Latest news with #ShaileshHaribhakti
Time of India
03-07-2025
- Business
- Time of India
Rising disruption, business complexity prompts Boards to heighten focus on CEO succession: Report
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Getting CEO succession right amid rising complexity and disruption is among the topmost priority areas of focus for chairpersons of Indian boards, according to a board study by leadership search and consulting firm Korn Chairs of top Indian boards are of the view that getting the right leadership at the top is the single most powerful lever for long-term performance and cultural continuity, according to the global study that interviewed 188 board chairpersons across 33 countries representing more than 800 boards, including 20 prominent boards in 83% identified CEO succession as the board's most critical responsibility as succession is no longer viewed as a reactive exercise but seen as a strategic imperative that demands ongoing attention, stated the findings of the report.'The process of evaluating and identifying the next CEO is a dynamic journey that can take up to two years — and rightly so, because this is the single most important decision a Board will make,' said Harsh Mariwala, Non-Executive Chair, Marico . 'If the Board needs to spend significant time on anything, it should be this,' he study also emphasised the heightened emphasis on building high-trust boards . Soft values such as trust, inclusion, and open communication are considered 'non-negotiable' for an effective board with nearly 67% of Chairs identifying these as critical enablers of high also emphasised on the need for diversity of skills and experience on boards including digital fluency, cultural alignment, or transformation experience.'Diversity isn't just about who's on the board—it's about knowing what skill we're missing, where to find it, and who can help us access that talent and insight,' said Shailesh Haribhakti, an independent director on several top global findings of the study reveal that risk management and risk preparedness are increasingly considered as foundational pillars for every board today.'The risks we face aren't just financial; they're geopolitical, environmental, and operational. Boards that fail to prepare for these complexities are setting themselves up for serious consequences down the line,' the study readiness is also considered to be one of the key areas reshaping every facet of business. 'Boards must enhance their understanding of AI, data governance, and cybersecurity to stay strategically aligned with this shift,' revealed the findings.
Time of India
28-04-2025
- Business
- Time of India
From compliance to care
Mr. Shailesh Haribhakti is Chairman, Desai Haribhakti Group and is a staunch believer in Corporate Social Responsibility, Governance and promoting a greener environment. He actively promotes these causes through forums like ASSOCHAM, CII and the Indian Merchants' Chamber by participating in the process of framing regulations and standards. LESS ... MORE How India's DPI and Gen AI can redesign the tax system for trust, growth and net-zero outcomes India's tax crisis: A system designed to police, not enable Today, MSMEs, the lifeblood of India's economy, lose 14% of their annual revenues to compliance-related costs. Nearly Rs 12 lakh crore remains stuck in litigation. Raids, mismatches, and audits continue to erode trust between businesses and the state. Yet, most MSME entrepreneurs do not evade taxes. They are overwhelmed by complexity, under-resourced, and digitally underserved. The very system designed to collect taxes ends up stifling the very growth it seeks to measure. This is an AI-generated image, used for representational purposes only. It's time to reimagine tax not as surveillance, but as service. The Gen AI shift: From filing returns to finding purpose Let's pause on the latest Gen AI trends: Therapy and companionship now top the list. Organising my life and finding purpose are new, top-tier use cases. Technical search and text editing are no longer dominant. Users seek context-aware, emotionally intelligent, ongoing support. AI must operate not just as a tool, but as a companion to personal development. India can apply this insight to governance: We must redesign tax systems that understand, coach, and liberate our businesses, not entrap them. This is an AI-generated image, used for representational purposes only. A new DPI-GenAI framework for MSMEs TaxBot as coach, not collector: An AI-powered Tax Companion, built on ONDC, Aadhaar, GST, and Account Aggregator data, guiding every MSME on deductibles, due dates and automated resolutions. Integrated dataset for compliance + net zero: Real-time AI classification enables automated tax and ESG reporting, carbon tracking, and green financial nudges. Litigation-free, blockchain-based recordkeeping: Blockchain GST records enable reconciliation and dispute resolution before conflict arises, eliminating tribunal backlogs. This is an AI-generated image, used for representational purposes only. From MSME despair to entrepreneurial confidence This model could reduce compliance costs to near zero, formalise 20 million new firms and release over Rs 50,000 crore locked in dispute resolution. It reframes the tax ecosystem as a source of trust, personalisation, and support, aligned with India's aspiration to become the world's most entrepreneurial democracy. What boards and policymakers must do next Legislate the Digital Tax India Act, 2025. Create a DPI-Tax ESG Stack for unified data management. Launch the Tax Companion Pilot in Gujarat and Karnataka. Frame taxation as a purpose, not a punishment. The larger prize: Net-zero, litigation-free growth This approach not only frees MSMEs, but also makes India's tax and ESG systems global export products. Just like UPI is being adopted worldwide, a DPI-tax-Gen-AI integration model can become a template for the Global South. This is an AI-generated image, used for representational purposes only. The future of governance is not just digital. It is empathetic, AI-enabled, and purpose-aligned. Shailesh Haribhakti is a leading Chartered Accountant, futurist, and chairman of multiple corporate boards. Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
Time of India
22-04-2025
- Business
- Time of India
Second among equals? Yes, say CCOs. Not by paycheck, counter cos
Mumbai: A recent Sebi circular designating a company secretary or chief compliance officer (CCO) at one level below the managing director or CEO has sparked both celebration and concern - cheered by compliance heads but viewed warily by several listed companies. Industry insiders say the change has prompted some CCOs to seek parity with chief financial officers (CFOs) in terms of hierarchy and pay. In many mid-sized firms, CFOs often report directly to the MD or CEO, commanding salaries more than double that of CCOs. People said compliance chiefs of a mid-sized IT firm and two chemical companies have formally asked their boards to elevate their roles to the same level as CFOs, along with corresponding hikes in compensation. India Inc is urging the market regulator to clarify that the circular's intent is to strengthen reporting lines and not to redefine organisational structures or remuneration frameworks. This is since companies are fearing that the directive could inadvertently disrupt internal hierarchies, creating HR and pay-scale challenges, especially in those where roles differ sharply in scope and scale across functions. "The position of a CCO is undoubtedly very important, especially in the context of the regulatory heavy environment, but this is more so in case of companies which have heavy sectoral regulatory oversight such as banks, NBFCs and insurance companies," said Ketan Dalal, managing director, Katalyst Advisors. "However, it is important for Sebi to clarify that the dispensation is more in the context of reporting, and not necessarily in terms of the HR organisation structure or compensation levels." The regulatory amendment - issued on April 1- modifies Regulation 6 of the Listing Obligations and Disclosure Requirements (LODR), 2015. It mandates that a listed company's compliance officer must be a full-time employee and occupy a position one level below the MD or a whole-time director, if these individuals sit on the company's board. This shift marks a broader rethinking of compliance - no longer a box-ticking role, but a core strategic function. By elevating the CCO's stature, Sebi aims to ensure they are empowered to flag lapses directly to top management, enhancing corporate oversight. "Sebi's intent is to empower CCOs to perform their duties fearlessly and ensure adherence to regulatory norms, not to mandate changes in their compensation structures," said Shailesh Haribhakti, chairman, Shailesh Haribhakti and Associates. "When it comes to remuneration, each company will make its own decision based on the scope and complexity of the compliance function." That said, others see the move as a much-needed step in the evolution of corporate governance in Indian companies. "With regulatory scrutiny on the rise, the consequences of non-compliance can be just as damaging as financial mismanagement, making the CCO's role equally strategic," said Zubin Morris, partner at Little & Co.
