Academics and practitioners convene to discuss the long-term impact of institutional ownership on governance and sustainable investment
Mumbai: The NSE-ECGI Roundtable on ‘Long-term impact of institutional ownership on governance and sustainable investment’ took place on 13 November at the National Stock Exchange of India (NSE), Mumbai. Organized by the NSE in collaboration with the European Corporate Governance Institute (ECGI), the Roundtable focused on the role of foreign institutional investors and proxy advisory firms in promoting corporate governance and sustainable investment.
Indian capital markets are increasingly becoming one of the most favoured investment destinations for leading international institutional investors. At the firm level, improvement in corporate governance, greater accountability and adoption of IFRS, and at the political level, a commitment to generate sustainable economic growth are just some of the factors that have contributed to rising international capital flows into Indian markets, which have been among the best performing in 2017.
The Roundtable, which was attended by senior academics and practitioners, addressed whether foreign institutional investors are committed to long-term sustainable growth in India or whether they are likely to withdraw their investment when the going gets tough. The discussion considered academic evidence in other markets while also debating the policy implications of such evidence for Indian capital markets, companies and long-term economic growth. Additionally, the group sought to determine if proxy advisory firms have made a dent on corporate governance in India and how far can these firms be relied upon in the future to preserve high governance standards
Speaking about the event, David Devlin, ECGI Chairman, said, “This event signifies the importance of dialogue between academics and practitioners, both foreign and domestic, on the subject of institutional ownership and sustainable investment. It is through such evidence-based discussion and debate that a better understanding of the relationships between foreign institutional investors and Indian firms can emerge. We are therefore very grateful for NSE’s support and collaboration.” Speaking at the event, Vikram Limaye, MD & CEO, NSE said, “It was our pleasure to host this international event. It marks the beginning of our association with the prestigious ECGI and is part of NSE’s continuing endeavour to raise the standards of corporate governance in India.”
Discussions at the roundtable were structured around introductory briefings from academics and practitioners designed to prompt further interventions and debate between all attendees. The full report from the roundtable is expected to be published in the coming weeks and will be accessible on the website of the NSE www.nseindia.com and ECGI www.ecgi.global
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