(CRC) will meet the February 28 deadline for submitting its report, the chairman of the commission, Mr. M.N. Venkatachalaiah, has said.

The Hindu, Friday, January 4, 2002
BANGALORE, JAN 3, The Constitution Review Commission

"CRC will meet deadline deadline on submission of report"
said Justice Venkatachalaiah at the Seminar on Power of Colloborative organized by the Institute of Directors and the Center of Corporate Governance, New Delhi.

The report would propose the creation of a "non justifiable mechanism" by which civil society would annually assess the performance of the Government, he told persuasions on the sidelines of a seminar "Collaborative governance", here on Thursday.

A proposal had also been made for setting up a commission on inter-state commerce, he said. Feedback from various financial institutions and business bodies would be generated for the purpose, he said.

Hinting that the report would be free of "controversial issues", Mr. Justice Venkatachalaiah said the "commission was not formed to rewrite" the Constitution but to help make governance efficient.

"Where shall we relocate social obligations in the context of globalization?" he asked in his talk at the seminar, organized by the Institute of Directors and the Centre for Corporate Governance, New Delhi.

The transition from a welfare state to a market economy, with the Government divesting itself of several functions, the role of the corporate would be keenly watched, he said.

The President of the World Council for Corporate Governance, Madhav Mehra, said the "mismatch between shareholder expectations and customer aspirations" was at the root of "wealth creation." The knowledge economy had led to a public that was better informed on the behavior of companies and there were several examples of companies violating "social licence," incurring public ire, he said.

Successful companies would be those that recognized their responsibilities to society, and displayed pro-activeness in compliance, he said.

The Director, Indian Institute of Management, Rammohan Rao, said companies would have to take a long-term view and not be obsessed with quarterly results.

The Chairman of the Constitution Review Commission, M.N. Venkatachaliah (centre) with the Governor, V.S. Rama Devi, and the President of the World Council for Corporate Governance, Madhav Mehra, at a seminar on Collaborative