The Institute of Directors, India – Mumbai Region, organised a regional Director's Conclave on the theme 'Emerging Trends and Building Inclusive Boards' on November 29, 2024. The conclave was held at the BSE International Convention Hall, Mumbai. Many distinguished speakers, senior government officials, directors, and key decisionmakers from various companies attended the conclave. Bringing together industry stalwarts, policymakers, and experts, the conclave underscored the role of inclusive boards in fostering innovation, resilience, and long-term value creation. It aimed to inspire organizations to adopt best practices, embrace diversity, and align their governance frameworks with emerging global trends to stay ahead in a competitive and interconnected world.

PLENARY SESSION I :
INAUGURAL SESSION

The 'Opening Address' was delivered by:

Mr. Manoj Sonawala
Regional Director - Western Region
Institute of Directors, India

Mr. Sonawala set the tone for the event by providing a comprehensive overview of the program. He emphasized the significance of the conclave's theme, “Emerging Trends and Building Inclusive Boards,” highlighting its relevance in today's rapidly evolving corporate governance landscape. He underscored the importance of fostering inclusive boardrooms that reflect diverse perspectives, enabling organizations to adapt to emerging trends and achieve sustainable growth. His introduction eloquently outlined the objectives of the conclave, emphasizing its role in encouraging thought leadership and actionable discussions among participants.

The 'Keynote Address' was delivered by

Mr. R. Mukundan
Managing Director & CEO
Tata Chemicals Limited

Mr. Mukundhan delivered an insightful address on board effectiveness and management efficiency, emphasizing the need for feedback mechanisms to refine practices, foster compliance, and mitigate risks. He highlighted Tata Group's commitment to climate action, aiming for carbon neutrality by 2027, in line with India's broader environmental goals. He also discussed the transformative role of artificial intelligence (AI), urging organizations to embrace AI's opportunities while managing its complexities responsibly. Furthermore, he stressed the importance of cultivating the right culture, attracting top talent, and aligning with Tata's leadership principles of trust, with culture and talent at the heart of their governance framework.

The 'Special Address' was delivered by:

CS Mehul Rajput
Chairman
Institute of Company Secretaries of India (Western India Regional Council)

CS Rajput delivered an inspiring talk on India's future, emphasizing the transformative role of technology in shaping a more innovative and resource-efficient nation. He focused on the 2047 milestone, envisioning India as a self-reliant, resource-abundant country thriving on sustainability. Mr. Rajput highlighted the importance of ESG (Environmental, Social, and Governance) principles in this long-term strategy, stressing how technological advancements aligned with sustainable practices will drive India's growth. His address called for integrating innovation and sustainability to position India as a global leader in responsible development, ensuring a resilient and prosperous future.

The 'Guest of Honour Address' was delivered by:

Ms. Sushri Kamala K.
Chief Regulatory Officer
BSE Limited

Ms. Kamala delivered an impactful address on the importance of inclusiveness in boards, highlighting its role in fostering equitable growth and national representation. She emphasized that inclusivity should extend beyond a select group to benefit all stakeholders, especially the underprivileged. Advocating for cost-effective, sustainable strategies, she stressed the need for inclusiveness to be woven into corporate governance. Boards should promote diverse cultures and efficient team management, while companies must implement robust policies to nurture relationships at all levels.

The 'Chief Guest Address' was delivered by:

Mr. Shantanu Goel, IAS
Joint Managing Director
CIDCO

Mr. Goel delivered an insightful address on the role of inclusivity and sustainability in both the private and public sectors. He emphasized that organizations must prioritize inclusive boards for balanced, equitable growth. He stressed that an organization's purpose should go beyond profit, aligning with sustainable development to benefit both business and society. He highlighted that inclusivity drives innovation, especially when paired with boardroom diversity. Advocating for collaboration between sectors, he underscored the importance of bridging gaps for long-term societal well-being. His session reinforced that inclusive governance and sustainable practices are essential for thriving in a changing world.

