange of knowledge and information, technical cooperation, experience sharing, enforcement cooperation etc. with the concerned organizations. The areas include among others, corporate governance and corporate social responsibility (CSR), in the spheres of corporate regulation, professions of accountancy and company secretary-ship resulting in responsible business practices, corporate disclosures and reporting etc.   

Implementation of the MOUs will be monitored by a bilateral Working Group on corporate governance and corporate social responsibility (CSR).

Ex post facto approval of international MOUs enables cooperation on corporate governance and CSR between domestic agencies and foreign counterparts. Cabinet granted ex post facto approval to MOUs between the Ministry of Corporate Affairs, the Competition Commission of India and the Indian Institute of Corporate Affairs and several foreign authorities and organisations, establishing frameworks for knowledge exchange, technical cooperation, experience sharing and enforcement cooperation in corporate regulation and competition. The agreements focus on corporate governance, corporate social responsibility, professional standards in accountancy and company secretaryship, and corporate disclosures; implementation will be monitored by a bilateral Working Group on corporate governance and CSR.