Corporate Governance
ZZZZZZZZZZZZZZZZZZ……………………………………….… BANG!!!
This appears to be the story of recent history of the world around us. From needless land rows to political absurdity, from terrorist attacks to corporate fraud, the skeletons continue tumbling out of the closet.
The recent confession by the promoter of an IT bellwether has brought to light the glaring deficiencies in the corporate setup in India. The world is looking to India as the principal competition to Chinese corporate prowess. The one thing that set up apart from our Chinese counterparts is the fact that transparency, professional management and corporate governance standards in India are light years ahead.
Or so we thought. Now we must wonder how “Independent” are the Independent directors. What purpose does cross-directorship between corporate and educational institutions play? What balances personal interest with fiduciary duty? When will creative accounting and auditing loopholes stop ballooning into corporate blackholes?
Enron, WorldCom, Arthur Anderson, Satyam….whose next?
The most important question is: Can we do something about it, and if yes what? We request readers to contribute their take on the issue. The best suggestions will be the announced in the next issue and will win prizes. Rush your entries in!!
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