A Report on Directors’ Conclave and 33 IOD Annual Day

The Institute of Directors held the Annual Directors’ Conclave rd 2023 and 33^rd Annual Day Ceremony on Thursday, August 10, 2023 at Hotel Le Méridien, New Delhi. The theme of the Conclave was: 'Emerging Trends in Corporate Governance and Building Futuristic Boards – 2030'.

It was a largely attended Conclave with around 500 experts, directors, delegates, and business leaders from all over India, who participated in the one-day event. The Conclave was attended by some of India's most eminent experts representing the Central Government including:

1. Mr. Arjun Ram Meghwal
Hon'ble Union Minister of State (I/C) for Law & Justice, Parliamentary Affairs and Culture, Government of India

2. Mr. Jayant Sinha
Chairperson - Parliamentary Standing Committee on Finance
Member of Parliament & former MoS, Finance and Civil Aviation, Government of India

3. Mr. Sailesh, IAS
Member, Public Enterprises Selection Board (PESB) former Secretary, Ministry of Heavy Industries & Public Enterprises, Government of India

4. Mr. Tuhin Kanta Pandey, IAS
Secretary, Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, Government of India

5. Dr. Ajay Bhushan Pandey, IAS
Chairperson - National Financial Reporting Authority (NFRA)
former Secretary, Ministry of Finance, Government of India

6. Mr. Injeti Srinivas, IAS (Retd.)
former Chairman - International Financial Services Centre Authority (IFSCA)
former Secretary, Ministry of Corporate Affairs, Government of India

7. Mr. Muktesh Pardeshi, IFS
Special Secretary (G20 – Operations)
Ministry of External Affairs, Government of India

As part of the Annual Day celebration, IOD also conferred the Distinguished Fellowships, 2023 on notable leaders and visionaries who also graced the event. These leaders include:

1. Hon'ble Justice Ritu Raj Awasthi
Chairperson - Law Commission of India

2. Mr. Pradeep K. Kheruka
Chairman - Borosil Renewables Limited

3. Mr. C. K. Mishra, IAS (Retd.)
former Secretary, Ministry of Environment, Forest & Climate Change
Government of India

4. Dr. Sushma Paul Berlia
Co-Promoter & President, Apeejay Stya & Svran Group
Chairperson, Apeejay Stya Education Research Foundation

5. Dr. Anup Wadhawan, IAS (Retd.)
former Secretary - Ministry of Commerce and Industry
Government of India

6. Mr. Nasser Munjee
Chairman of Board of Directors - Tata Motors Finance Limited

A number of PSU's also participated including Life Insurance Corporation (LIC), NTPC Limited, ONGC Videsh Limited, Bharat Petroleum Corporation Limited and Coal India Limited etc.

Plenary Session I – Opening Keynote Session

The 'Welcome Address' was delivered by:

Lt. Gen. Surinder Nath, AVSM, PVSM (Retd.)
President, Institute of Directors
former Chairman, UPSC & former Vice Chief of Army Staff
former Independent Director, L&T Board

Lt. Gen. Nath warmly welcomed all the guests, speakers, and dignitaries, especially the Guest of Honour of the event, former Chief Justice of India, Hon'ble Justice Uday U. Lalit. He introduced the theme of the Conclave, 'Emerging Trends in Corporate Governance and Building Futuristic Boards: 2030' and outlined a few emerging trends in Corporate Governance for 2023. He spoke about the growing importance of Sustainability, ESG issues, and stakeholder engagement in good governance. He addressed the societal and ethical aspects of the development of Artificial Intelligence (AI) and also discussed the need for governance frameworks to adapt to the emerging technologies. He laid emphasis on 'integrity', 'accountability', and 'ethical conduct' as key qualities for leadership and also recognised the growing importance of Diversity in gender, ethnicity, skills, and experiences in boardrooms as a major emerging trend in Corporate Governance in 2023. He stated, "Corporate Governance in the current century is highly challenging, but when performed with excellence, it can be equally rewarding". He added that leaders of today should have the ability to continually innovate and manage various disruptions effectively. He went on to congratulate the IOD's new Institutional Life Members, and announce the release of the new IOD Handbooks.

