Interview with Gladstone Leslie Samuel, Certified Independent Director and ESG Practitioner

Our team spoke to Mr Gladstone Leslie Samuel recently. Here are the excerpts from the interview:-

1 Mr Gladstone, tell us about your current assignments, as a strategic advisor and industry mentor.

Gladstone- I am an independent consultant and involved in the following assignments.

a) Strategic advisor and supporting companies on the following areas:

• Corporate Social Responsibility (CSR)
• Environmental, Social, Environment (ESG )
• Employer Branding & Occupational Safety

b) Industry mentor on project management with Qollabb for Dr. D.Y. Patil University, and a guest faculty at Coimbatore Institute of Technology

2 Tell us about Speed Mentoring & how you do it.

Gladstone- Traditional mentoring relationships are normally one-on-one, with the mentor serving as a coach, sounding board, and confidante. In fact, according to nationalmentoringday.org, 71% of Fortune 500 companies have a mentoring framework in place. Another study by Vistage informs that 86% of CEOs credit mentoring programs for their success.

Speed mentoring is a relatively new concept that is becoming increasingly popular in today’s world. Many organizations and educational institutes are embracing it to enhance learning and provide growth opportunities to their employees and trainees.

Advocating speed mentoring can improve participant experience by providing opportunities for career growth, professional networking, and staying up-to-date on the latest industry trends. Studies reveal speed mentoring often leads to ongoing mentoring relationships.

I meet with a limited number of mentees in a 30-minute session, mostly online. The agenda is focused and the information shared is based on my insights and best practices at work. I distribute statistics and case studies to substantiate our discussions. Participants also share their challenges and success stories. Two way communication is the key to establish a dialogue and achieve productive outcomes.

3 How can we enhance corporate governance in India & what role should independent directors play ?

Gladstone- Addressing the first part of the question, I strongly believe that enhancing corporate governance in India demands a multi-faceted approach involving various stakeholders, including regulators, corporate boards, management teams, investors, and the government. Here are some key strategies:

-> Strengthen Regulatory Framework

-> Independent Board of Directors

-> Board Effectiveness and Training

-> Shareholder Rights and Engagement

-> Ethical Business Practices

-> Risk Management and Internal Controls

-> Sustainability and Social Responsibility

-> Improving Enforcement and Compliance

-> Encouraging Institutional Investors

-> Promoting Transparency and Accountability

-> Promote transparency in financial reporting

In the recent years we have witnessed a number of corporate scams that include:

-> Tax Evasion

-> Related-Party Transactions

-> False Disclosures and Misrepresentation

->Accounting Fraud

-> Related-Party Transactions

-> Insider Trading

-> Market Manipulation

-> Embezzlement and Misappropriation

One of the primary reasons for these board room scandals is due to ineffective or lack of corporate governance.

Now, coming to the second part of the question on the role of Independent Directors, here are my views:-

In India, the role of independent directors has been further emphasized and regulated by the Securities and Exchange Board of India (SEBI) through the Companies Act and SEBI (Listing Obligations and Disclosure Requirements) Regulations. These regulations specify the criteria for independence, tenure, and duties of independent directors, aiming to strengthen corporate governance and protect the interests of minority shareholders. Independent directors are expected to act as a check and balance on the management, promoting transparency, accountability, and ethical conduct within the company.

Specifically, independent directors are expected to contribute in the following areas:-

1 Impartial Oversight: Provide impartial oversight of the company’s operations, ensuring that decisions are made in the best interests of stakeholders, rather than serving the interests of management or controlling shareholders.

2 Enhancing Board Independence: Contribute to the independence of the board by providing an objective viewpoint, free from conflicts of interest that may arise with executive directors or promoters.

3 Risk Management: Participate in risk management discussions, helping to identify, assess, and mitigate risks that the company faces.

4 Audit and Compliance Oversight: Oversee the company’s financial reporting processes, ensuring compliance with accounting standards, regulatory requirements, and ethical practices.

5 Board Committees: Chair or serve on important board committees, such as audit, nomination, and remuneration committees, bringing their expertise and independent judgment to these roles.

6 Guidance and Advice: Provide guidance and advice to the board and executive management, drawing on their experience and expertise in various fields.

7 Conflict Resolution: Play a role in resolving conflicts of interest within the company, particularly related to related-party transactions or governance issues.

8 Shareholder Communication: Serve as a channel of communication between the company’s management and its shareholders, representing shareholder interests and addressing their concerns.

To sum up, I firmly believe that “ Ethics” is the bedrock of corporate governance.

4 You have received 63 recommendations on LinkedIn. What are the skills your seniors & colleagues have admired the most in you?

Gladstone- I extensively use LinkedIn to connect, network and collaborate with likeminded professionals. It is indeed an honor and privilege to receive recommendations from different people. I strongly believe in my core values viz. humility, trust, respect and empathy. These traits have influenced my career progression despite the challenges and setbacks.

My key focus areas include employee engagement, strategic communications, mentoring, project and change management and cross functional leadership. The endorsements received manifests my approach towards working towards realizing an organizational vision, mission and values.

I take this opportunity to extend my sincere thanks to everyone who has shared their honest feedback.

5 As an ESG practitioner, what advice would you give to SMEs?

I started my career as a Chemical Engineer and was associated with leading process industries. It is quite obvious that the chemical industry is one of the principal sources for environmental degradation. As a Certified Independent Director, ESG has become an important topic for me.

As an ESG practitioner here are some key considerations for SMEs:

• Understand the Relevance of ESG
• Start with Materiality Assessment
• Integrate ESG into Business Strategy
• Engage Stakeholders
• Implement Sustainable Practices
• Promote Social Responsibility
• Enhance Governance Practices
• Measure and Report Progress
• Build Capacity and Awareness
• Collaborate and Learn from Peers

I look forward to contributing to enhancing corporate governance in general and ESG in particular, in startup & SME ecosystem in India.

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