The 'Chairman Address' was delivered by:

Mr. Sitaram Kunte, IAS (Retd.)
Honorary Chairman - Western Region
Institute of Directors, India
former Chief Secretary of Maharashtra

Mr. Kunte offered a forward-looking perspective, highlighting the new Navi Mumbai airport, a transformative project set to boost the regional economy under his leadership. He stressed the importance of adopting a futuristic mindset, transforming challenges into opportunities, and continuously improving corporate governance to meet global demands. He focused on preparing individuals for board roles with the foresight and skills needed for the future. He also discussed the impact of AI technologies like ChatGPT, emphasizing innovation in tech usage, particularly around data privacy and cybersecurity. He concluded by calling for agile, innovative governance practices to drive sustainable and inclusive growth.

PLENARY SESSION II :
‘EMERGING CHALLENGES FOR BOARD LEADERSHIP IN THE NEW ECONOMY’

The Chair of the Session was:

Mr. Shujath Bin Ali
Global General Counsel & Chief Compliance Officer
Re Sustainability Limited

The Session had the following distinguished speakers:

1. Mr. Viraj Kulkarni
Honorary Consul - Cyprus

2. Mr. Mayank Mehta
Partner - DSK Legal

3. Mr. Beejal Desai
Executive Vice President - Corporate Affairs & Company Secretary (Group)
Indian Hotels Company Limited

The session highlighted the critical role of ESG (Environmental, Social, and Governance) and sustainability in shaping future business practices, alongside the transformative impact of digitalization on corporate governance. Speakers emphasized the need for risk management and cybersecurity strategies in response to technological and geopolitical challenges. They also celebrated India's progress towards becoming a $4.5 trillion economy, driven by strategic governance shifts and ESG integration. The panel stressed the importance of boardroom diversity, particularly with more women and younger generations, to foster innovation and competitiveness. They called for inclusive digital transformation with skill-building programs and the right people in the right roles, balancing ethics, governance, and people management. The session underscored the need for continuous improvement in board dynamics and ethical leadership to ensure long-term sustainability.

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

PLENARY SESSION III :
‘ESG STRATEGY: THE BOARD'S ROLE IN SUSTAINABILITY’

The Chair of the Session was:

Mr. Giridhar Sanjeevi
Former Chief Financial Officer
Indian Hotels Co. Ltd.

The Session had the following distinguished speakers:

1. Mr. Rakesh Agarwal
former Senior Vice President
Reliance Industries Limited

2. Mr. Varun Chopra
Executive Chairman
Gemini Equipment & Rentals Pvt. Ltd.

3. Ms. Sarita Bahl
Independent Director - BharatRohan

4. Mr. Anirban Chatterjee
Head – Sustainability Sales Growth & Innovation, CIF South Asia Region, Bureau Veritas Group

The session focused on the crucial role of ESG (Environmental, Social, and Governance) strategies in driving corporate sustainability, with an emphasis on the board's responsibility in shaping and implementing these strategies. Speakers highlighted the importance of aligning companies with ESG laws and policies to manage risks, including financial and climate-related. The example of Norway's transition to a fully EV-driven country was cited as evidence of how governmental policies can influence corporate sustainability. The panel discussed the evolving decision-making processes required to manage climate risks and the significance of Net Zero commitments. They also emphasized the need for CXO compensation structures aligned with ESG goals and addressed the challenge of greenwashing, with reference to frameworks like the EU's CSRD and ESRS, as well as the IPCC's 6th Assessment Report. The impact of ISSB 2.0 and its 67 standards was highlighted, stressing the need for boards to adopt nature-based governance practices. The session also explored the role of agriculture in sustainability, setting ambitious 2030 targets, and reinforced the importance of corporate boards actively driving sustainability strategies that align with global goals.

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

PLENARY SESSION IV :
‘FIRESIDE CHAT – ROLE OF EFFECTIVE BOARD IN SUCCESS OF IPO AND VALUE CREATION THEREAFTER’

The Session had the following distinguished speakers:

1. Mr. Rajat Baid
Merchant Banking Professional

2. Mr. Puneet Biltiwala
Commercial Lending Expert
Sunrise Credit Union

The session addressed the challenges faced by Indian IPOs, focusing on developing a robust long-term strategy across all stages of the IPO lifecycle: pre-IPO, during IPO, and post-IPO. Insights from Mr. Rajat Baid and Mr. Puneet Biltiwala emphasized the critical roles of executive, independent, and non-executive directors in ensuring effective governance within listed companies. The speakers stressed the need for governance structures that go beyond balance sheets and profit-and-loss statements, focusing on understanding business models and projecting future growth. They highlighted the importance of boards in identifying and addressing challenges, especially those linked to ESG (Environmental, Social, and Governance) factors, which are increasingly relevant to investors. By prioritizing strong governance and strategic business models, boards can add significant value to a company's post-IPO growth, fostering trust, stability, and long-term investor confidence.

