Corporate Governance Practices in Maharatna Companies: A Comparative Analysis of BHEL and SAIL

Ayushi Shukla; Jyoti Bhargava

Corporate Governance Practices in Maharatna Companies: A Comparative Analysis of BHEL and SAIL

Author(s)	Ms. Ayushi Shukla, Dr. Jyoti Bhargava
Country	India
Abstract	Corporate governance disclosure plays a crucial role in enhancing transparency, accountability, and stakeholder confidence in public sector enterprises. This study examines the corporate governance disclosure practices of Bharat Heavy Electricals Limited (BHEL) and Steel Authority of India Limited (SAIL), two prominent Central Public Sector Enterprises (CPSEs) in India, with the objective of evaluating the level of governance transparency and comparative disclosure performance. A Corporate Governance Disclosure Index (CGDI) was developed comprising ten key governance dimensions, including board composition, board functioning, independent directors, board committees, ethics and integrity, transparency practices, compliance mechanisms, shareholder communication, stakeholder responsibility, and sustainability reporting. The study is based on secondary data collected from the annual reports and corporate governance disclosures of the selected companies for the financial years 2022–23 to 2024–25. The findings reveal that both companies maintain a relatively high level of governance disclosure, indicating substantial compliance with regulatory frameworks such as the Companies Act, SEBI (LODR) Regulations, and Department of Public Enterprises guidelines. However, BHEL consistently demonstrates higher and more stable CGDI scores compared to SAIL, reflecting stronger governance transparency. While both enterprises perform well in areas such as ethics, integrity, and transparency practices, certain gaps persist in governance dimensions such as independent director evaluation, risk oversight, cybersecurity governance, and stakeholder engagement. The study also highlights the absence of Chairman–CEO separation in both companies, indicating structural limitations in governance practices. Overall, the research concludes that although governance disclosure frameworks in Indian CPSEs are well established, there is a need for continuous improvement in qualitative aspects of governance reporting, particularly in emerging areas such as ESG disclosures, board effectiveness, and stakeholder-oriented transparency to enhance accountability and long-term sustainability.
Keywords	Corporate Governance, Corporate Governance Disclosure Index (CGDI), Public Sector Enterprises, Governance Transparency, Board Structure, ESG Disclosure
Field	Business Administration
Published In	Volume 8, Issue 2, March-April 2026
Published On	2026-03-25

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Corporate Governance Practices in Maharatna Companies: A Comparative Analysis of BHEL and SAIL

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