Institutional EYE

Commentary on Corporate Governance Issues

September 17, 2020

Even the most sceptic will admit that virtual meetings are cheaper, greener and save time. But we should not let these pluses detract from the need to make shareholder meetings more relevant.

““Satyug beeta, Kalyug aaya, par aap ka roop badal na paya, Aap aaj bhi wahi h...

August 18, 2020

Recapitalizing banks alone will not ensure that sufficient credit flows to revive and sustain economic growth. India urgently needs more banks.

Schumpeter saw credit creation and its contraction as being at the heart of capitalism. In India credit growth has remained an...

July 30, 2020

Compensation is payment for what has been done. Performance is all about what has been achieved. Both can be measured. Surely, it cannot be so difficult to link the two and pay for performance.

There are two numbers that have been unconnected with a company’s financial...

July 16, 2020

IiAS comments to RBI are under the following heads:

  1. No carve outs or exceptions for public sector banks

  2. Role clarity and focus on quality of directors

  3. Accountability of the CEO vis-à-vis board committees

  4. Tenure of the CEO

  5. Executive compensation d...

July 7, 2020

The OECD’s “Owners of the World’s Listed Companies”, published in 2019, provides a detailed breakdown of the shareholder composition of almost 10,000 companies representing 90% of the global market capitalization. The overall picture it paints is of concentrated owners...

July 1, 2020

The governance of group companies will increasingly be an area of focus for SEBI.

The Infrastructure Leasing and Financial Services(IL&FS) group at the time of its collapse operated through 347 entities. Some were wholly owned subsidiaries, a few were joint ventures (wi...

June 5, 2020

Market participants will tell you that the quarterly results and the accompanying investor calls, are a ritual. These are not just about numbers. These are about hard-eyeing the management and leadership teams,assessing how connected they are with the business and how...

June 1, 2020


ZEE Learns response to the stock exchanges on a previous IiAS report entitled, “ZEE Learn fails its tests”, provides no answers. A company spokesperson addressing the media, in response, can hardly be construed as a meaningful answer to questions the raised.

ZEE Learns...

May 25, 2020

Deepak Fertilisers’ promoters recently let their warrants lapse but may subscribe to the company’s rights issue. The fall in the company’s stock price will enable the promoter group to increase their shareholding for the same quantum of equity infusion. Is this another...

May 21, 2020

The State Bank of India (SBI) is modernizing itself.  It is leveraging technology, improving the quality of disclosures in its annual report, and behaving as any market leader should. But its ability to become a beacon of good corporate governance is being scuttled by...

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