This was followed by a 'Special Address' delivered by:

Mr. Nitin Sethi
Chief Executive Officer - Aon Consulting, India & South Asia

Mr. Sethi outlined recent trends and key themes for boards today. He said that while it is certain India will grow over the next two decades, how do we make its growth responsible and sustainable? With so many disruptions and challenges all over the world, companies, promoters, and CEOs are looking at boards as partners who can come in and bring deep expertise, navigate, and help companies be responsible about growth. He explained four key challenges faced by boards today, which include 'strategic focus', 'risk mitigation', 'proxy advisory/ shareholder action, and 'cutting edge expertise'. He suggested that boards should focus on creating an ecosystem that promotes 'Intent for Action'. CEO compensation should be linked not only to short-term incentives but also to the long-term incentive compensation goals of an organisation. He added that protection of shareholder interest is important, and there must be emphasis on how one ensures it. One also has to ensure that growth is sustainable and responsible.

This was followed by a 'Keynote Address' delivered by:

1. Mr. Sunil Kant Munjal
Chairman - Hero Enterprise

2. Mr. Jayant Sinha
Chairperson - Parliamentary Standing Committee on Finance
Member of Parliament & former MoS, Finance and Civil Aviation
Government of India

4. Mr. Tuhin Kanta Pandey, IAS
Secretary, Department of Investment and Public Asset Management (DIPAM)
Ministry of Finance, Government of India

Mr. Munjal spoke on the topic, 'Building Futuristic Boards – 2030'. He said that industries 70 years ago had only one aim, i.e. to increase shareholder value, but today this has changed. There is an urgent and strong need for evaluating the impact of industry on our society today. At present, India is witnessing the most amazing development of 'Physical Infrastructure' – over 100 airports and many seaports, building world's largest road network; and 'Digital Infrastructure', building good software, smart applications and good use of the same. He added that even though we have moved on from COVID, we need to remember the lessons from it, to be able to build a more resilient India. He concluded by saying, "All of the companies, both those in manufacturing and services and those related to agriculture, have a critical role to play in building the backbone of the economy, creating opportunities, creating jobs, creating prosperity, and therefore, building a more resilient, healthier, and certainly happier India".

Mr. Sinha spoke on the topic, 'Getting to the Green Frontier: A Net Zero Development Model for India'. He started by thanking IOD for its efforts towards strengthening corporate India. He said that we need to identify major trends and priorities for boards today. There are 2 things that India needs to solve, that is, Climate Change and Job Creation. He raised an alarm about the condition of the environment and said that we are thereby enveloping the globe in a layer of heat that will cause the temperature to rise above 1.2 degrees Celsius and head towards 2.8 degrees. Our baseline emissions are rising, hence, industry players must push major infrastructural changes to prevent large scale emissions. With regard to economic development, he said that we need to move from 'Farm to factory'. We have to develop a totally different strategy and a different model “Net Zero Model” and a “Green Frontier Model” A digital infrastructure and decarbonisation will lead to a Net Zero Model. He concluded by saying, 'Net Zero is Net Profit'.

Mr. Pandey outlined the challenges and the growth of Central Public Sector Enterprises (CPSEs). He repeated from Mr. Jayant Sinha's address that India is facing a planetary challenge today. With the widened public ownership, listed enterprises are on a move towards better governance. The Life Insurance Corporation of India (LIC) has also been listed recently. Indian CPSEs are subject to more regulations and compliances in comparison to listed companies. The latter are generally required to comply with SEBI (LODR) Requirements and the Companies Act, 2013. However, PSUs have additional disclosures that include Guidelines by the Union Department of Public Enterprises (DPE); Individual MoUs; sanctions; maintaining transparency in the official procurement portal - Government e-Marketplace (GeM); addressing RTIs (Right to Information); and various other needed disclosures. He outlined a few challenges faced by CPSEs today and said that with the growing composition requirement, diversity, and skill sets, appointing board members to CPSEs remains a challenge.

