Governance Scorecard
The Indian Corporate Governance Scorecard is a joint initiative of the International Finance Corporation (IFC) and Bombay Stock Exchange (BSE). The project has been supported and sponsored by the Japan Ministry of Finance.

Institutional Investor Advisory Services India Limited (IiAS) is the technical partner responsible for drafting the Scorecard questionnaire and methodology. The content of the Scorecard was developed in consultation with IFC’s team of corporate governance experts.

How it Helps You


  • • Self assessment of governance strengths and weakness
  • • Provide proof of governance leadership to stakeholders
  • • Independent validation of Corporate Governance practices
  • • Improve performance through better risk management


  • • Identity governance quality of portfolio
  • • Build investment strategies based on governance track record
  • • Use add-on models to compute portfolio score


  • • Get access to data on governance parameters
  • • Supplement credit research and approval with governance assessments
  • • Create early warning signals for credit protection deterioration from changes in governance structure

Regulator & Stock Exchange

  • • Measure market-wide level corporate governance
  • • Analyse the effectiveness of regulatory framework and create incentives for better governance
  • • Complement surveillance activities
  • • Enhance global perception and trust in the Indian market

Evaluation Framework

Given that India is a member of the G20 forum, the evaluation framework is built around the G20/OECD Principles of Corporate Governance (G20/OECD Principles), which are the globally accepted benchmark for corporate governance. While applying the G20/OECD Principles, consideration was also given to issues relevant in the Indian context and the regulatory framework prescribed by Indian regulators and oversight bodies.

Rights & equitable treatment of shareholders

  • • Quality of shareholder meetings
  • • Related party transactions
  • • Investor grievance policies
  • • Conflict of interest

Role of stakeholders in corporate governance

  • • Business responsibility initiatives
  • • Supplier management
  • • Employee welfare
  • • Investor engagement
  • • Whistle-blower policy

Disclosure and transparency

  • • Ownership structure
  • • Financials
  • • Company filings
  • • Risk Management
  • • Audit integrity
  • • Dividend payouts and policies

Responsibilities of the board

  • • Board and committee composition
  • • Training for directors
  • • Board evaluation.
  • • Director remuneration
  • • Succession planning

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