Unfortunately, very little research work has been done,
both in India and abroad, on the role of an AC in improving
CG.For example, Al-Mudhaki and Joshi (2004) examined
the composition, focus and functions of an AC and the
effects of the meetings and the criteria used in the selection
of members by the Indian listed corporations based on 73
questionnaire responses in 2002. Similarly, Agarwal (2006)
stated that “an AC of the board is today seen as a key
fulcrum of any corporation. Being mandatory under Clause
49, an AC can be of great help to the board in implementing,
monitoring and continuing good CG practices to the benefit
of the corporation and its stakeholders.”Moreover, Cohen
(2010) expressed that CG issues have grown more salient
in the light of the alleged corporate accounting scandals.
Sandra(2005) conclude by saying that “comprehensive
regulatory changes, brought on by recent CG reforms,
have broadly redefined and reemphasized the roles and