Venture Center's philosophy on Corporate Governance:

Venture Center is conscious of the fact that the success of an organization is a reflection of the professionalism, conduct and ethical values of its management and employees. In addition to compliance with regulatory requirements, Venture Center endeavors to ensure that the highest standards of ethical and responsible conduct are met throughout the organization.

Corporate Governance for us is about conducting our business in a fair and transparent way by setting up systems and creating policies that ensure evenhandedness and accountability in our dealings with all the stakeholders including clients / incubatees, employees, government, vendors, donors, investors and the community in general.
We have strived hard to put in place sound corporate governance policies that ensure the way we conduct business. We believe that we have covered substantial ground with regards to our policies and procedures since our inception in 2007. But we also acknowledge the need to keep improving our systems and policies in order to create maximum value for our stakeholders.

Here is the list of corporate governance policies that we adhere to at the current time:

Statutory Registrations

• We are registered with the Registrar of companies as a Section 25 (Not-for-profit) company under the Companies Act, 1956  (Section 8 under the Companies Act, 2013) and we are a non-political, non-religious organization set up to promote entrepreneurship and technology commercialization.
• We are registered under Section 12A(1)(ac)(i) of The Income Tax Act, 1961 which exempts us from paying Income Tax.
• We are registered under Section 80G of The Income Tax Act, 1961. Thus donors who donate funds to us are entitled to 50% tax benefits under Section 80G.
• We are registered under  the FCRA Act.

Others

Board of Directors

• Venture Center board members have vast industry knowledge and technical experience to contribute effectively to management of the company.
• Currently our Board has nine members 
• Our Board meets at least once a quarter to review the progress of the company.
• Minutes of Board meetings are well documented and circulated.
• Our Board reviews the budgets, activity reports and audited financial statements and ensures compliance with regulations and laws governing the company.
• Currently, none of the Board members have remunerative roles in our company.

Policies / Procedures

• Procurement: We have proper policies in place that define the complete procurement procedure, roles of various employees in procurement of various items, signing authority of various management personnel and so on. Our procurement documents are available on our intranet site for the reference of all the employees.
• HR: We are an equal opportunity provider and we are committed to promote diversity in the workforce. We have a formal organizational structure which clearly demarcates the roles and functions of various employees. We also have a comprehensive HR policy for hiring, compensation, increments, promotion, termination, etc. We provide appointment letters to all our employees with detailed terms of employment.
• Finance: Our accounts are prepared on an accrual basis and audited by both internal as well as external auditors. We file our tax returns on a timely basis. All our financial policies and procedures are well documented and everything is available for employees to refer to at any time. We also circulate our Annual Report to our stakeholders at the end of the year.
• Marketing: A detailed description of all our services is available on our website. The description also includes the pricing information, what each particular service includes, any discounts available to different kinds of customers etc.
• Donations: Since we accept donations towards our activities, we provide timely and relevant feedback to all the donors regarding our activities and how the funds were utilized. This feedback includes information regarding expenses incurred, outcomes and achievements and any other information that may be asked for.
• Incubatees: As an incubator, we have a formal entry process for potential companies / clients to adhere in order to be incubated by us. We have also published an exit policy for incubatees on our website. We also evaluate our policies yearly to fill any gaps in services and increase the potential benefit that an incubatee can get from us.

Accreditation

Venture Center has been accredited by Credibility Alliance (CA) under Desirable Norms - the highest level of accreditation offered by CA. This accreditation provides an independent, respected and credible recognition of the high standards of accountability, transparency and governance followed by Venture Center. The accreditation positions Venture Center as the only technology business incubator in India with CA accreditation.

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Public Disclosures

Disclosures about Venture Center to meet credibility and accountability norms

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FAQs for Corporate Governance