A Report on 2024 Annual Directors’ Conclave & 34th IOD Annual Day

The Institute of Directors (IOD) held the 2024 Annual th Directors’ Conclave and celebrated its 34^th Annual Day on Friday, August 09, 2024 at Hotel Le Meridien, New Delhi. The theme of this year's Conclave was: 'Emerging Trends in Corporate Governance and Building Inclusive Boards'. The event focused on India's economic growth through maximizing board effectiveness and strengthening Corporate Governance. The deliberations explored strategies for future growth in business and industry, the role of NextGen leadership, and the development of 'Future-Ready Boards' for a more resilient, sustainable, and inclusive economy. It was a largely attended Conclave with around 350 delegates including directors, industry experts, government officials and business leaders from around the world. The attendees had the opportunity to connect with their industry peers, forge valuable partnerships, and gain cutting-edge insights during dedicated technical sessions. The event not only facilitated knowledge-sharing but also ensured meaningful collaborations, driving industry innovation forward. A large number of leading PSU's participated including GAIL (India) Limited, Steel Authority of India Ltd., (SAIL), National Small Industries Corporation Ltd. (NSIC), Metallurgical & Engineering Consultants (MECON) (India), Limited, Manganese Ore (India) Limited (MOIL), National Mineral Development Corporation (NMDC), Gujarat Mineral Development Corporation (GMDC) Ltd., Satluj Jal Vidyut Nigam (SJVN) Limited, Khadi and Village Industries Commission (KVIC), Gujarat Urja Vikas Nigam Limited (GUVNL), and Solar Energy Corporation of India Limited (SECI).

The Conclave was addressed by some of India's most eminent leaders and experts including:

1. Mr. Arjun Ram Meghwal
Hon'ble Union Minister of State (I/C) for Law & Justice
Parliamentary Affairs and Culture, Govt. of India

2. Prof. S. P. Singh Baghel
Hon'ble Minister of State of Fisheries,
Animal Husbandry and Dairying and Panchayati Raj, Govt. of India

3. Hon'ble Justice Ritu Raj Awasthi
Vice-Chairman, Institute of Directors;
Judicial Member, Lokpal of India;
former Chairperson, Law Commission of India;
former Chief Justice, Karnataka High Court

4. Ms. Ravneet Kaur, IAS
Chairperson - Competition Commission of India

5. Ms. Vini Mahajan, IAS
Secretary - Dept. of Drinking Water & Sanitation,
Ministry of Jal Shakti, Govt. of India

6. Mr. Sailesh, IAS (Retd.)
Senior Strategic Advisor, Institute of Directors (IOD)
Member, Public Enterprises Selection Board (PESB)
Former Secretary, Ministry of Heavy Industries & Public Enterprises, Govt. of India

7. Mr. Shantmanu, IAS
Additional Secretary & Financial Advisor
Ministry of Consumer Affairs, Food & Public Distribution, Govt. of India

As part of the Annual Day celebration, IOD also conferred the Distinguished Fellowships 2024 on notable leaders and visionaries who also graced the event. These leaders include:

1. Ms. Alka Upadhyaya, IAS
Secretary - Department of Animal Husbandry & Dairying, Govt. of India

2. Mr. Dilip Shanghvi
Chairman & Managing Director - Sun Pharmaceutical Industries Limited

3. Mr. Vivek Kumar Dewangan, IAS
Chairman & Managing Director - REC Limited

4. Mr. G. Kamala Vardhana Rao, IAS
Chief Executive Officer - Food Safety and Standards Authority of India (FSSAI)

5. Mr. Sandeep Kumar Gupta
Chairman & Managing Director - GAIL (India) Limited

Plenary Session I – Opening Session

The Opening Session commenced with the ceremonial lighting of the lamp by guests of the Inaugural Session.

