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"No way near it. We have very strong internal audit, then we have statutory auditors... We have the highest level of corporate governance," Behuria said when asked about the possibility of a Satyam-like event in public sector enterprises (PSEs).
Behuria, who heads the Standing Conference of Public Enterprises (SCOPE) said, the PSEs are subject to strong internal and external vigilance besides following rules of the
Securities and Exchange Board of India.
But then, Satyam Computer Services had world-known auditors? "What was the selection process," he asked.
On the role of independent directors, the SCOPE chairman said their selection process needs to be improved. "Better selection criteria should be there. We should go deeper" for choosing independent directors from a larger pool of talent among consultants and educational institutions like IIMs.
However, more PSEs should be listed in the stock market to ensure further tightening of corporate governance. "The Government should make efforts to list as many PSUs as possible so that they can have more independent directors. Profit making, performing companies should get listed," Behuria said.
He said there were good examples of good corporate governance not only in PSUs but in the private sector. "There are examples where India can boast of very good governance in companies, both in the private and public sectors," he said.
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every one knows about PSU corporate governance. if any one has doubt they can obtain documents/records under RTI Act from The Public Information Officer, Central Vigilance Commission, Delhi quoting CVC Ref:611/05/10 - then people will come to know about auditing/vigilance/investigation cells function in Government controlled institutions.if there is a failure in corporate governance, CEO/CFO/Auditors functioning, it is out of greed of few individuals who are there every where.Mr. Prasad director satyam was an ex-cabinet secretary - IOC CMD claim is a crude joke.