This was followed by a 'Guest of Honour Address' delivered by:

Hon'ble Justice Uday U. Lalit
former Chief Justice of India

Mr. Lalit thanked IOD for the platform provided and for the interaction with the industry. He said that no person is incapable, no person is inadequate, and the only thing that lacks is a mechanism through which talent may be tapped. The ultimate goal of all boards should be to contribute to society. He focused on three important aspects that, according to him, will make India an 'Egalitarian Society'. The first is Education. He said that India has a young population with a median age of less than 30 years and said that we need to utilise our young population and its level of intelligence and create more opportunities for them. He shed light on the educational infrastructure of the country and said that a few institutions, like the IITs, AIMS, etc., provide high-quality education and are well recognised, while most elementary or high schools don't. The second is Healthcare. He said that public healthcare needs to be raised to a level where it may be recognised. The ongoing migration from rural to urban cities is not healthy, as it is leading to the creation of more urban slums, which is why companies need to simultaneously generate opportunities in semi-urban or rural areas to ease the pressure. The third is Public Transport. He said that the public transportation in the country should be of such a level that even the top management should feel attracted to using it. He concluded by saying, 'People look forward to institutions and corporate entities for guidance, for management, for giving them the guiding light, or for being lighthouses themselves'.

The Opening Session was followed by the Release of Conclave Souvenir and the Release of the IOD Handbook on 'Corporate Governance', 'Independent Directors', 'ESG' and 'Board's Preparedness on Transformative Technologies'.

It was followed by the Felicitation of IOD's new Institutional Life Members (October 2022 – July 2023) :

1. Shriram Pistons & Rings Limited
2. Telos Partners
3. Armoured Vehicles Nigam Limited
4. North East Transmission Company Limited
5. Patentwire Consultants Private Limited

Plenary Session II - Corporate Governance in the Emerging Global Economy

The Session was Chaired by:

Dr. Ajay Bhushan Pandey, IAS
Chairperson, National Financial Reporting Authority (NFRA)
former Secretary, Ministry of Finance, Government of India

The Session had the following Speakers:

1. Mr. Muktesh Pardeshi, IFS
Special Secretary (G20 – Operations)
Ministry of External Affairs, Government of India

2. Mr. Sanjeev Krishan
Chairman - PwC India

3. Mr. Ritesh Sanyal
Managing President - Trust and Compliance
Deloitte Haskins & Sells LLP, India

4. Mr. Sanjay Nayar
Founder - Sorin Investments of India

5. Mr. Nitin Sethi
Chief Executive Officer - Aon Consulting, India & South Asia

Dr. Pandey spoke about the significance of corporate governance. He mentioned about a variety of examples of recent corporate scandals, including the Kruegur and Toll case, the McKesson & Robbins case, and more. According to him, the Board's Audit Committee, composed of independent directors, is crucial to ensuring the integrity of the financial information of the company. He said, "While we have sufficient regulatory mechanisms in place today, we need boards and statutory auditors to implement them in letter and spirit". He recommended three actions for boards to ensure good governance and transparency. First, boards and the directors must be very careful while appointing statutory auditors and must ensure that they are truly independent and not conflicted. Second, the boards must empower auditors to ask more questions and actively engage with them. Third, they should use technology, data analytics, and 'machine learning' to identify early warning signals of financial fissures.

Mr. Pardeshi spoke about the G-20 Forum and its relevance in today's world. He said that the Group of Twenty (G20) is the premier forum for international economic cooperation. It plays an important role in shaping and strengthening global architecture and governance and has emerged as a forum to discuss social challenges and economic issues. He explained seven aspects of the G-20 Presidency, which include growth and prosperity, resilient global value chains, MSMEs, logistics, and WTO reforms. India has the opportunity to create a legacy to demonstrate tourism, domestic infrastructure, and its capacity to build. He concluded by saying, "Let the world be ready for India. Let India be ready for the world."

