Board Stewardship Webinar Series: Signals and Safeguards in the Boardroom
The Board Stewardship presented ‘Stewardship in the Boardroom,’ its monthly webinar series designed to provide a forum for insightful discussions on Boardroom governance. Board Stewardship successfully hosted a high-impact live webinar titled ‘Signals and Safeguards: Boardroom Stewardship in Action’ on Friday, 6th June 2025.
Welcome Address
The webinar commenced with a welcome address by Vikesh Wallia, MD & Editor of Board Stewardship, who stressed the need for a more proactive approach to governance: “Boards must move beyond reacting to risks—they should become the red lines that safeguard an organisation’s purpose and people. At Board Stewardship, we are dedicated to equipping boardrooms with timely insights and a strong, engaged community.”
In the special address at Board Stewardship’s monthly webinar, Shailesh Haribhakti, Non-Executive Chairman & Independent Director on multiple Boards and Chairman of the Advisory Board of Board Stewardship, called on Boards to evolve from passive gatekeepers to proactive guardians. He highlighted the need for courageous stewardship amid global volatility, stressing the importance of moral clarity, transparency, and ethical leadership. He also emphasised protecting Independent Directors, equipping them with the support needed to uphold governance with confidence. As businesses enter the age of Manufacturing 6.0, he urged Boards to lead with purpose, agility, and planet-positive intent.
This was followed by a keynote address by Sharad Mathur, MD & CEO of Universal Sompo General Insurance Co. Ltd., who offered strategic perspectives on the evolving role of Boards in ensuring ethical and accountable governance. He remarked, “Independent Directors must feel empowered. They are legally backed, ethically trusted and vital to strong governance. With growing access to information, stakeholder support and robust protections, they are key to ensuring transparency, accountability and long-term value. Their role is not just oversight but stewardship, holding the Board to its highest standards while safeguarding the company’s integrity and trust.”
Session 01 – Boardroom Stewardship & Proxy Reports: Reading the Signals, Owning the Responses
The session was led by J.N. Gupta, Founder & Managing Director of Stakeholder Empowerment Services (SES) and former Executive Director at SEBI. Gupta shared, “Governance is not compliance or following law; it is much beyond. It reflects the character and ethical standards of the Board. Often law and governance are mixed together. Law is an outcome of failed voluntary governance. Follow simple principles. What if I were on the other side? How would I react? There would be no failure if we asked and answered honestly…”
Session 02 – Internal Investigations: Detecting Fraud Beyond the Audit Lens
Featuring Huzeifa Unwala, Founder & Senior Partner, JHS Associates LLP; Sushmita Ghatak, Independent Director and former MD & CEO, ICRA Analytics; and Surath Mukherjee, Head–Management Assurance, Bennett Coleman & Co Ltd, this session focused on the Board’s role in identifying red flags that escape traditional audits and the proactive mechanisms required to safeguard institutional integrity.
Huzeifa Unwala stressed, “The greatest threat to an organisation is not the fraud you detect but the one you don’t.” His presentation delved into the critical need for robust internal investigations to uncover fraud and misconduct that often escape the traditional audit lens. He discussed tools like digital forensics and behavioural profiling, supported by real case studies. Real-world case studies brought these methods to life, illustrating instances of employee misconduct and vendor fraud while drawing attention to red flags and preventive measures. The session stressed early red flag detection and the importance of protecting sensitive data while maintaining transparency and trust.
Shushmita Ghatak noted, “The panel deliberated on the arsenal available to the Board to detect and address fraud outside the prism of traditional audit activities. This included recognising early warning signals, supporting internal investigations (whistleblower, etc.), and institutionalising robust risk management practices. The webinar had an eclectic line-up of speakers addressing topics that have immense contemporary significance.”
Surath Mukherjee shared, “An audit committee plays a crucial role in whistleblowing investigations by overseeing thorough and impartial probes, maintaining independence to provide objective oversight, ensuring management is held accountable, reviewing the outcomes of investigations, and recommending appropriate corrective actions. The audit committee’s role helps ensure whistleblower concerns are addressed fairly and transparently.”
Session 03 – Safeguarding Independent Directors
With Sharad Mathur returning to join the discussion alongside Arti Mulik, Chief Technical Officer and Key Management Person at Universal Sompo, and Amit Trivedi, Founder Partner, KVAT and Co., this segment addressed the increasing accountability pressures on Independent Directors and how organisations can better protect and empower them.
Arti Mulik noted, “Directors and Officers (D&O) liability insurance is increasingly vital for organisations of all scales, given the growing likelihood of legal action against corporate Directors and officers. This coverage safeguards against financial losses stemming from lawsuits alleging wrongful acts in the performance of their duties, encompassing defence costs, settlements, and judgements. The absence of D&O insurance could expose Directors and officers to substantial personal financial liabilities and severely impair the company’s financial stability through legal expenses.”
Reflecting on his experience Amit Trivedi shared, “Honoured to be a panellist in the insightful webinar on Boardroom Stewardship, fraud detection beyond the lens, and safeguarding Independent Directors & D&O Insurance. The discussion highlighted practical strategies for strengthening boardroom oversight and risk management. Grateful for the enriching exchange alongside esteemed co-panellists—J N Gupta, Sharad Mathur, Arti Mulik, Surath Mukherjee, Huzeifa, and Sushmita Ghatak—and valuable perspectives from Vikesh Wallia and Shailesh Haribhakti. Appreciative of Board Stewardship for fostering such impactful conversations.”
Supported by Knowledge Partner BoardPAC and Corporate Partner Universal Sompo General Insurance and JHS Group, the webinar underscored Board Stewardship’s continued commitment to shaping informed, ethical, and future-focused boardrooms in India and beyond.
The webinar provided a timely platform for board members, senior executives, compliance professionals, and aspiring Directors to align themselves with best practices in stewardship, transparency, an
d risk oversight.
