Delhi: The Institute of Company Secretaries of India
(ICSI) has formulated a guidance note on `board reports''
for companies. The board reports will help shareholders,
lenders, bankers, and the government to make an appraisal
of a company''s performance.
guidance note has been formulated after detailed research
and analysis of the board''s reports of several companies
and the legal requirements in India and abroad. It is
an attempt to suggest the best practices to be followed
by companies in the preparation and presentation of the
board''s report," an ICSI official said.
report prescribes certain practices that are desirable
for good corporate governance.
is mandatory for the board of directors to present annual
accounts to the shareholders along with its report, known
as `board''s report''.
report also provides a complete review of the performance
of the company for the year, material changes and an insight
into the future growth and profitability of the company.