Mr. Sundararaman Ramamurthy, MD & CEO of BSE Ltd., traced the shift in India’s governance and the need for purpose-led leadership

07 July, 2025, Bangalore: The Indian Institute of Management Bangalore (IIMB), through its Centre for Corporate Governance and Sustainability (CCGS), hosted the Corporate Governance & Sustainability Conclave 2025 on campus, bringing together an esteemed gathering of business leaders, legal luminaries, policymakers, and academics. Themed ‘Navigating the Future of Corporate Governance: Accountability & Innovation,’ the day-long event sparked dynamic conversations around evolving boardroom responsibilities, regulatory reforms, and the role of technology in reshaping governance paradigms.

Welcome Address

Prof. Padmini Srinivasan, Chairperson of CCGS, welcomed participants and set the context by emphasizing the dual imperatives of innovation and accountability in a rapidly changing global business environment.

Prof. Rishikesha T Krishnan, Director of IIM Bangalore, reflected on two decades of his experience as an independent director, sharing personal insights on the evolution of governance practices. While procedural compliance has improved, he highlighted persistent challenges such as information asymmetry between management and boards, under-utilization of board capabilities, and insufficient focus on strategic deliberations. He also raised thought-provoking concerns about the impact of AI on board accountability, urging stakeholders to anticipate ethical dilemmas in algorithm-driven decision-making.

Keynote Address by Mr. Sundararaman Ramamurthy

Delivering the keynote, Mr. Sundararaman Ramamurthy, Managing Director & CEO of BSE Ltd., offered a visionary take on navigating the future of corporate governance. He revisited the origins of the term itself, drawing from the 1970s U.S. federal research space and Peter Drucker’s work to show how governance evolved from academic theory into an essential business practice.

Drawing richly from Indian philosophy, Mr. Ramamurthy advocated for implementing Dharmic duties in the boardroom, acting ethically and selflessly, without attachment to immediate outcomes. He invoked Valmiki’s 16 leadership qualities of Rama, reinforcing the timeless relevance of values-based leadership. In a striking analogy, he presented a cosmic metaphor for board structure: Brahma as the Chairperson, Indra as the CEO, Planets as strategic business partners, all revolving in harmony to drive sustainable value creation.

Mr. Ramamurthy traced the shift in India’s governance landscape pre- and post-1991 liberalization, noting that earlier reforms suffered from lukewarm implementation, while the post-liberalization era has brought in greater emphasis on structured board composition and cross-company compliance.

He concluded by noting that while principles remain timeless, the challenges facing governance are constantly evolving, demanding innovation, ethics, and accountability in equal measure.

Inaugural Address: Corporate Governance Through a Legal and Human Lens

Delivering the inaugural address virtually, Justice Dr. D.Y. Chandrachud, former Chief Justice of India, framed corporate governance as both a legal imperative and a moral choice

Structured around three emerging themes: Diversity, Equity, and Inclusion (DEI); AI and Technology, and ESG & Stakeholderism, his address called for a deeper internalization of modern governance principles.

• On DEI, he critiqued tokenistic approaches and emphasized the importance of authentic, systemic inclusion.
• On AI, he shared lessons from the judiciary’s digital reforms like live streaming, AI-based transcription, and virtual courts, and urged companies to adopt tech mindfully, with inclusivity and accessibility at the forefront.
• On ESG, he emphasized that sustainability is not just about compliance but about recognizing stakeholders as partners in progress.

Justice Chandrachud concluded with a powerful reflection, “Regulation can mandate conduct, but not values. Unless businesses embrace governance principles as integral to their identity, their transformative potential will remain unfulfilled.”

Session 1: Dynamic Relationship Between Corporate Board Structure and Firm Performance

The session, moderated by   Prof . Anil Suraj, Public Policy area, IIM Bangalore, with panellists includes: Ms. Padmaja Chunduru, Former MD & CEO, NSDL, Mr. Guruprasad Mudlapur, President & MD, Bosch India Ltd, Prof. Rejie George, Professor of Strategy, IIM Bangalore, Ms. Daisy Chittilapilly, President, Cisco India & SAARC and Mr. Venkatraman N, MD & CFO, Happiest Minds Technologies Ltd.

Speakers highlighted that:

• Board structures must evolve with the company's lifecycle, from informal founder teams to structured, regulated boards in public firms.
• There is no one-size-fits-all composition; boards must reflect the organisation’s purpose, risk appetite, and stage of growth.
• Early-stage companies often rely on family, advisors, and professionals, raising concerns about independence and role clarity.
• Independent directors should not just ensure compliance, but bring in strategic guidance, domain expertise, network access, and mentoring capacity.
• Panellists also stressed the importance of healthy boardroom dynamics, active participation, and avoiding dominance by any single role or individual.

Session 2: The Influence of Family-Owned Businesses on Corporate Governance – Unique Governance Challenges and Practices

Session 2, moderated by  Prof. Dalhia Mani, Entrepreneurship area, IIM Bangalore, with panellists including Mr. Rishabh Shroff, Partner, Cyril Amarchand Mangaldas, Mr. N. Krishnan, Principal Consultant – Family Business, Sadashiva Consulting Services, Mr. Sam Cherian Kumbukattu, Managing Director, Schevaran Laboratories Pvt. Ltd.

Speakers reflected on:

• The blurring of family and business roles, which often complicates governance and succession.
• The need for formal governance structures, including independent directors and advisory boards, to support scale and continuity.
• Balancing legacy values with modern compliance and innovation remains a core challenge.
• Successful family businesses invest in transparent communication, generational transition planning, and professionalisation of management roles.

Session 3: The Audit Committee – What Is It and What Is Its Role?

This session was moderated by Mr. Suresh Senapaty, Board Member, Wipro Enterprises Ltd, along with Panellists, Dr. Ashok Haldia, Former Secretary, ICAI, Mr. M. Sanaulla Khan, Sr. VP & Company Secretary, Wipro Ltd, Mr. Amit Mittal, CFO, Canara Bank, Mr. Ashok Sonthalia, CFO, Titan Company Ltd

Key takeaways:

• The scope of audit committees has expanded beyond financial oversight to include risk management, compliance, ESG, and ethics.
• Speakers emphasized the importance of financial literacy, independence, and collaboration with other board committees.
• The audit committee must act as the “institutional conscience” of the board, proactively flagging red flags and fostering trust.
• Panellists also noted the growing complexity of data and tech-enabled reporting, which requires committees to stay agile and informed.

Session 4: Corporate Governance – Trends & Future Reforms

The final session was moderated by Prof. Padmini Srinivasan, Chairperson, Centre for Corporate Governance & Sustainability, IIM Bangalore, including panellists:  Mr. Krishnakumar Natarajan, Co-Founder, Mela Ventures, Mr. Ajay Nanavati, Former Chairman, Syndicate Bank & Former MD, 3M India, Mr. Nagaraja Prakasam, Angel Investor & Partner, Acumen, CS Gopalakrishna Hegde, Secretary, Institute of Company Secretaries of India.

Panel discussion centred on:

• Whether current reforms adequately serve India’s diverse business landscape, especially SMEs.
• The need to go beyond compliance to embed ethics and culture into corporate conduct.
• Governance should empower innovation, not stifle it, particularly in high-growth and impact-driven sectors.
• Panellists called for simplified regulations, broader ESG awareness, board evaluations, and leadership development aligned with sustainability.

In the concluding remarks, Professor Padmini Srinivasan said, "Corporate governance is a journey, not a destination."

Click here for photo gallery