Mr. Krishan spoke about India's path to economic development and the role of boards. He stated that the public sector drives wealth creation, but the private sector must also work in tandem. He underlined the significance of developing trust and stated that it is the board's responsibility to do so. According to a BCG survey, 60% of female executives believe their firm is committed to encouraging diversity, yet only 29% say they have benefited. He also indicated that nine out of ten directors believe that at least one or more members on their board should be replaced. He emphasised four key issues that need constant attention from directors: 'Significant management, enhancing transparency, focusing on talent, and effective communications. He also said that in today's scenario, it is extremely critical to train and up-skill board members, especially when the regulatory framework is constantly expanding due to fast emerging technologies.

Mr. Sanyal discussed the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. He stated that the boards' principal obligation is to comply with SEBI (LODR) Regulations, whose major goal is to establish confidence in order to attract cash inflows into our capital markets, increase transparency by providing timely information, improve governance, and empower shareholders. He discussed recent amendments to the SEBI (LODR) Regulations, such as Verification of Market Rumours, Disclosure of Material Events, and others.

Mr. Nayar spoke about private equity and forward-looking strategies. He said that boards need to become more futuristic in order to attract capital in the future. In the private space, private equity has played a huge role in transforming governance and has proved to have an important role in transforming companies, making them ready for IPOs. There is a need for the highest standard of good corporate governance. He strongly emphasised the need for diverse and young boards. "We desperately need diversity of people, thoughts, and backgrounds". He further laid emphasis on the importance of speaking up on boards and asking the right questions, especially in light of the fact that India is largely a promoter-led economy today.

Mr. Sethi spoke about how, over the years, shareholders have become increasingly aware of their rights and how they are all the more time reviewing company performance. India is one of the 10 economies that have a thriving regulatory and governance system and a rich governance legacy. Our ecosystem is facing new regulations such as the Business Responsibility and Sustainability Reporting (BRSR). He emphasised the importance of stakeholder activism by referring to the examples of Invesco, Zee, and Eicher, as well as a few international cases, including Exxon Mobiles, Du Pont, etc.

This was followed by an interactive Q&A Session with the audience.

Plenary Session III - Board's Tryst with ESG: Getting it Real

The Session had the following Speakers:

1. Mr. Rajarshi Gupta
Managing Director - ONGC Videsh Limited

2. Mr. Pradeep Ramakrishnan
General Manager - Securities and Exchange Board of India (SEBI)

3. Mr. Subodh Rai
President, Risk and Compliance
CRISIL Ratings Limited

Mr. Gupta spoke about Corporate Social Responsibility and the increasing importance of renewable energy He said that CSR is beyond just ticking the box. He outlined efforts made by ONGC towards CSR, and stated that ONGC had publicly declared transition to 'net zero' for Scope 2 and Scope 3 emissions by 2038. He said that CSR cannot be done by headquarters alone, it is done by the local people. India is the 4th largest country in capacity for renewables. There will be a progressive transition to renewables in India. The whole chain for transformation has to be aligned with the cause. He also spoke about how gas is the cleanest member of the fossil fuel family, and also discussed about 'Gas- Exchange'. He said that investment in renewables has to be expedited.

Mr. Ramakrishnan spoke about reforms by SEBI in the ESG space. He outlined the evolution of ESG, starting in the 1980s, and explained its development to date. He emphasised the recent developments and amendments by SEBI in ESG reporting and disclosures. He said, "While people always talk about ‘E’ in ESG, ‘S’ is equally important". He also spoke about Blue Bonds, i.e., funds for the conservation of the marine ecosystem as a source; Yellow Bonds, i.e., funds for using solar energy as a source; Green Bonds i.e. funds designed to support specific climate-related projects; and Transition Bonds, i.e., funds required for moving from a carbon-heavy to a carbon-neutral economic system. He further mentioned ESG rating providers and how actively SEBI is working towards checking the credibility of rating providers. He concluded by explaining the 'dos and don'ts' of Greenwashing and saying, "Sustainable finance is the way to go forward.”

