How does Godrej ensure good governance?
I’ll take the example of Godrej Consumer Products, which is our highest market cap listed company — we hold about 70 per cent of the shares. When we first set up the board, we invited independent directors who had professional reputation, not industrialist friends. I think industrial friends are not able to devote enough time to the company. Secondly, all our board meetings last at least half a day — no perfunctory meetings. Every year, the January board meeting is a two-day offsite affair, which devotes a lot of time on strategy. How would you define corporate governance? Our corporate governance is much beyond the legal minimum that is prescribed. It looks into the interests of all stakeholders. One of the misconceptions is that it is to protect the interests of the minority shareholders. But I think it is to protect the interests of the company as a whole. Difficult times such as now gives a good excuse to companies not to adhere to good governance. What is your take on that? That i
