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Corporate Governance rests with the Vision and Perception of the Leadership
Corporate Governance
Corporate Governance is the application of best management practices, compliance of law in letter and spirit and adherence to ethical standards
for effective management and distribution of wealth and discharge of social responsibility for sustainable development of all stakeholders The Institute of Company Secretaries of India
Wealth Management
Wealth Sharing
Happiness and Prosperity of all Stakeholders SUPPLIERS Adequate Returns HUMAN ASSETS Adequate Remuneration
?
Reinvestment
Distribution
CUSTOMERS Affordable Prices PUBLIC Payment of Taxes and Partnership in National Development Projects
SUPPLIERS
HUM AN RESOURCE
CUSTOMERS
EXPECTATIONS OF STAKEHOLDERS
PUBLIC
Fairness to all stakeholders Mutual Trust, Transparency and Togetherness Unrestricted Communication and Continuous Feedback Sharing Knowledge, Success Stories and Experience Sharing Happiness and Concerns
Infact, these principles are the foundation of Best Governed Organisations irrespective of their form and size
Growing Revenues
Growing Profits
Growth
CUSTOMERS CUSTOMERS
SUPPLIERS SUPPLIERS
SOCIETY SOCIETY
Leading to
Environment
SUSTAINABLE DEVELOPMENT
Civil Society Business Society
Consistently earned high returns, increased their net worth and enhanced their shareholders wealth
Maintained and updated their professional management culture, system and processes
..and accomplished
National Excellence
Social Excellence
We have to Commit our self for well-being and progress of all stakeholders Which is our age old mantra
- Taittariya Upanishad
truth dharma
Truth : Disclosure
Dharma :
Dharma is for the stability of society, the maintenance of social order and the general well-being and progress of humankind.
Good Governance
Dharma
Maximisation of stakeholders value and wellbeing and progress of humankind THROUGH
Truth
Through
Ethical Behavior Unmatched Competency Multifacet effective value addition Expert knowledge & implementation Competent services International standards
Risk management
Remuneration of directors
Part of wealth distribution & management
It can be visualized as
New Opportunities
For Professionals
New Responsibilities
New Opportunities
Segment wise role & responsibilities Specialized Knowledge & expertise Compliance mechanism for all the applicable laws Applicable national & international accounting standards Vigilance and surveillance as independent director Expert services under Audit Committee & BOD committees
New Opportunities contd. Guidance and Board Procedures Code of Conduct Guidance & implementation Good Governance Practices Implementation of International practices Implementation of time bound flawless compliance mechanism
As a independent director
Expectations Value addition Expert Guidance Vigil on the affairs Unbiased opinion Responsibility Knowledge Applicable legal provisions Information extraction True & effective governance
As a professional in employment
Expectations as CEO/CFO Compliance of all provisions Better management & governance Vigil on the affairs Expertise utilization for the growth of the organization Responsibility True & correct representation Specialized Guidance to the management Information extraction Evaluating future growth potential
As a professional in practice
Expectations Extended Expertise Responsibility True & Independent representation Multifacet and updated Specialized Guidance knowledge to the management Compliance of all Regular & quick applicable provisions updation to the management Implementation of Proactive actions in effective policy and the interest of the practice company
Companies need help of professionals to formulate these processes, systems & policies to maximize the benefits of Corporate Governance
Constraints
Example
Provision Signing of Prospectus Liability Criminal liability for any misstatement in the prospectus All the directors Imprisonment 2 Years
Conclusion
Corporate Governance has bought up new opportunities coupled with hard responsibilities Professionals need to be cautious about the constrains and maintain extra vigilance and care while discharging their responsibilities
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