The 'Welcome Address' was delivered by:

Lt. Gen. Surinder Nath, PVSM, AVSM (Retd.)
President, Institute of Directors
Ex-Chairman, UPSC & ex-Vice Chief of Indian Army
Former Independent Director, L&T Board

Lt. Gen. Nath warmly welcomed all the guests, speakers, dignitaries and delegates. He introduced the theme of the conclave, ‘Emerging Trends in Corporate Governance and Building Inclusive Boards’. He emphasized the importance of diversity and inclusivity in corporate board governance, particularly in emerging economies. He highlighted how diverse boards, with members skilled in ESG, Cybersecurity, and AI, are crucial for addressing challenges, fostering innovation, and ensuring sustainable growth. Key strategies for building such boards include diverse representation, inclusive decision-making, and equal resource access for all members. As good governance evolves, especially in emerging markets, boards must integrate ESG, adapt to technological disruptions, and manage global risks. He also pointed out fresh challenges like rising regulatory demands and the impact of new technologies, stressing the need for a global mindset and cultural intelligence among board members in India.

This was followed by a 'Special Address' delivered by:

1. Mr. Pradeep Kheruka
Executive Chairman - Borosil Renewables Ltd.

2. Mr. Ashwani Bhatia
Whole Time Member - Securities and Exchange Board of India (SEBI)

3. Mr. Sunil Kant Munjal
Chairman - Hero Enterprise

Mr. Kheruka shared his insights on board governance, particularly from the perspective of a family-owned business. He emphasized the growing need for specialized input from Independent Directors in today's complex corporate environment. He also highlighted the critical role of women in boardrooms, recognising the valuable experience, professionalism, and perspectives they bring, which enrich and enhance board discussions alongside their male counterparts. Besides, Mr. Kheruka stressed the importance of having board members with expertise in Cybersecurity, especially given the on-going rise of Artificial Intelligence (AI) and the new challenges and opportunities it presents. He also addressed the shifting geopolitical and economic landscape, pointing out that the move towards remote work has significantly changed traditional work dynamics. On the burning issue of climate change, he remarked, “If you are taking care of the environment, you are already ahead of the curve.”

Mr. Bhatia recognized the pivotal role of the Institute of Directors (IOD) in enhancing the capacity of Directors in India. He noted the remarkable growth of the Indian Capital Market over the past three decades, expanding from 37 lakh crore in 1993-94 to 440 lakh crore today, making the National Stock Exchange (NSE) and BSE the largest exchange platforms. He also elaborated upon SEBI's regulatory responsibilities, which include overseeing 39 different regulations related to fundraising, mergers and acquisitions, market participation, and overall market activities. On the topic of ESG, Mr. Bhatia remarked, “If 'G' is in place, ‘E’ and ‘S’ will automatically follow,” emphasizing the importance of good governance. He further stressed that Directors have a duty to safeguard investor wealth and added that the roles of SEBI and Boards of Directors must be in harmony to ensure effective capital formation in the securities market.

Mr. Munjal began by highlighting the significant role of family-owned businesses in India, noting that they account for one-fifth of the assets and one-fourth of the profits in the country. He pointed out that these numbers are similar globally, not just in India. He stressed that governance should not focus solely on listed entities but should also encompass private companies, with an emphasis on ethics. Mr. Munjal also remarked that some of India's regulations date back to British colonial times, and were designed with multiple checks in mind. However, he believes this has led to overregulation, which is unnecessary in the current context. Mr. Munjal also shared concern on the growing water crisis, which he described as one of the biggest and most unaddressed problems today. He noted that current efforts are primarily focused on addressing the supply side of the issue, and not the demand aspect.

This was followed by the 'Keynote Address' delivered by:

Ms. Ravneet Kaur, IAS
Chairperson - Competition Commission of India

Ms. Kaur spoke about technology, sustainability and the role of IDs in today's business landscape. She outlined a few current trends in the competition market, referring to malpractices such as 'killer acquisitions', 'data monopoly', 'algorithmic collusion' and 'discriminatory pricing'. She said, 'If companies are competing fairly, everyone will grow.” She mentioned that India currently boasts of having the third-largest start-up ecosystem in the world, and board members need to be prepared for emerging changes, She expressed concerns about the implications of AI, including issues such as deep fakes and she stressed the importance of diversity on boards, Directors carry a great responsibility in guiding companies forward while safeguarding stakeholders' interests. She urged directors to think, “How are our boards benefitting the public?” She also mentioned recent amendments to the Competition Act, 2002 which have increased opportunities for hearing and settlement, thereby providing a more balanced and fair approach to competition regulation.

