CHENNAI: Diversified conglomerate ITC and emerging textiles major Abhishek Industries were this year's winners of the National Award for Excellence in Corporate Governance given by the Institute of Company Secretaries of India.

The Lifetime Achievement Award for translating corporate governance into reality was conferred on Tata Sons Director J.J. Irani. The awards were presented by Tamil Nadu Governor Surjit Singh Barnala, who took the opportunity to emphasise, the importance of creating and maintaining strong corporate governance structures. "Strengthening domestic confidence in a country's own corporations and stock market matters greatly to the long term competitiveness of business and overall vitality of national economies," he said.

Mr. Barnala also encouraged companies to align themselves with the society they are a part of. ITC company secretary B.B. Chatterjee echoed that sentiment in his acceptance speech. He said, "corporate governance should ensure that companies meet stakeholder aspirations and societal aspirations." In the citation, ITC was praised for being an "embodiment of sustained success" and for its efforts at "societal value creation."

Dr. Irani, who was "instrumental in making Tata Steel the envy of corporate India," attributed his success to having worked a lifetime "for a house where good corporate governance is a religion." The awardees were chosen from a field of 200 companies by an eminent jury led by V.N. Khare, the former Chief Justice of India. He said the focus this year had been on "creative governance," since it is "creativity at the helm of affairs which will drive value to the consumers."

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