A Steering Board (Board of Trustees) and 3 Standing Committees – Selection, Ratings and Interventions govern the CGRS system. The Convention on Business Integrity (CBi) serves as the CGRS secretariat and is responsible for coordinating the administrative tasks for the CGRS.
The Steering Board (SB) serves as the governing body responsible for defining the system’s scope and structure, guiding development and is responsible for approving the companies on the CGRS prior to its official release and launch. The board shall be composed of 7 members, including the chair drawn from CBi, NSE, Securities and Exchange Commission (SEC), Civil Society, Corporate Governance Experts, and an International Rating /Private Sector Development Agency.
The Selections Committee is responsible for coordinating the selection of EMSG members and consultants for the stakeholder assessments and verification of self-assessment done by companies. The Committee shall be composed of 5 individuals (including the Chair) from the following: CBi/NSE, professional/business associations, independent analyst/academic, independent with investigative/due diligence skill and organized civil society (of high repute and standing in society).
The Rating committee is responsible for coordinating the entire ratings process and will also have the specific task of auditing the process and ensuring quality control mechanisms are in place and implemented. The Board shall be composed of 5 individuals (including the Chair) from the following: CBi, a ratings organization, independent analyst/academic, independent corporate governance expert and an independent from organized civil society (of high repute and standing in society)
The Interventions Committee is to clarify the procedures for interventions including coordinating interventions on ranked companies that have a Prima Facie indication of a breach of the corporate governance standards of the CGRS and recommendations of the appropriate actions for the implicated rated companies. The Board shall be composed of 5 individuals (including the Chair) from the following: a representative from CBi, a legal expert from NSE, a organized civil society expert (a legal expert), a representative of rated companies (plus 3 alternates from different sectors representing small, mid and large cap companies) and an independent Media/PR Expert.