Mr. Desh Deepak Verma, IAS (Retd.), Principal Advisor, IOD, (former Secretary-General Rajya Sabha, Parliament of India), introduced and warmly welcomed the Guest of Honour, Prof. S. P. Singh Baghel to the Conclave.

This was followed by the 'Guest of Honour Address' delivered by:

Prof. S. P. Singh Baghel
Hon'ble Minister of State of Fisheries
Animal Husbandry and Dairying, and Panchayati Raj, Govt. of India

Prof. Baghel underscored the pivotal role of MSMEs in driving forward India's happiness and economic prosperity. Reflecting on the nation's progress since Independence, he highlighted how India, once unable to even produce basic goods, has now crossed significant milestones across many sectors. He advocated for direct engagement between top civilians and subject matter experts, even if it means breaking traditional protocols, to enhance governance and policy-making. Prof. Baghel praised several government initiatives like the Pradhan Mantri Awas Yojana and policies providing free ration and healthcare, urging leaders and industry heads to continue supporting these efforts. He proudly noted India's ascent th from the 11th to the world's 5 largest economy, expressing confidence that India will soon become the world's leading economy. Concluding on an optimistic note, he expressed confidence that by the time India celebrates 100 years of Independence, it will have reclaimed its place as a global superpower and achieved the status of a developed nation. "We were once a developed nation; we may as yet not be now,but we will become so once again," he affirmed.

The ‘Opening Session’ was followed by the Release of Conclave Souvenir and the Release of the IOD Handbooks on 'D&O Liability Insurance,, 'Enterprise Risk Management', and ‘Board's Preparedness on Transformative Technologies'.

Mr. Ashok Kapur, IAS (Retd.), Director General, Institute of Directors, proposed the 'Vote of Thanks'. He especially thanked the Guest of Honour, Prof. S. P. Singh Baghel, and the Special Guest, Ms. Ravneet Kaur, IAS for gracing the event. He further thanked Mr. Pradeep K. Kheruka, Mr. Ashwani Bhatia, and Mr. Sunil Kant Munjal for their insightful words of inspiration. He said, "The success of a well-performing organisation today is a direct reflection of an effective board, while every failure points to a board that neglects emerging trends and comprehensive inclusivity in what has been aptly described as a VUCA world—volatile, uncertain, complex, and ambiguous. To navigate these challenging conditions, boards must continuously upgrade the skills of their directors, ensuring they remain ahead of the curve". Mr. Kapur also thanked Hon'ble Justice Uday U. Lalit, former Chief Justice of India & now Co-Chairman, IOD, India (in absentia) for providing invaluable guidance & encouragement to the Conclave.

Plenary Session II - Good Corporate Governance for Sustainable Wealth Creation

The Session was chaired by:

Mr. Amarendu Prakash
Chairman - Steel Authority of India Ltd. (SAIL)

The Session had the following Speakers:

1. Mr. Murali Vaidyanathan
Sr. President & Country Head - Equitas Small Finance Bank Limited

2. Mr. A. S. Lakshminarayanan
Managing Director & CEO - Tata Communications Ltd.

3. Mr. Subramanian Vivek
Partner - Price Waterhouse & Co. Bangalore LLP (PW)

Mr. Prakash spoke about risk management. He said, 'No business is run without risk'. He explained and contextualized the session's theme: 'Creating sustainable wealth through corporate governance'. He addressed a key contradiction in board functions, and noted that boards inherently manage contradictions—balancing compliance, transparency, and risk management with the opportunities that come with business risks. He emphasized that while the fundamental duty of a board is to ensure compliance and manage risk, generating sustainable wealth requires both, strategic investment and expenditure.

Mr. Vaidyanathan highlighted the financial responsibilities of a board, emphasizing the importance of maintaining duties of care and loyalty over time. He discussed the evolving challenges boards face, particularly in balancing immediate needs with long-term strategic goals, stressing the need for boards to be more collaborative and forwardthinking. He advocated for organisations to work out a 50- year and 100-year roadmap, enabling informed investments in technology, infrastructure, and capital formation for sustained growth. He also suggested transforming 'Board Assessment' into 'Board Development,' emphasizing the need to build capability within the board itself.

