IICA Constitutes Core Working Group on Corporate Affairs and ESG

The Indian Institute of Corporate Affairs (IICA), functioning under the aegis of the Ministry of Corporate Affairs (MCA), has announced the formation of a Core Working Group (CWG) on Corporate Affairs and Environmental, Social and Governance (ESG). This initiative, undertaken in pursuance of MCA’s directives, marks a significant step towards aligning India’s corporate governance and disclosure frameworks with global best practices while responding to national priorities.

Purpose and Scope of the CWG

The newly constituted CWG has been entrusted with the responsibility of creating a structured platform for consultation, research, and decision-making in the evolving domain of ESG and corporate governance. Its terms of reference are wide-ranging and include:

• Review of Regulatory Frameworks: Examination of the disclosure requirements under the Companies Act, 2013, to assess their adequacy and alignment with emerging global ESG standards.

• Benchmarking with Global Practices: Studying international norms and best practices to recommend ways India can strengthen its corporate governance systems while ensuring global comparability.

• Board-level ESG Oversight: Framing recommendations for strengthening ESG accountability at the board level, thereby ensuring leadership-driven sustainability initiatives.

• Stakeholder Engagement: Developing structured frameworks to include diverse stakeholders—corporates, investors, regulators, and civil society—in the ESG journey.

• Financing and Innovation: Identifying enabling measures for channeling finance into ESG projects, fostering innovation, and creating robust mechanisms for impact assessment of corporate sustainability efforts.

Leadership and Composition

The CWG will be chaired by Shri Gyaneshwar Kumar Singh, Director General & CEO of IICA. He brings with him a wealth of experience in corporate law and governance, ensuring that the group’s deliberations are deeply rooted in India’s regulatory context while being forward-looking.

Supporting him as Senior Expert Advisor will be Shri R. Mukundan, Managing Director & CEO of Tata Chemicals, who is widely recognized for his leadership in corporate sustainability and strategic governance.

The working group boasts a diverse membership, reflecting India’s corporate, academic, and regulatory landscape. Members include senior leaders from:

• Public Sector Enterprises: Indian Oil Corporation Limited (IOCL), NTPC Ltd., ONGC

• Private Sector Leaders: Reliance Industries, Aditya Birla Group, Infosys Ltd., Schneider Electric, Tata Consumer Products, Tata Steel, Dr. Reddy’s Laboratories

• Financial and Technology Institutions: Reserve Bank Information Technology Ltd.

• Academia and Experts: Eminent faculty from IIM Bangalore and senior academicians from IICA itself

• Consultancy Firms and Industry Experts with deep expertise in ESG strategy and governance.

Institutional Support and Secretariat

The School of Business Environment (SBE) at IICA, under the leadership of Prof. Garima Dadhich, Head of SBE, will function as the Secretariat of the CWG. Prof. Dadhich will serve as Member-Convener, ensuring coordination of the group’s activities and providing technical support.

The Secretariat will play a pivotal role in facilitating consultations, conducting research, preparing policy papers, and offering institutional support for implementing the group’s recommendations.

National and Global Significance

The constitution of this CWG is especially timely, given the growing importance of ESG in investment decisions, regulatory frameworks, and stakeholder expectations worldwide. India, as a rapidly growing economy, is positioning itself as a responsible participant in global value chains. Strengthened ESG governance frameworks will:

• Enhance investor confidence in Indian companies

• Support sustainable business practices

• Facilitate convergence with international disclosure and sustainability standards

• Ensure that Indian businesses remain competitive and future-ready

By bridging national priorities with international benchmarks, the CWG is expected to provide a roadmap for India’s corporate sector to embed sustainability, inclusivity, and accountability into its core governance structures.