Director Notes India: Corporate Boards in India and Their Responsibility towards Stakeholders
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Publication Date:
February 28, 2020
The Companies Act, 2013 has brought about a paradigm shift in India by expressly requiring corporate boards to act in the interest of nonshareholder constituencies. However, the duties of directors in relation to stakeholders are not clearly articulated, and stakeholders do not appear to have any means of enforcing their rights and remedies. Until the government has effected appropriate changes and clarifications, it would augur well for corporate boards to establish their own mechanisms to address stakeholder interests, and we have offered some suggestions to that end.
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