Mr. Lakshminarayanan highlighted a striking statistic: 75% of today's S&P 500 companies may not exist a few years from now. He emphasized that the current regulatory environment demands extensive compliance, and governance must strike a balance between regulatory activities and the core principles of governance. He pointed out that managing a weak balance sheet, especially one burdened with high debt, is a significant challenge for management. However, once the balance sheet is stabilized, it creates the right foundation for growth. Mr. Lakshminarayanan also touched upon the importance of assessing a company's risk appetite when adopting new technologies. He shared that 'Growth oriented Risk Management' is a key theme that boards need to take care of.

Mr. Vivek emphasized the critical importance of value creation for corporations, noting that investors serve as the ultimate barometer for measuring this value through their actions and analyses. He pointed out that boards have a great responsibility to report on the inherent challenges investors face in determining value for longterm growth. He also highlighted the role of Key Performance Indicators (KPIs) in helping boards strike the right balance in their valuations. Additionally, he underscored the significant role boards play in managing teams, ensuring alignment with the organisation's strategic goals and fostering sustainable growth. He said that over the last decade, he has observed a generational transformation, where diversity and inclusion have become critical aspects in boardrooms. This shift, he noted, is reshaping how companies operate and make decisions, nowadays.

This was followed by an interactive Q&A Session with the audience.

Plenary Session III - Corporate Governance in the World Economy: The Changing Role of Directors

The Session was chaired by:

Dr. Deependra Singh
Chairman and Managing Director
Indian Rare Earths Limited (IREL)

The Session had the following Speakers:

1. Mr. Vishal Gupta
Managing Director - Borges India Private Limited

2. Ms. Arati Porwal
Country Head - CFA Institute, India

3. Mr. Yatish Mamniya
Founding Partner - Integrity Matters

4. Mr. Suman Kumar Jha
Head – Operations
Patanjali Foods Limited

Mr. Singh said, “Board members come from different backgrounds, but are unified by a shared vision of the company”. He referenced a quote from Chanakya, “Dharmasya moolam Artha Arthasya moolam Rajyam,” which translates to 'Happiness comes from upholding Dharma, Dharma is based on wealth, and wealth itself results from the state'. This, he explained, underscores why good economics should align with good politics. Citing Kautilya's Arthashastra, he noted that public welfare must always take precedence over personal welfare. Mr. Singh drew parallels between Kautilya's principles and modern corporate governance, where "Raksha" corresponds to responsibility, "Vriddhi" to accountability, "Palana" to transparency, and "Yoga Kshema" to fairness. He emphasized the importance of achieving objectives related to risk management, risk assessment, and compliance, and stressed that business strategy should focus on creating an ecosystem that fosters a 'sustainable value chain'.

Mr. Gupta emphasized that effective leadership is an ongoing and essential process. He noted that directors who inspire others to embrace the company's vision and values are always more successful, highlighting the shift from boards being confined to the boardroom to actively engaging with management. He stressed the importance of ESG (Environmental, Social, and Governance) principles for long-term success and sustainability, advocating for the inclusion of experts in these areas. Mr. Gupta also underscored that transparency is key to any process and that accountability of both the board and management can only be ensured through a system of checks and balances. He emphasized that effective leadership is established through continuous improvement and that corporations should prioritize transparency, accountability, and adaptability. He concluded by stating that a solid governance framework must be created and ethical behaviour must be consistently demonstrated. He noted "We are not merely overseers of corporate governance; we are leaders."

Ms. Porwal highlighted the need for global standards to ensure consistent implementation and stressed that boards play a crucial role in building sustainable businesses through ESG integration. Citing her CFA Institute report, she noted the significant gender pay gap, with female directors earning just 45% of what their male counterparts make, and mentioned that fewer than 40% companies report Scope III emissions. Ms. Porwal also underscored the importance of quality reporting under Business Responsibility and Sustainability Reporting (BRSR), promoting diversity and inclusion, and fostering transparency within organisations. She emphasized that ESG integration should be part of decision-making and that global investors must carefully allocate their assets, focusing on compliance, accountability, and transparency. She also mentioned that the CFA Institute has integrated ESG into investment decision-making, reflecting growing investor awareness about ESG factors.

