India: SEBI publishes consultation paper on corporate governance norms

The Securities and Exchange Board has published a consultation paper seeking views on the governance requirements for listed companies: see here (pdf). The paper is published against the background of the recent passing of the Companies Bill 2012 by the Lok Sabha and, a few months earlier, the publication of the Godrej Committee's guiding principles of corporate governance (see here, pdf). The paper identifies additional rules and provisions that go beyond those in the Bill. For example, views are sought on whether certain companies should be required to have a 'small shareholder director' (i.e., a director appointed by the company's smaller shareholders) and whether shareholder approval should be required for directors' remuneration above a certain limit.