A Board Culture of Corporate Governance

May 29th, 2015
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Adelphi University
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• First, there is no unique structure of “corporate governance” in the developed world; nor is one particular type unambiguously better than others. Thus, one cannot design a code of corporate governance for Indian companies by mechanically importing one form or another. • Second, Indian companies, banks and financial institutions (FIs) can no longer afford to ignore better corporate practices. As India gets integrated in the world market, Indian as well as international investors will demand greater disclosure, more transparent explanation for major decisions and better shareholder value.

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Corporate governanceINTRODUCTION:Corporate governance still remains an ambiguous and misunderstood phrase, threeaspects are becoming evident. First, there is no unique structure of corporate governance in the developed world; nor is one particular type unambiguously better than others. Thus, one cannot design a code of corporategovernance for Indian companies by mechanically importing one form or another. Second, Indian companies, banks and financial institutions (FIs) can no longer afford to ignorebetter corporate practices. As India gets integrated in the world market, Indian as well as international investors will demand greater disclosure, more transparent explanation for major decisions and better shareholder value. Third, corporate governance goes far beyond company law. The quantity, quality and frequency of financial and managerial disclosure, the extent to which the board of directors exercise their fiduciary responsibilities towards shareholders, the quality of information that management share with their boards, and the commitment to run transparent companies that maximise long term shareholder value cannot be legislated at any level of detail. Instead, these evolve due to the catalytic role played by the more progressive elements within the corporate sector and, thus, enhance corporate transparency and responsibilityA Minimal Definition:Corporate governance deals with laws, procedures, practices and implicit rules that determine acomp

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