Mr. Mamniya shared that their organisation, Integrity Matters, holds the largest database of whistle-blower complaints in corporate India. He noted that listed companies are legally required to have a Vigil Mechanism in place. Of late, the number of whistle-blower complaints has increased, although around 80% of companies in India report zero whistle-blower conflicts. He pointed out that globally, the median rate of whistle-blower activity is 1.4% of the total workforce, while in the APAC region, it is 0.8%. Mr. Mamniya emphasized that it is the responsibility of Independent Directors (IDs) to ensure a company's vigil mechanism is functional. He highlighted that whistleblower complaints can add long-term value by ensuring transparency and boosting investor confidence, stressing, "Reporting is not enough. It has to be done effectively."

Mr. Jha highlighted Patanjali's commitment to its Swadeshi (Self-Reliance) campaign, which is aimed at benefiting the broader community. He defined corporate governance as a framework that ensures transparency and accountability within organisations, safeguarding against malpractices and aligning business practices with long-term interests of all stakeholders. He emphasized the importance of active shareholder participation and the need for companies to focus on creating long-term value.

This was followed by an interactive Q&A Session with the audience.

Plenary Session IV: Integrating ESG & Sustainability into Board's Strategy

The Session was chaired by:

Mr. Vijay Karia
Chairman & MD - Ravin Group of Companies

The Session had the following Distinguished Speakers:

1. Mr. Vivek Srivastava
Chief Executive Officer - Suzlon Group, India

2. Mr. Angelo George
Chief Executive Officer - Bisleri International Ltd.

3. Ms. V. C. Mirunalini
Director - PV Module Division & Special Projects
SWELECT Energy Systems Ltd.

Mr. Karia emphasized that sustainability goes beyond mere mandates-it's about internalizing sustainable practices within oneself. He stated, "Sustainability is not just about mandating something, it's something you imbibe within yourself.” He also drew an analogy between financial savings and energy efficiency, noting, "A penny saved is a penny earned. A unit of energy saved is a unit of energy earned." He discussed the importance of integrating ESG (Environmental, Social, and Governance) principles into the financial language of the board. He pointed out that recognizing the connection between ESG goals and revenue generation could serve as a further incentive for organisations.

Mr. Srivastava expressed deep concern about Greenhouse Gases (GHG) emissions and emphasized the importance of how corporations are perceived in the context of ESG (Environmental, Social, and Governance). He identified two critical areas with regards to obtaining energy: Affordable energy and Green energy. He stressed the need to focus on the energy transition, highlighting Suzlon Group's efforts to help companies limit their carbon footprint while simultaneously addressing their own emissions. He also noted that, despite Suzlon's initiatives to install solar projects, there is often a lack of education and awareness in the areas where these projects are implemented, leading to underutilization. Mr. Srivastava urged board members to appreciate the importance of renewable energy and to focus on reducing energy costs through green power and energy transition, which would result in both cheaper and greener energy. He said his organisation is about 3 E's – Engineering, Education, and Enforcement.

Mr. George highlighted two major sustainability challenges: packaging and water. He proudly noted that Bisleri is the first FMCG Company to achieve 104% plastic recycling and is exploring safe, affordable, and sustainable packaging alternatives. Bisleri has innovatively made uniforms from recycled PET bottles, the safest plastic globally. Addressing consumer behaviour through educational programmes, he said that Bisleri has also launched a recycling initiative to collect plastic directly from private homes. Notably, the company had set a world record by collecting 79.4 tonnes of plastic bottles in just 12 hours. Besides, Bisleri is working on a water credits framework, aiming to save 35 million liters of water by 2025.

Ms. Mirunalini emphasized that ESG should be driven by intent, not just seen as a regulatory compliance requirement. She explained that various micro and macro factors influence ESG initiatives, with climate change being of utmost importance, and energy transition now playing a vital role. She highlighted SEBI's increasing focus on ESG compliance, noting that climate change is a complex issue. Ms. Mirunalini suggested that companies should ask themselves practical questions such as "How do I reduce the carbon footprint of my company?" rather than overcomplicating a clear issue.

