The Indian Institute of Corporate Affairs (IICA) on Saturday signed the MoUs with six executive search leaders with the aim to enhance the selection and appointment processes for Independent Directors in Indian boardrooms, a critical step towards advancing corporate governance excellence in Indian Boardrooms.

The IICA, which comes under the Union Ministry of Corporate Affairs, signed the pacts with Korn Ferry, ABC Consultants, EMA Partners Limited, DHR Global, Sheffield Haworth, and Vahura. The event was presided over by Dr. Ajay Bhushan Pandey, Chairman, National Financial Reporting Authority (NFRA) and DG & CEO, IICA.

Dr. Pandey remarked, “This MoU is an important step for the Independent Director Databank (IDDB) in facilitating the appointment of qualified Independent Directors. Collaboration with search firms of this stature will ensure that companies have access to skilled professionals, aligned with the evolving requirements of modern Boardrooms.”

He also highlighted IICA’s broader role in driving corporate governance excellence through capacity-building and advocacy interventions designed for Directors and CXOs of organizations.

The Independent Director Databank (IDDB), mandated under the Companies (Appointment and Qualification of Directors) Rules, 2014, serves as a repository of professionals eligible to serve as Independent Directors. Registration with the databank and completion of a proficiency assessment are mandatory for all Independent Directors under these rules.

The event also saw the launch of two key governance resources developed under the School of Corporate Governance & Public Policy at IICA.

The first, the ‘IICA Note on Board Evaluation’, provides an analysis of board evaluation practices, offering insights into global and Indian contexts. It examines evaluation methodologies, tools, sector-specific practices, and emerging trends, highlighting their role in strengthening corporate governance and driving organizational effectiveness.

The second, the Board Evaluation Services Deck, showcases IICA’s expertise in conducting corporate governance assessments and board evaluations. These evaluations, which have already benefited many leading organizations, provide actionable insights to enhance board performance,