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Corporate governance is the set of processes, customs, policies, laws, and institutions affecting
the way a corporation (or company) 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.

Although the idea of corporate governance has received wide attention, there are considerable
variations in the conceptual definition, even resulting in inconsistencies in the usages of the term
in its narrow sense; the term may describe the formal system of accountability of senior
management to the shareholders. At its most expensive , the term stretched to include the enter
network of formal and informal relations involving the cooperate sector and there consequence
for their society in general corporate governance as generally understood includes the structure
process, culture and system that engaged the successful operations of the organization.

Corporate governance is a multi-faceted subject. An important theme of corporate governance is

to ensure the accountability of certain individuals in an organization through mechanisms that try
to reduce or eliminate the principal-agent problem. A related but separate thread of discussions
focuses on the impact of a corporate governance system in economic efficiency, with a strong
emphasis on shareholders' welfare. There are yet other aspects to the corporate governance
subject, such as the stakeholder view and the corporate governance models around the world.

Recently the terms "governance" and "good governance" are being increasingly used in
development literature. Bad governance is being increasingly regarded as one of the root causes
of all evil within our societies. Major donors and international financial institutions are
increasingly basing their aid and loans on the condition that reforms that ensure "good
governance" are undertaken.



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Corporate 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.

 
  



DY A means whereby society can be sure that large corporations are well-run institutions to
which investors and lenders can confidently commit their funds.

DY ës a term that refers broadly to the rules, processes, or laws by which businesses are
operated, regulated, and controlled. The term can refer to internal factors defined by the
officers, stockholders or constitution of a corporation, as well as to external forces such
as customer groups, clients and government regulations.

DY ët safeguards against corruption and mismanagement, while promoting fundamental

values of a market economy in democratic society.



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Diagrammatic explanation of the Definition Corporate Governance






DY ën A Board Culture of Corporate Governance, business author  


 
defines Corporate governance as 'an internal system encompassing policies, processes
and people, which serves the needs of shareholders and other stakeholders, by directing
and controlling management activities with good business savvy, objectivity,
accountability and integrity. Sound corporate governance is reliant on external
marketplace commitment and legislation, plus a healthy board culture which safeguards
policies and processes.

DY Corporate governance is to conduct business in accordance with shareholders desire

while confirming to local laws and customs. - 


 





DY Corporate governance is all about promoting corporate fairness, transparency and
accountability -   .



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Key elements of good corporate governance principles include honesty, trust and integrity,
openness, performance orientation, responsibility and accountability, mutual respect, and
commitment to the organisation.

Of importance is how directors and management develop a model of governance that aligns the
values of the corporate participants and then this model periodically for its effectiveness. ën
particular, senior executives should conduct themselves honestly and ethically, especially
concerning actual or apparent conflicts of interest, and disclosure in financial reports.

Commonly accepted principles of corporate governance include:

DY º



!
 
 

  Organisations should respect the
rights of shareholders and help shareholders to exercise those rights. They can help
shareholders exercise their rights by effectively communicating information that is
understandable and accessible and encouraging shareholders to participate in general
meetings.

DY 


 " Organisations should recognize that they have legal and
other obligations to all legitimate stakeholders.

DY º









  The board needs a range of skills and
understanding - to be able to deal with various business issues and have the ability to
review and challenge management performance. ët needs to be of sufficient size and have
an appropriate level of commitment to fulfill its responsibilities and duties. There are
issues about the appropriate mix of executive and non-executive directors. The key roles
of chairperson and CEO should not be shared.



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DY 
#



 
 Organisations should develop a code of conduct for
their directors and executives that promotes ethical and responsible decision making. ët is
important to understand, though, that systemic reliance on integrity and ethics is bound to
eventual failure.

DY 
 

   # Organisations should clarify and make publicly known
the roles and responsibilities of board and management to provide shareholders with a
level of accountability. They should also implement procedures to independently verify
and safeguard the integrity of the company's financial reporting. Disclosure of material
matters concerning the organisation should be timely and balanced to ensure that all
investors have access to clear, factual information.





