2 International Conference on Corporate Governance
Minutes of the Special Steering Committee meeting 
on 19th November 2001   in the office of Shri N Vittal, Chief Vigilance Commissioner, New Delhi.

The following members were present:

1.        Shri N Vittal, Central Vigilance Commissioner - in the chair

2.        Shri Vinod Dhall, Secretary Dept of Co. Affairs

3.        Dr P L Sanjeev Reddy, Former Secretary, Dept of Co. Affairs and Vice Chairman CFCG.

4.        Shri Subir Raha, Chairman ONGC

5.        Dr Madhav Mehra, President WCFCG & Chairman World Quality Council

6.        Dr A N Saxena, Former Financial Advisor, Ministry of Petroleum.

7.        Shri Pradeep Chaturvedi, Advisor UNIDO

8.        Shri J C Khurana, Director General - CFCG

The meeting was chaired by Shri N Vittal Chief Vigilance Commissioner, New Delhi.

Shri Vittal informed the members that Dr. P C Alexander, Governor of Maharashtra has graciously accepted our invitation to preside over the inaugural session on 18th January. All members expressed their gratitude to the Governor for his gracious gesture.

The shape of CFCG was discussed. There was a consensus that the model of QCI where the govt. and industry have partnered to bring up the Quality Council under a chairman picked up from industry could be applied to the setting up of CFCG with partnership with an NGO such as Institute of Directors (IOD). Shri Dhall agreed to examine this suggestion.

Members were requested to sponsor specific events for ICCG as was done in the previous year. Shri Subir Raha agreed for ONGC to become the principal sponsor. Shri V Suresh of HUDCO has already offered to be the co-sponsor.

Dr Madhav Mehra informed that Lord Puttnam of Queens Gate, the producer of Cinema films such as Chariots of Fire, Midnight Express, The Killing Fields and The Mssion has kindly agreed to support the cause of corporate governance and be a member of the governing council of WCFCG.

Shri Vittal shared with the members that at an International Conference on Corporate Governance convened by the Asian Development Bank in Tokyo in 2nd week of November 2001, which he attended, four models of Systems of Corporate Governance were discussed :    

a)       Equity based system - as has emerged in USA and other capitalistic western economies.

b)       Banking based system - as has emerged in Japan

c)       Family based system - as has emerged in Thaliand and India

d)       State or Public Sector based system

The meeting ended with a warm vote of thanks to the chairman and all the participants for sharing their valuable ideas & insights on successful conduct of the conference.