Mr. Rai spoke about how ESG had become central to every strategy in the boardroom. Business and ESG strategy should go hand in hand. Regulators have made many initiatives in the ESG space and investment in green bonds is increasing, more than that in fossils. Companies are setting up ambitious targets, but as a rating agency, these targets even through disclosures cannot be observed. He said that Independent Directors need to be a part of the ESG committee. Companies complying with BRSR also need to benchmark their disclosures. He further added that the top management should be incentivized. “Board driven ESG strategies are key to sustainable value creation”. He concluded by saying that we must use an 'ESG Lens' and not a 'Profit Lens' when making strategies in the boardroom.

This was followed by an interactive Q&A Session with the audience.

Plenary Session - IV: Building Tech-savvy, Diverse and Inclusive Boards

1. Mr. Injeti Srinivas, IAS (Retd.)
former Chairman - International Financial Services Centre Authority (IFSCA) former Secretary, Ministry of Corporate Affairs
Government of India

2. Ms. Shefali Goradia
Chairperson - Deloitte South Asia, India

3. Mr. R. Gopalakrishnan
Independent Director & Non-Executive Chairman
Castrol India

4. Mr. J. K. Arora
Chairman & Chief Executive Officer
Tradologie.com

Mr. Srinivas spoke on the topic, 'The Role of the IFSCA in connecting India with the Global Financial System'. He said that the banking sector is the backbone of an economic system. India has a large domestic economy, i.e. it provides services as well as has a huge market. The International Financial Services Centres Authority (IFSCA) facilitates the rerouting of financial services and transactions that are currently carried out in offshore financial centres by Indian corporate entities and overseas branches/subsidiaries of financial institutions, to India. IFSCA acts as a global intermediary between India and foreign investors. The business and regulatory environment offered by an IFSC in India is comparable to that of London, New York, etc. in attracting investors. Indian companies no longer need to go abroad as IFSC provides enhanced access to global financial markets for Indian corporates.

Ms. Goradia spoke on the topic "Building tech-savvy, diverse, and inclusive boards." She said that it is important to have technology experts on boards today. With regards to diversity and inclusivity, she said that one woman on a board, as is required by SEBI, does not unleash her complete effectiveness. She recommended that at least three women serve on a board in order to speak and be heard effectively. While referring to a Deloitte survey, she said that on average, there are only 17% women on boards. According to her, the problem lies at the structural level, as many women are not trained for board-level positions. She advocated not just for gender but for all kinds of diversity, including region, religion, age, background, and caste. She said that when a board welcomes more diversity, there will be more rigorous conversations, which will lead to more organisational resilience.

Mr. Gopalakrishnan spoke about the significance of Corporate Governance, and the importance of soft skills in boardrooms. He said that Corporate Governance is like a moon going around the business community. He said that 'group dynamics', 'perception of power', culture, etc. in boards become stronger elements than 'linear decision-making'. He explained the concept of prodromal syndrome and said, "Don't wait for the hurricane to hit you'. He also mentioned that people are appointed as directors not because of their technical knowledge but because of their direct judgement and decisionmaking, and nobody conducts regular training for this.

Mr. Arora stated that in the boardroom, only 1% discussion is about CSR, while 99% discussion is about trade and profit. He said that there are 1.5 million companies in India, but only 7,000 of these are listed. The reason why many companies are not being traded actively on such exchanges is because of 'trust'. He said that listed companies and closely held companies should be regulated differently. He said that there are multiple hurdles in setting up an exchange in India. He also stated that euro-trade will soon be launched on Tradologie.

This was followed by an interactive Q&A Session with the audience.

