The Indian Institute of Corporate Affairs (IICA) successfully completed a closed-door roundtable consultation with executive search firms held on 2^nd August, 2024, at the IICA campus in Gurugram. This event brought together over 20 managing partners, equity partners, and senior partners representing some of the most prestigious executive search firms in India, with the objective of collectively working with key industry stakeholders to strengthen board composition in Indian boardrooms.

Dr. Ajay Bhushan Pandey, Chairman, Director General & CEO of IICA and Chairman of the National Financial Reporting Authority (NFRA), chaired the meeting. Dr. Niraj Gupta, Head of the School of Corporate Governance & Public Policy, IICA, Mr. Mathew John, Chief Program Executive, IICA and Mr. Manoj Singh, Chief Program Executive, IICA led the proceedings.

In his address on the occasion, Dr. Ajay Bhushan Pandey underscored the importance of the session and the role of executive search firms in enhancing board governance.

Dr. Niraj Gupta, Head of the School of Corporate Governance & Public Policy, IICA, and Mr. Mathew John, Chief Program Executive, IICA, delivered a presentation showcasing IICA, its various initiatives, and the Independent Director Databank.

The firms represented at the consultation included Korn Ferry, Egon Zehnder, Executive Access, ABC Consultants, Kestria, KPMG, Pedersen & Partners, EMA Partners, DHR Global, Boyden India, Sheffield Haworth, Vahura, Athena Consulting, 3P Consultants, WalkWater Talent Advisors, Xpheno, Deininger Consulting.

The roundtable consultation emphasised IICA's commitment to collaborative engagements to drive the uptake of best practices in the Indian business landscape. The consultation fostered a rich dialogue, providing invaluable insights into the expectations and experiences of executive search firms. The event also underscored the shared commitment to fostering a robust framework for board governance and the role of executive search and talent advisory firms in enhancing board composition and effectiveness.

Earlier in the welcome address, Dr. Niraj Gupta set the context for the consultation.

After the presentations, the discussion began with a round of participant introductions, providing an opportunity for delegates to share their backgrounds and expectations and the follow key issues were discussed in detail:

• Reflections and Expectations: Executive search firms shared their insights on board practices aand director selection.
• Independent Director Databanks’ (IDDB) Value Propositions to Industry: Exploring the unique advantages and benefits the IDDB offers to the industry.
• Enabling Search Firm Access to IDDB: Strategies to enhance access and utilization of the IDDB by executive search firms.
• Opportunities to Collectively Enhance Utilization of Search Firms / External Consultants by Corporates for Board Mandates: Identifying collaborative opportunities to improve the effectiveness of board member recruitment.
• IICA Initiatives and Collaborative Engagement: Discussing current and future initiatives by IICA to support and promote corporate governance excellence.

IICA continues to champion initiatives that promote good governance and responsible business practices. The insights gathered from this roundtable will inform future strategies and initiatives aimed at improving the Independent Director Databank – its utility and relevance to key stakeholders – and other IICA initiatives aimed towards advancing corporate governance excellence in India.

Board governance improvements through enhanced access to the Independent Director Databank and coordinated use of executive search firms. Roundtable consultation convened by the Indian Institute of Corporate Affairs focused on strengthening board governance through coordinated engagement with executive search firms, highlighting the value and features of the Independent Director Databank, and exploring measures to increase search firm access, improve utilization of external consultants for board mandates, and inform future IICA initiatives to enhance corporate governance and board recruitment.