Calcutta, Dec. 18: The new managements of Hindustan Zinc and VSNL have opted for membership of the Standing Conference of Public Enterprises (SCOPE) the apex body of public enterprises.
The two former state-owned firms had automatically gone out of the SCOPE ambit after the government divested its equity to the private sector owners, namely Tata Sons and the Binani group.
Stating this at a press conference here today, SCOPE director general S. M. Dewan said the organisation has decided to extend its membership to firms where government equity has been divested to private sector and state level public undertakings.
Currently, SCOPE has about 200 central public sector organisations as its members. As many as 75 of SCOPE’s members are listed on the stock exchanges, and are automatically bound by the Securities and Exchange Board of India’s guidelines on corporate governance, Dewan said.
He added the rest have been asked to set up internal audit committees comprising board members apart from the regular auditing done by the Comptroller and Auditor General (CAG).
SCOPE, in fact, has set up a centre of excellence in corporate governance to promote and inculcate good corporate governance practice among public sector enterprises as a means to enhance their global competitiveness.
Dewan, who was in the city to address a seminar on ‘Managing change and enhancing performance in the current environment’ had about 50 managers as participants from various PSUs in the eastern region.