India 'making progress on corporate governance'

India's larger companies have been successful in following examples of global best practice on corporate governance, according to an expert.

Stephen Wagner, chairman emeritus at Deloitte's Global Centre for Corporate Governance, said standards of transparency and accountability have "evolved enormously" in the nation.

"Many big companies in the country are committed to embrace global best practices for their business," he added.

Mr Wagner recommended that businesses carry out an annual evaluation of their board's effectiveness and continue to develop new approaches to risk management.

The expert suggested more Indian companies have recognised the need to regulate their exposure to "risks and shocks" in light of recent events on the global stage.

"Since the world is getting more interconnected, that is also resulting in [the] connectivity of shocks," he said.

Corporate governance has been a hot topic in India since the Satyam accounting scandal broke in January 2009.

The latest CG Watch report from the Asian Corporate Governance Association ranked India joint seventh out of 11 nations. It claimed the country is making "slow improvements" in its standards of governance.