Plenary Session V: 33^rd IOD Annual Day Ceremony

The 'Welcome Address' was delivered by:

Lt. Gen. Surinder Nath, AVSM, PVSM (Retd.)
President, Institute of Directors
former Chairman, UPSC & former Vice Chief of Army Staff
former Independent Director, L&T Board

Lt. Gen. Nath welcomed the gathering again to the Annual Day Celebrations. He outlined all the various activities that IOD engages in, such as Training and updating of Directors including Independent and women directors, Board Research and Advisory services for the corporates, networking of directors through a number of regional, national, and international, conferences every year, raising the bar through competition by conferring the Golden Peacock Awards, issuing special IOD Publications, Handbooks, and periodicals for directors. He further mentioned that a standing committee of IOD selects the most 'Distinguished Fellowship' Awards, from persons of eminence, for their outstanding public contribution to business and society, and their personal values in ethics and corporate integrity. He mentioned that the first 'Distinguished Fellow' of IOD was late Dr. A. P. J. Abdul Kalam, the then Director General, Defence Research and Development Organisation, in June 1994, who later was conferred with the 'Bharat Ratna', and rose to be the President of India. He congratulated all the honoured 'Distinguished Fellowship - 2023' winners who were felicitated later

This was followed by a 'Special Address' delivered by:

Mr. Nishant Arya
Vice Chairman & Managing Director, JBM Group, India

Mr. Arya spoke about the G20 summit being held in India as well as the increasing impact India has on boards, countries, businesses, and society. He went on to say that it is critical for business to take on long-term responsibility and accountability. What got us here, will not take us there in the future. Businesses are transforming, becoming more transparent, and are adapting to regulations such as the Business Responsibility and Sustainability Reporting (BRSR). This showcases our effort to become greener and transparent. Indian boardrooms are adopting ESG regulations at a much faster rate than the global boardrooms. He said that it is heartening to see that executives and directors of organisations have started to take much more responsibility, accountability, and prudence. He concluded by saying, "All of us must take initiatives to make an India of tomorrow". The next few decades belong to countries like India, for which the real foundation is being laid today.

The 'Keynote Address' was delivered by:

Mr. Sailesh, IAS
Member, Public Enterprises Selection Board (PESB) of India former Secretary, Ministry of Heavy Industries & Public Enterprises, Government of India

Mr. Sailesh explained that business must orient itself not only to create value for stakeholders but also to achieve a common public goal. Organisations today must drive ahead ethically with a sense of purpose for the broader society and the community. India has always been at the forefront of mandating CSR or the commitment to mandating ESG frameworks. He suggested three key areas for future boards to prioritise, which are energy, climate, and sustainability. These issues must also be addressed on the board. He concluded by stating that companies must foster a strong sense of ethics and purpose. A stable board with clear communication, agility, and a good relationship with management will drive business effectively. He concluded by saying, " Compliances are ultimately driven not because of laws but because of corporate culture".

This was followed by a 'Guest of Honour Address' delivered by:

Hon'ble Mr. R. Venkataramani
Attorney General for India

Mr. Venkataramani discussed how the law has shifted from a prohibiting and controlling element to a facilitating element. He said that the maker does not simply make a regulation, but sees the need and the common interest of society first. He added that law should be facilitating in nature and must have a comforting element to it. He also outlined Article 39 of the Indian Constitution, which states that the country's policy should be directed towards ensuring that citizens, men and women alike, have the right to an adequate means of livelihood. He said, "Today, we are looking not only at wealth generation but also at what human civilization requires". He spoke about the possibility of global investment legislation for India, and also about Social Values in Corporate Engagement. He briefly outlined the issue of mounting litigation in courts, and the need to have a Litigation Management Policy.

This was followed by the 'Chief Guest Address' delivered by:

Mr. Arjun Ram Meghwal
Hon'ble Union Minister of State (I/C) for Law & Justice, Parliamentary Affairs and Culture, Government of India

Mr. Meghwal spoke about how everything is related and connected to economic activity. He mentioned the three components of India's GDP: consumption (67–70%), investment (28–30%), and net exports (3%). He said that the th th 19 century was of Europe, which was led by Ukraine; the 20 century was of North America, which was led by the USA; and st the 21 century is of Asia, which will be led by India. He talked about the three elements that determine if a country will lead. These are: Democratic Set-up, Economy, and Family Unit. He mentioned Swami Vivekananda, who had predicted that India would be independent in 50 years and that there would be a revolution in Russia in the next 100 years. He quoted Swami Vivekananda at Michigan University in 1917, who said, "The st current century might be yours, but the 21 century will belong to India." He concluded by saying, "Yahi samay hai; Yahi samay hai; Bharat ka anmol samay hai". (Now is the time; Now is the time; Now is India's golden time.)

