We missed this earlier: On April 29, Nishith Desai Associates and TiE Mumbai, under India's G20 presidency, organized a conference where they laid out a framework for corporate governance standards for Indian startups. “The framework will help start-up founders and entrepreneurs create a solid foundation for their businesses, by establishing structures and processes that will support their growth and success,” says the framework document reviewed by MediaNama. The conference was attended by startups such as MakeMyTrip, Paytm, and UpGrad, venture capitalists like Blume and Avendus Capital, and also by NITI Aayog officials. It was supported by the Startup20 Engagement Group (created under India’s G20 presidency to facilitate communication between entrepreneurs and G20 leaders) and was conducted under the guidance of Amitabh Kant, India's G-20 Sherpa. What is corporate governance? Corporate governance is a set of rules/practices meant to ensure that the interests of all stakeholders (customers, suppliers, shareholders, etc) are balanced when making decisions. Why it matters: The framework can help startups acquire investment and build trust with stakeholders. It can also serve as a first step in the direction of self-regulation by Indian startups. The success of this goal, however, will depend entirely on the corporate governance framework's implementation. The framework document acknowledges this constraint and says that it is intended to be a living document that can and will be updated and refined as a startup evolves. Main highlights from the governance framework: The framework says that the Board of Directors is the most important aspect of good governance and must consist of…
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