Companies to disclose details of lobbyists to Govt-Monday, 22 November 2010,

Companies to disclose details of lobbyists to Govt

By SiliconIndia
Monday, 22 November 2010, 07:32 IST

(GOOD DECISIONS,IF IT REALLY GET STRICTLY IMPLEMENTED!!!)

New Delhi: The companies soon may have to disclose the names of lobbyists employed by them and their positions on issues affecting their business to the government as it looks to bring in greater transparency into its dealings with companies that are trying to influence decision-making. Such disclosures will be voluntary and companies may be asked to list these details in their annual reports.
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But they will need to provide an explanation if the information is missing from their annual reports, a Senior Official with the Ministry of Corporate Affairs on demand of anonymity. The proposed guidelines on lobbying state that lobbying and policy advocacy are important tools for conducting business if done in the right manner.
The Planning Commission is also seized of the matter. "We are looking into the processes that lead to industry influencing the government as well as the government influencing industry," Arun Maira, Member of the Apex Planning Body, had said at a recent function on competition law and policy.

A committee formed by the ministry to formulate guidelines for ethical business practices had earlier suggested that companies should be asked to disclose the names of agencies working for them and provide details on their policy advocacy steps. Industry body Confederation of Indian Industry said it has already given its suggestions to the ministry of corporate affairs.

The ministry of corporate affairs also plans to make funding of political parties more transparent. In the month of August Minister for Corporate Affairs Salman Khurshid had also said that there should be more transparency in the way corporate fund political parties.