The Need for Corporate Governance

May 29th, 2015
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Arcadia University
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Introduction to the concept of Corporate Governance The concept of corporate governance is poorly defined because it potentially covers a large number of distinct economic phenomenons. As a result, different people have come up with different definitions that reflect their special interest in the field. We will start with widely accepted explanation and will try to develop one of comprehensive explanation of the term. Internationally corporate governance is considered as an - • International term for responsible corporate management and supervision oriented toward creating long-term added value.

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Corporate Governance has been in place for ages and still in modern day corporate world we see fiascos like Satyam taking place in modern India, which really raises doubt about our financial and commercial ethics, and make us look bad in front of the world. For a nonprofessional corporate governance is almost an alien concept but even they understand something called corporate social responsibility (CSR) and they expect the corporations to be honest and maintain very high level of integrity. Today large number of retail investors are entering in stock market in order to search for better returns or some even invest to earn their bread & butter or may be even for getting future security and in this scenario a big IT and outsourcing player like Satyam gets involved in creative accounting practices or in other words cooking their financial statements, which hurts the financial position of millions of small time investors who not only loose their hard earned money, savings but even their faith in corporate houses and their hope for better future. I term this failure as failure of Corporate Social Responsibility and this happened due to not following corporate governance code. We simply cannot over look the importance of governance of the company and say that it is the governance of country which is more important neither we can term failure of Satyam as failure of central or state government failure the company is more responsible for this fiasco as they were responsible for u

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