This was followed by the Felicitation of the IOD Distinguished Fellowships 2023. It was conferred on Hon'ble Justice Ritu Raj Awasthi, Chairperson, Law Commission of India; Mr. Pradeep K. Kheruka, Chairman, Borosil Renewables Limited; Mr. C. K. Mishra, IAS (Retd.), former Secretary, Ministry of Environment, Forest & Climate Change, Government of India; Dr. Sushma Paul Berlia, Co-Promoter & President, Apeejay Stya & Svran Group, Chairperson, Apeejay Stya Education Research Foundation; Dr. Anup Wadhawan, IAS (Retd.), former Secretary, Ministry of Commerce and Industry Government of India; and Mr. Nasser Munjee, Chairman of Board of Directors, Tata Motors Finance. The fellowships were conferred in person and all the Awardees were present, except for Mr. Kheruka, who was indisposed. His daughter, Ms. Aparajita Jain received the award on his behalf.

Mr. Ashok Kapur, IAS (Retd.), Director General, Institute of Directors, delivered the 'Vote of Thanks'. He expressed profound gratitude & thanks to the 'Chief Guest', Mr. Arjun Ram Meghwal, Hon'ble Union Minister of State (I/C) for Law & Justice, Parliamentary Affairs and Culture, Government of India, & the 'Guests of Honour'; Hon'ble Justice Uday U. Lalit, former Chief Justice of India; Hon'ble Mr. R. Venkataramani, Attorney General for India; Hon'ble Chief Justice Ritu Raj Awasthi, Chairperson, Law Commission of India; Mr. Muktesh Pardeshi, IFS, Special Secretary (G20 – Operations), Ministry of External Affairs, Government of India; Mr. Sunil Kant Munjal, Chairman, Hero Enterprise and a noted Indian industrialist; Mr. Jayant Sinha, Chairperson, Parliamentary Standing Committee on Finance, Member of Parliament & former MoS, Finance and Civil Aviation, Government of India. He also expressed special thanks from the IOD Governing Council to Mr. Tuhin Kanta Pandey, IAS, Dr. Ajay Bhushan Pandey IAS, Mr. Injeti Srinivas, IAS, and Mr. Sailesh, IAS for delivering the special addresses

He expressed gratitude to all the IOD's Institutional Life Members (October 2022–July 2023) who were felicitated, as well as the delegates, speakers, directors & Board Members who had assembled from all over India. He especially thanked the leader of the Russian Trade delegation, H.E. Dr. Alexander Rybas.

On behalf of IOD, he thanked the Le Méridien Hotel Authorities for the excellent arrangements, as usual.

IOD is especially grateful to its event partners:

The Platinum Partners were:
1. Deloitte
2. AON Consulting

The Gold Partner was: Kotak Investment Banking

The Silver Partners were:
1. PwC
2. Aavas Financial Limited

The Bronze Partners were:
1. Coal India Limited
2. ONGC Videsh Limited
3. Bharat Petroleum Corporation Limited
4. Life Insurance Corporation (LIC)
5. Tradologie.com
6. CRISIL Limited (An S&P Global Company)
7. NTPC Limited

The Media Partner was: CNBC TV18

The event was Supported by:

1. IOD Foundation
2. World Environment Foundation (WEF)

This report is compiled by:

Mr. Ashok Kapur, IAS (Retd.)
Director General - Institute of Directors

&

Ms. Laghima Sharma
Asst. Executive Editor – Director Today
Institute of Directors