 
  




 

Y Oversight of the preparation of the entity's financial statements

Y ënternal controls and the independence of the entity's auditors
Y Review of the compensation arrangements for the chief executive officer and other senior
executives
Y The way in which individuals are nominated for positions on the board
Y The resources made available to directors in carrying out their duties
Y Oversight and management of risk



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The corporate contract between managers and shareholders is an incomplete contract.
Corporate law provides a set of standard terms that permit participants in the contract to enter
into an agreement by economizing on contracting costs. Corporate governance is a way to ensure
that the gaps are filled. The aims of managers and shareholders are not the same, i.e. there exists
an agency problem. Corporate governance exists to make sure managers do not shirk. The
separation of ownership and control necessitates mechanisms that align incentives and corporate
governance is one of these mechanism:

Y Corporate Governance is concerned with holding the balance between economic and
social goals andYbetween individual and communal goals.
Y The governance framework is there to encourage the efficient use of resources and equally
to require accountability for the stewardship of those resources. The aim is to align as
nearly as possible the interest of individuals, corporations and society
Y The foundation of any structure of corporate governance is disclosure. Openness is the
basis of public confidence in the corporate system and funds will flow to centers of
economic activity that inspire trust.´YSir Adrian Cadbury.

Corporate Governance refers to the way a corporation is governed. ët is the technique by which
companies are directed and managed. ët means carrying the business as per the stakeholders¶
desires. ët is actually conducted by the board of Directors and the concerned committees for the
company¶s stakeholder¶s benefit. ët is all about balancing individual and societal goals, as well
as, economic and social goals.

Corporate Governance is the interaction between various participants (shareholders, board of

directors, and company¶s management) in shaping corporation¶s performance and the way it is
proceeding towards. The relationship between the owners and the managers in an organization
must be healthy and there should be no conflict between the two. The owners must see that
individual¶s actual performance is according to the standard performance. These dimensions of
corporate governance should not be overlooked.



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DY 
#

  
A board of director with a low level of integrity is tempted to
misuse the trust reposed by shareholders and other stakeholders to take decision that benefit a
few at the cost of other.

DY à

#


 
The collective ability, in term of knowledge and skill, determines the
effectiveness of the board.

DY à! #


 
Board of directors cannot effectively supervise the executive
management if the process fails to provide sufficient and timely information to the board,
necessary for reviewing plan and the performance of the enterprise.

DY 






 
 

The quality of a board depends on the
commitment of individual member to tasks, which they are expected to perform as board
members.

DY 
 


: Accuracy and transparency in financial statement and disclosure, internal
controls and independence of auditors.

DY  

 


 "



   The level of participation of stakeholders
determines the number of new ideas being generated in optimum utilization of resources and
for improving the administrative structure and the process.

DY † 
#

 


The quality of corporate reporting depends on the
transparency and timeliness of corporate communication with shareholder.



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ën the context of globalization of operations of corporations and integration of financial markets,

the question whether any universal normative principles can be laid down has assumed
significance since corporate governance provisions and practices differ from country to country.
The basis for universal normative standards on corporate governance is to be found in the
German critical theory which elaborated a well developed normative ethical theory.

% 





 
#

Normative analysis of corporate capitalism uses morality as a tool for establishing

minimum standards which would be necessary for corporate capitalism to represent common
good. Morality deals with standards that an individual or group has about what is right and
wrong or good and evil. Morality addresses questions whether corporate practices promote
common good. Corporate capitalism represents a common good because competitive capitalist
markets are efficient and work on the basis of shareholder democracy.





Market competition has three basic effects that support the view that competitive capitalism
represents common good. These are:

DY Static efficiency of markets which guarantees Pareto optimality, an equilibrium condition

in which no one can any longer be made better off through an exchange without some
one else being made worse off.
DY Dynamic efficiency of the market which establishes consumer sovereignty in which
consumers determine through their consumption choice what products are to be
produced.



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DY Dynamic efficiency also ensures full employment since competition clears all markets
including labor.

However fine tuning of free markets requires oversight. ët has to be ensured that regulations are
in place to avoid the production of negative externalities and the role of labor is recognized to
protect it from unemployment, hazardous working conditions and below subsistence wages.
State intervention is necessary to secure these conditions.

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DY Good governance leads to congruence of interests of boards, management including

owner managers and shareholders.

DY Good governance provides stability and growth to the company.

DY Good governance system builds confidence among investors.

DY Good governance reduces perceived risks, consequently reducing cost of capital.

DY Adoption of good corporate governance practices promotes stability and long term
sustenance of stakeholders relationship.

DY Potential stakeholders aspire to enter into relationships with enterprises whose

governance credentials are exemplary.



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DY &
 


)

Corporate governance helps the company or business to protect the interest of the all stake
holders such as shareholders, customers, employees and the governments, society and suppliers,
competitors.

DY &



 
)

ët provided the information about the company financial position and also value of share in the
market should be put on the company web site that help the company to make issues of their
share i.e. collect the capital by public issues.

