Martin Luther King Jr. said, “Our lives begin to end the day we become silent about things that matter”. For Indians to understand that is not difficult.
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Just read ‘My experiments with truth’ by Mahatma Gandhi. Ownership of failure gives you so much price and conviction. Running a company is in fact all experiments of failures. You will learn a lot more by discussing failures. Why don’t you discuss failures in quarterly returns? Because today companies that survive they have had many failures. Can you own up your failures like Gandhi and Obama? No doubt, in the world there only a few who own up failure. In the public, business and corporate context this has becoming a serious matter in India.
Corporate governance means best practices of processes, rules, policies etc which affects the way a firm is heading, or being controlled. Corporate governance also says the relationships between the many players interested and the goals for which the corporation is governed. Corporate governance is the set of processes, customs, policies, laws, and institutions affecting the way a corporation is directed, administered or controlled. Corporate governance also includes the relationships among the many stakeholders involved and the goals for which the corporation is governed. The principal stakeholders are the shareholders, management, and the board of directors. Other stakeholders include employees, customers, creditors, suppliers, regulators, and the community at large. Corporate governance has emerged as an important both in India and globally. Expectations of stakeholders are extremely high and the scrutiny by regulators and investors incredibly stringent. As a consequence, Indian companies are proactively implementing measures for the same. Going forward, one of the most important challenges for Board members is to build a foundation of trust with management, the investment community, regulatory agencies and the public. The stakes are high and the margin for error is low and while new standards are emerging, one thing remains clear: the responsibility to adopt sound governance practices has been placed squarely on corporate Directors and officers. Indispensable Principles of Corporate Governance: o Discipline in operations o Transparency in dealings and disclosures o Accountability to shareholders o Responsibility of company’s action o Social Responsibility o Improving group dynamics and harnessing individual talents o Enhancing early-warning mechanisms for critical risks o Mitigating exposure to liability o Building credibility and trust with stakeholders o Embedding sustainability as a corporate value
Whatever be the principles embedded in the process of corporate governance, the world can not be free from malaise of mis-governance. The degrees and intensities of mis-governance matter more on perception, position, interpretation, inflections, and situation. However, truth is truth. In case of corporate governance in India we have many records of good governance as well as mis governance.
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