HISTORY & NEED OF CORPORATE GOVERNANCE

May 29th, 2015
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Major players in area of Corporate governance: 1) Within the corporation: a) The board of directors b) The shareholders c) The employees 2) Outside the corporation are: a) Regulatory agencies such as SEBI, RBI b) Lenders of finance such as banks. c) Customers, suppliers and society.

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CORPORATE GOVERNANCEDefinitions:Corporate governance is to conduct business in accordance with shareholders desire while confirming to local laws and customs. - Milton FriedmanCorporate governance is all about promoting corporate fairness, transparency and accountability. J.Wolfensohn.MeaningCorporate governance is the system by which the company is directed and controlled by the management in the best interest of the stakeholders (shareholders, investors, employees, customers, suppliers and others).The board of directors of the company is responsible for the corporate governance by ensuring transparency in business operations and accountability on their part to protect the interests of the stakeholders.Major players in area of Corporate governance:1) Within the corporation:a) The board of directorsb) The shareholdersc) The employees2) Outside the corporation are: a) Regulatory agencies such as SEBI, RBIb) Lenders of finance such as banks.c) Customers, suppliers and society.Corporate governance depends upon the 2 factors:1) The first is the commitment of the board of director and management for the principle of integrity and transparency in business operation.2) The second is the legal and administrative framework and the administrative framework created by the government. If public governance is weak, then we cannot have good Corporate Governance.Corporate governance objectives:The main objectives of the Corporate governan

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