DY 



 )

A business which responds favorably to social needs enjoys a good reputation and consequently
good public¶s supports. A company that cares and has a concern for its employees, shareholders,
consumers, and society, will be respected by them and will enjoy a good public image.

DY 



* 


 )

ët helps the company to make optimum utilization of the available resources. ët means that at by
putting minimum cost and gets the maximum output that will also give good quality product to
consumer who is our stakeholder.



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DY 

 )

There are certain code of conduct is given that has to be followed by company. When they
preparing the reports. ët should be according to the company act 1956 and also the with
accounting standard which lay down in the memorandum of the company.

DY 

:-

There is various foreign financial investors¶ available or present market they like to invest in the
company. But they have to follow the good corporate governance because they expect the about
the quality of managements.

DY 

)

ët also helps to company to take advantages of the opportunities such as the joint venture,
licensed facilities and acquiring companies abroad. Also expand the company or diversification
take place.



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%

Corporate governance are the policies, procedures and rules governing the relationships between
the shareholders, (stakeholders), directors and managers in a company, as defined by the
applicable laws, the corporate charter, the company¶s bylaws, and formal policies.
Primarily it is about managing top management, building in checks and balances to ensure that
the senior executives pursue strategies that are in accordance with the corporate mission. ët
consists of a set of processes, customs, policies, laws and institutions affecting the way of a
corporation is directed, administered or controlled. Corporate governance governs the
relationship among the many players involved (the stakeholders) and the goals for which the
corporation is governed.

Evaluate the impact of firm-level corporate governance provisions on the valuation of firms in a
large cross-section of countries. Unlike previous work, we differentiate between minimally
accepted governance attributes that are satisfied by all firms in a given country and governance
attributes that are adopted at the firm level. This approach allows us to differentiate between
firm-level and country-level corporate governance. Despite the costs associated with improving
corporate governance at the firm level, we find that many firms choose to adopt governance
provisions beyond those that are adopted by all firms in the country, and that these improvements
in corporate governance are positively associated with firm valuation. Our results indicate that
the market rewards companies that are prepared to adopt governance attributes beyond those
required by laws and common corporate practices in the home country.



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They are merely extended arms of government and total administrative control is in the hands of
ministry.

For example: selection of CEO board has very little say, decision is taken by the government
through the concerned ministry with the help of public enterprise selection board. The board of
governor can neither fire nor can they alter his compensation package. Even in auditing the
major role is of CAG (controller and auditor general). Board is still powerful on paper and some
of the operating issues have to be bought through board for decision making.


 
 
 


MNC to raise the foreign stake sometimes issue the shares at very discounted price. Another one
is when the foreign parent has two subsidiaries in ëndia of which it holds higher stake (lets say
100%) in one and lower (lets say 51 %) in another one. MNC transfers shares from 1 subsidiary
(51%) to another (100%) at much discounted price. This implies large loss of minority share
holder of the company who has contributed to the investments that were made in the past to build
up these businesses.

DY


 






Y ( "
#
A large parallel black money economy exists in ëndia where transactions
are carried out in cash and are not recorded o books of accounts. This is accounted for
cheating the government and minority share holders
Y 

!



the valuation of 2 companies can be biased and the owner
may secretly acquire large position.



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OO


 
  

Y Board of directors
Y Managers
Y Workers
Y Shareholders or owners
Y Regulators
Y Customers
Y Suppliers
Y Community

Oè
 
  
 



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Y

Definition of ëndependent Director:

Report of the Committee on Audit and Corporate Governance (2003), has defined
ëndependent Director as a director:

DY Not receiving remuneration

DY Not related to promoters or management
DY Not an executive of the company in the last three years
DY Not a partner or executive in the Auditing firm
DY Not a significant supplier or vendor or customer
DY Not a shareholder owing 2% or more
DY Not been a director for more than three terms of three years each.

SEBë COMMëTTEE ON CORPORATE GOVERNANCE (2003) AND ëNDEPENDENT

DëRECTOR

Based on the committee on Audit and Corporate Governance (2003) definition, the report of the
committee on Corporate Governance (2003) defined the ëndependent Director as a Non
Executive Director of the company who:

DY Apart from receiving director¶s remuneration does not have any material
pecuniary relationships or transaction with the company.
DY ës not related to promoters or management.
DY Has not been an executive of the company in the preceding three years.
DY Not a partner or an executive of the statutory audit firm or internal audit firm that
is associated with the company.
DY ës not a supplier, service provider or customer of the company.
DY ës not a shareholder owing 2% or more of shares of company.