This was followed by an interactive Q&A Session with the audience.

Plenary Session V - Improving Board Effectiveness through strengthening the Role of IDs & Making Board Committees More Agile

Mr. Sailesh, IAS (Retd.)
Senior Strategic Advisor, Institute of Directors (IOD)
Member, Public Enterprises Selection Board (PESB)
Former Secretary, Ministry of Heavy Industries & Public Enterprises, Govt. of India

The Session had the following Distinguished Speakers:

1. Mr. Shantmanu, IAS
Additional Secretary & Financial Advisor
Ministry of Consumer Affairs, Food & Public Distribution, Govt. of India

2. Dr. Subhransu Sekhar Acharya
Chairman and Managing Director
National Small Industries Corporation Ltd. (NSIC)

Mr. Srinivasan Sathyamoorthy IA&AS (Retd.)
Advisor - TIW Capital Group, Singapore

Mr. Sailesh outlined the strengths and weaknesses of public sector boards. He noted that government companies have strong compliance, risk management, and audit systems due to institutionalized processes, with vigilance overseen by the Central Vigilance Commission (CVC) and audit by the Comptroller and Auditor General of India (CAG). However, he pointed out that performance could be improved in contract and project management, warning that without innovation in these areas, revenue growth would remain slow. He also noted that PSU boards have traditionally been quite rigid and have been slow to adapt to emerging modern trends.

Mr. Shantmanu underscored the ongoing significance of Public Sector Undertakings (PSUs), noting that they still represent 10% of market capitalization. Drawing on his own experience as Director General of NIFT, he highlighted the value of involving 'fashion experts' who can connect with Independent Directors. He emphasized the importance of building high-performance boards with a diverse and balanced mix of executive and non-executive directors, acknowledging that while diversity can sometimes complicate consensus, it is vital for effective governance. He also addressed key challenges, including the lack of inhouse expertise, the integration of AI and IT, and the extensive list of regulatory acts companies must now have to comply with.

Dr. Acharya emphasized that both large public and private sector buyers are increasingly focused on creating green supply chains, driven by the need to comply with recycling norms. He stressed that this shift can no longer be optional. He also highlighted governance issues within MSMEs, particularly the compliance challenges faced by large startups, such as adhering to KYC norms. While good corporate governance is often linked to large enterprises, he argued that attention should also be given to small enterprises, which are often unstructured and lack well-defined policies.

Mr. Sathyamoorthy addressed the critical role of independent directors in guiding boardroom discussions on key issues such as internal control, sustainability, and monitoring 'related party transactions'. He emphasized that internal control measures should be robustly reviewed regularly in every board meeting. Independent directors, he noted, must be well-informed and serve as advisors or guides to the board, given that their role is not driven by personal profit motives. He also highlighted that independent directors need to be knowledgeable about sustainability, a central theme in today's business environment. He underscored that it is the responsibility of independent directors to lead and advocate for sustainable practices in their good governance role.

This was followed by an interactive Q&A Session with the audience.

Special Session

This was followed by a Video Presentation by:

Dr. Arvind Aggarwal
Founder and Chairman - Sevati Devi Digital Medical Centers Pvt. Ltd.

During the session, Dr. Aggarwal unveiled a video introducing a pioneering initiative to develop a digital ecosystem that provides accessible, affordable, and high quality healthcare. This innovative project aims to support healthcare consultants, doctors, and patients, especially in rural and remote areas. By creating a virtual patient presence through advanced medical instruments, the initiative seeks to eliminate the need for travel, reduce the burden of hospital maintenance, and support self employment.

This was followed by the Release of 'The Visionary Leader' - A biography of Late - Late Lt. Gen. J. S. Ahluwalia, PVSM, Past President, Institute of Directors (IOD), by Lt. Gen. Surinder Nath, PVSM, AVSM (Retd.), Mrs. Vijay Ahluwalia (w/o late Lt. Gen. J. S. Ahluwalia), Mr. Pradeep Chaturvedi, Vice President, IOD, Lt. Gen. J. S. Sidana, Director General of EME and Lt. Gen. I. J. Singh (Retd.), former DG, EME, AVSM, VSM.