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

PLENARY SESSION V :
‘FINTECH AND BEYOND: EXPLORING NEW FRONTIERS IN CORPORATES’

The Chair of the Session was:

Mr. Deepak A. Bhatia
Co-Founder and Chief Business Officer
Quickwork Technologies

The Session had the following distinguished speakers:

1. Dr. Sujata Seshadrinathan
IT & Process Director
Basiz Fund Services

2. Mr. Vivek Malviya
Head - Operations Quality, Governance & Controls
Credit Saison India

3. Mr. Prashanth Pereira
Regional Director – APAC, Africa & ME
Miri Systems LLC

The session focused on the technologies driving change in the fintech space, discussing the importance of innovative solutions to address evolving internal and customer needs. A key topic was the development of emerging technologies like blockchain and bitcoin, along with their global regulatory frameworks. The panel emphasized the need for transparency and traceability in smart contracts, which are reshaping business interactions. They also discussed the challenge of managing unstructured data and the importance of integrating new technologies with the operational workforce. Implementation, they noted, is crucial for effectively leveraging these tools. The speakers highlighted the role of agile technology in cybersecurity, focusing on building non-hackable systems to safeguard data, enhance stakeholder trust, and improve customer satisfaction. Automation tools were identified as essential for managing risk, governance, and compliance, particularly in fintech. AI's role in transforming decision-making through data analysis was also discussed. The panel concluded by emphasizing that AI and blockchain technologies will increasingly shape boardroom decisions, requiring at least one board member to be well-versed in these areas.

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

PLENARY SESSION VI :
‘ENTERPRISE RISK MANAGEMENT & CORPORATE BOARDS’

The Chair of the Session was:

Mr. Hersh Shah
Chief Executive Officer
IRM India

The Session had the following distinguished speakers:

1. Ms. Sanchita Mustauphy
Chief Risk Officer
Aditya Birla Capital Limited

2. CA Chetan Dalal
Founder & Chief Faculty
Chetan Dalal Investigation and Management Services (CDIMS)

3. Mr. Rajeev Tanna
Head – Risk Management and Internal Compliance
Tata Consulting Engineers Limited

The session covered key risk management frameworks like ISO 31000, highlighting AI's role in identifying and managing risks. It emphasized the shift from traditional risks to strategic and sustainability challenges, requiring adaptive strategies. The panel focused on opportunity risk, the dangers of power concentration, and the importance of Business Resilience (BR), Business Continuity Planning (BCP), and company culture in managing uncertainties. Geopolitical tensions, digital risks, and supply chain vulnerabilities were identified as major threats, with a call to integrate ESG factors into risk management. Finally, the session stressed the need for board member training to address emerging risks beyond cybersecurity, including fraud prevention, ethical hacking, and maintaining a comprehensive code of conduct. Boards must proactively mitigate risks and ensure organizational agility.

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

Ms. Priti Arora, Chief General Manager of Institute of Directors, Western Region, delivered the 'Closing Address', expressing gratitude to attendees, speakers, panelists, and organizers for their contributions to the event's success. She highlighted the value of the discussions and encouraged everyone to apply the insights for future growth and collaboration, leaving attendees motivated and appreciative.

Mr. Sharad Prabhu, Deputy Regional Manager, Institute of Directors, Western Region, proposed the 'Vote of Thanks'. He thanked everyone for attending and appreciated the speakers, panelists, and organizers for their support. He also mentioned the teamwork that made the event a success. His words brought the event to a positive conclusion.

IOD is especially grateful to its event partners:

(1.) IOD's Gold Partner: Quickworks
(2.) IOD's Silver Partner: ABM Knowledgeware
(3.) IOD's Bronze Partner: DSK Legal
(4.) IOD's Supporting Partner: ICSI (WIRC)
(5.) IOD's Venue Partner: BSE Limited

This report is compiled by:

Western Regional Team
Institute of Directors

GLIMPSE OF AUDIENCE

PARTNERS & SUPPORTERS

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