Where Angels Prey

Where Angels Prey is a novel by Ramesh S Arunachalam. Please refer to www.whereangelsprey.com for more information

Wednesday, July 4, 2012

How to make the boards of large NBFC MFIs implement corporate governance norms in practice? (Part I)

Ramesh S Arunachalam

Apart from looking after shareholders’ interests, the five star boards of microfinance companies need to take better account of other stakeholders’ interests and a proactive approach to put into practice their stated governance principles

It was almost two years ago that we had the first signs of the 2010 Andhra Pradesh microfinance crisis. And indeed a lot of water has flown under the bridge. But one aspect that I have been unable to come to grips with is how the (five star) boards of the MFIs (microfinance institutions) concerned—often filled with illustrious people—failed so miserably in discharging their fiduciary and other duties.

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