Plenary Session VI: 34 IOD Annual Day Ceremony

The 'Welcome Address' was delivered by:

Lt. Gen. Surinder Nath, PVSM, AVSM (Retd.)
President, Institute of Directors
ex-Chairman, UPSC & ex-Vice Chief of Army Staff
former Independent Director, L&T Board

Lt. Gen. Nath welcomed the gathering again to the Annual Day Celebrations. He outlined all the various activities that IOD engages in today, such as Training and updating of Directors including Independent and women directors, Board Research and Advisory services for the corporates, networking of directors through a number of regional, national, and international, conferences every year, raising the bar through competition by conferring the Golden Peacock Awards, issuing special IOD Publications, Handbooks, and periodicals for educating and guiding directors. He further mentioned that a standing committee of IOD annually selects the most 'Distinguished Fellowship' Awards, from persons of eminence, for their outstanding public contribution to business and society, and their personal values practiced in ethics and corporate integrity. He mentioned that the first 'Distinguished Fellow' of IOD was late Dr. A. P. J. Abdul Kalam, DG DRDO, in June 1994, who later was conferred with the 'Bharat Ratna', and rose to be the President of India. He congratulated all the Distinguished Fellows felicitated for the year 2024.

This was followed by a 'Keynote Address' delivered by:

Ms. Vini Mahajan, IAS
Secretary, Dept. of Drinking Water & Sanitation
Ministry of Jal Shakti, Govt. of India

Ms. Mahajan urged everyone to recognize the crucial role that Directors play, given their leadership positions. As India strives towards its vision of becoming a developed nation by 2047 - 'Viksit Bharat', she underscored the need for Directors to not only be proactive in their roles but also to understand and address the aspirations of a young India. She highlighted the substantial progress under the 'Jal Jeevan Mission', noting that India has already invested over 5 lakh crore in the past five years to ensure access to drinking water for every household. She urged Directors to engage more deeply with societal issues, as tackling these challenges is essential for advancing the nation's overall development and growth.

This was followed by a 'Guest of Honour Address' delivered by:

Hon'ble Justice Ritu Raj Awasthi
Vice-Chairman, Institute of Directors
Judicial Member, Lokpal of India
former Chairperson, Law Commission of India
former Chief Justice, Karnataka High Court

Justice Awasthi opened his Address by congratulating the th Institute of Directors on its 34 Annual Directors’ Conclave, expressing that it is both a privilege and an honour to be part of the event. He praised IOD for its remarkable achievements over the past 34 years, acknowledging it as an extraordinary journey. He emphasized the vital role of corporate boards in society, stressing the importance of reflecting diversity, especially in terms of gender. He called for leadership that champions diversity, integrity, and inclusive governance, which he believes are fundamental to achieving true success.

This was followed by the 'Chief Guest Address' delivered by:

Mr. Arjun Ram Meghwal
Union Minister of State (I/C) for Law & Justice
Parliamentary Affairs and Culture, Govt. of India

Mr. Meghwal highlighted the government's efforts to promote ease of doing business, noting that around 1,562 outdated laws have been repealed to simplify the regulatory environment. He discussed the adoption of Alternative Dispute Resolution (ADR) mechanisms and mentioned the passing of the Mediation Act in 2023. He pointed out that mediation is deeply rooted in Indian culture, citing Lord Krishna as an example of a mediator. He mentioned that 1,500 mediators have already been selected and given legal recognition under this new framework. He emphasized the importance of valuing and preserving India's cultural heritage rather than blindly following Western practices.

This was followed by the Felicitation of the IOD Distinguished Fellowships 2024. It was conferred on Ms. Alka Upadhyaya, IAS, Secretary, Department of Animal Husbandry & Dairying, Govt. of India; Mr. Dilip Shanghvi, Chairman & Managing Director, Sun Pharmaceuticals Industries Limited; Mr. Vivek Kumar Dewangan, IAS, Chairman & Managing Director, REC Limited; Mr. G. Kamala Vardhana Rao, IAS, Chief Executive Officer, Food Safety and Standards Authority of India (FSSAI); and Mr. Sandeep Kumar Gupta, Chairman & MD, GAIL (India) Limited.

