HDFC Life features in the ‘Leadership’ list of Indian Corporate Governance Scorecard

by Priya J

New Delhi, March , 2023: HDFC Life, one of India’s leading life insurers, is pleased to announce that the Company has been featured in the ‘Leadership’ category of the Indian Corporate Governance Scorecard for the second consecutive year. This year, the achievement meets a higher threshold as the bar to be in the ‘Leadership’ category was raised over last year.

HDFC Life’s presence on the list is an outcome of the annual assessment of the S&P BSE 100 companies on the Indian Corporate Governance Scorecard framework. The Indian Corporate Governance Scorecard framework was developed jointly by IFC, BSE, and IiAS and is based on the G20/OECD Principles of Corporate Governance. It has been in use since 2015.

Six companies qualified in Leadership category of which only two were from BFSI, including HDFC Life. The companies were rated on 66 parameters across four of the six pillars of the           G20 / OECD Principles of Corporate Governance – Rights and Equitable Treatment of Shareholders, Role of Stakeholders, Responsibilities of the Board, and Transparency and Disclosure.

The Scorecard provides an assessment framework which evaluates the corporate governance practices adopted by Indian listed companies. The assessment is based on globally accepted best practices keeping in mind Indian regulations, market practices, and the structure of corporate ownership in India. It provides a principle-driven rather than a compliance driven outlook to market participants.

The Scorecard report is intended to provide market participants including companies, investors, regulators, lenders, internal and external stakeholders including policy makers with key information regarding the progress of corporate governance practices in India.

Speaking on this, Narendra Gangan – General Counsel, Chief Compliance Officer & Company Secretary – HDFC Life, said “At HDFC Life, it is a constant endeavour to ensure adherence to the highest standards of Corporate Governance. It is an honour to be featured in the Leadership list of Indian Corporate Governance Scorecard. We are strongly committed to Environmental, Social and Governance (ESG) aspects and through our initiatives and activities we strive to create value for all our stakeholders. Our efforts will continue to be focused towards building an organisation that is ready for tomorrow.”

About HDFC Life: HDFC Life Insurance Company Limited ('HDFC Life' / ‘Company’) is a joint venture between HDFC Ltd., India’s leading housing finance institution and abrdn (Mauritius Holdings) 2006 Limited, a global investment company.

Established in 2000, HDFC Life is a leading, listed, long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings, Investment, Annuity and Health. The Company has more than 60 products (including individual and group products) and optional riders in its portfolio, catering to a diverse range of customer needs.

HDFC Life continues to benefit from its increased presence across the country, having a wide reach with branches and additional distribution touch-points through several new tie-ups and partnerships. The count of distribution partnerships is over 300, comprising banks, NBFCs, MFIs, SFBs, brokers, new ecosystem partners amongst others. The Company has a strong base of financial consultants.