MSCI, a global provider of research-based indexes and analytics, has raised concerns over corporate governance structure and role of independent director in Indian companies, especially the family run ones. In its first ever corporate governance report of any country, MSCI said that governance risks vary widely in India depending on the nature of the company’s ownership and the design of capital structure along with the impact on shareholders’ voting rights. Concentrated ownership dominates in India with 82.7% of MSCI ACWI (all country world index) constituents include a shareholder or shareholder group who control 30% or more of the voting rights. In case of family run companies, the separation of ownership and management remain a key challenge in majority of companies including some of India’s top ones. Family firms represent 49.3% of Indian MSCI ACWI constituents.