This was followed by the Felicitation of IOD's New Institutional LIFE Members (September 2023 – August 2024):

1. 63 Moons Technologies Limited, Mumbai
2. Hero FinCorp Limited, Delhi
3. Bank of India, Mumbai
4. Basiz Fund Service Private Limited, Chennai
5. Hindustan Urvarak & Rasayan Limited, Delhi
6. ONGC Tripura Power Company Limited, Delhi

This was followed by the Felicitation of IOD's Senior Masterclass Faculty:

1. Mr. G. P. Madaan
2. Dr. Ashish Makhija
3. Mr. B. Renganathan

This was followed by the Felicitation of IOD's National Advisory Council Members:

1. Mr. Desh Deepak Verma, IAS (Retd.)
2. Mr. Sitaram Kunte, IAS (Retd.)
3. Mr. G. Srinivasan
4. Dr. Sameer Sharma, IAS (Retd.)
5. Mr. Vijay Karia
6. Dr. Ajay Dua, IAS (Retd.)

This was followed by the 'Vote of thanks', proposed by:

Mr. Manoj K. Raut
CEO & Secretary General - Institute of Directors

Mr. Raut expressed profound gratitude & thanks to the 'Chief Guest', Hon'ble Minister Mr. Arjun Ram Meghwal, and the 'Guest of Honour'; Hon'ble Justice Ritu Raj Awasthi. He also thanked the special guests, Ms. Alka Upadhyaya, IAS, Mr. Dilip Shanghvi, Mr. Vivek Kumar Dewangan, IAS, Mr. G. Kamala Vardhana Rao, Mr. Sandeep Kumar Gupta and Ms. Vini Mahajan, IAS for gracing the event. He congratulated all the winners of the Distinguished Fellowships for their outstanding performance and work. He expressed gratitude to all IOD's Institutional LIFE Members (2023 –2024) who were felicitated, as well as the delegates, speakers, directors & Board Members who had assembled from all over India.

On behalf of IOD, he thanked the Le Meridien Hotel Authorities for the excellent arrangements.

IOD is especially grateful to its event partners:

Our Gold Partners:

1. Equitas Small Finance Bank
2. Gujarat Mineral Development Corporation Ltd.
3. Apraava Energy Pvt. Ltd.
4. National Mineral Development Corporation Limited
5. Borosil Limited
6. Bureau of Indian Standards (BIS)

Our Silver Partners:

1. PwC India
2. Suzlon Energy Ltd.
3. National Small Industries Corporation (NSIC)
4. Manganese Ore (India) Limited (MOIL)
5. Sevati Devi Digital Medical Centers Private Limited

Our Bronze Partners:

1. Swelect Energy
2. Metallurgical & Engineering Consultants (MECON) (India) Limited
3. Steel Authority of India Limited (SAIL)
4. Borges India Private Limited
5. Vimta Labs
6. Neyveli Lignite Corporation (NLC) India Limited
7. Gujarat Urja Vikas Nigam Limited (GUVNL)
8. Patanjali Foods
9. Integrity Matters
10. Nilon's Enterprises
11. Satluj Jal Vidyut Nigam (SJVN) Limited

Our Associate Partners:

1. Marico Limited
2. Mrs. Bector Food Specialities Limited
3. Khadi and Village Industries Commission (KVIC)
4. Amul, National Dairy Development Board (NDDB)

Our Hydration Partner: Bisleri International Private Limited

Our Media Partner: CNBCTV18

The Conclave was also covered by Doordarshan and aired on the DD News channel the following week.

The event was supported by:

1. Solar Energy Corporation of India Limited (SECI)
2. World Environment Foundation (WEF)
3. IOD Foundation

This report is compiled by:

Mr. Ashok Kapur, IAS (Retd.)
Director General - Institute of Directors

&
Ms. Laghima Sharma Asst. Executive Editor – Director Today
Institute of Directors