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Y Determine whether the Company permits Shareowners to vote their shares by proxy
regardless of whether they are able to attend the meetings in person.

Y Determine whether Shareowners are able to cast confidential votes.

Y Determine whether Shareowners can cast the cumulative number of votes allotted to their
shares for one or a limited number of Board nominees (³cumulative voting´).

Y Determine whether Shareowners can approve changes to corporate structures and policies
that may alter the relationship between Shareowners and the Company.

Y Determine whether and under what circumstances Shareowners can nominate individuals
for election to the Board.

Y Determine whether and under what circumstances Shareowners can submit proposals for
consideration at the Company¶s annual general meeting.

Y Determine whether the Board and management are required to implement proposals that
Shareowners approve.

Y Examine the Company¶s ownership structure to determine whether it has different classes
of common shares that separate the voting rights of those shares from their economic
value.



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$ 

Y Determine whether the Company has adopted a code of ethics, and whether the
Company¶s actions indicate a commitment to an appropriate ethical framework.

Y Determine whether the Company permits Board Members and management to use
Company assets for personal reasons.

Y Analyze both the amounts paid to key executives for managing the Company¶s affairs,
and the manner in which compensation is provided to determine whether compensation
paid to its executives is commensurate with the executives¶ level of responsibilities and
performance, and provides appropriate incentives.

Y ënquire into the size, purpose, means of financing and duration of share-repurchase
programs and price stabilization efforts.



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Factors influencing Corporate Governance:

SEBë website has summarized the factors which influence quality of governance in
ëndian companies.

DY 
#


  : A Board of Directors with a low level of integrity is tempted
to misuse the trust, reposed by shareholders and other stakeholders, to take decisions that
benefit a few at the cost of others.

DY à

#


(  The collective ability, in terms of knowledge and skill, of the Board
of Directors to effectively supervise the executive management determines the effectiveness
of the board.

DY à! #


 : Board of directors cannot effectively supervise the effective
management if the process fails to provide sufficient and timely information to the Board,
necessary for reviewing the plans and the performance of the enterprise.

DY 






 
 

 The quality of a board depends on
the commitment of individual members to tasks, which thy are expected to perform as board
members.

DY † 
#

 

: the quality of corporate reporting depends on the
transparency and timeliness of corporate communication shareholders. This helps the
shareholders in making economic decisions and in correctly evaluating the management in
its stewardship function.



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DY  

 


$ "



   The level of participation of
stakeholders determines the number of new ideas being generated in optimum utilization of
resources and for improving the administrative structure and the process. Therefore an
enterprise should encourage and facilitate stakeholders¶ participation.

º(
à,$º
º-

The report of the Advisory Group Corporate Governance (March 2001) appointed by RBë
defines corporate governance as the system by which business entities are monitored, managed
and controlled. According to the advisory group a good structure of corporate governance is one
that encourages symbiotic relationship among shareholders, executive directors and the board of
directors so that the company is managed efficiently and the rewards are equitably shared among
shareholders and stakeholders.

 



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Following are some reasons for recent awareness of corporate governance:

Y Directors of the company must realize that their job is to represent the shareholders and
other stakeholders and not offer themselves as the rubber stamp of the managing director.
Y There is rise of institutional investors and safeguard their interest.
Y ën the wake of globalization, there are numerous takeover moves in corporate world.
Y Advent of investigating reporting in business journalism.
Y Activism of regulatory bodies such as SEBë.
Y Corporate governance has to do with power and accountability.

Numerous companies have now laid elaborate systems, structures and procedures as part of
corporate governance. Companies now highlight their practices of corporate governance in their
annual reports. The corporate government movement in ëndia picked up momentum after the
debacle of big companies such as Enron, WorldCom and BCCë bank. Those where times when
the confidence of the financial community, shareholders and investors took a beating the world
over. ët was around that time that the foreign financial institutions started investing money in
ëndian companies, which also triggered the need for greater accountability. Today, fund
managers view firms such as Tata Motors, ëTC, Ranbaxy, ënfosys and Hero Honda Motors as
having higher governing standards.

The economic times did a survey of ëndian Corporate Governance and published its findings in
its issue dated August 19. The criteria used by the economic time survey to identify the winners
are as follows;

DY Accounting Quality.
DY Value creation focus.
DY Fair policies and actions.
DY Communication.
DY Effective governing board.
DY Reliability.



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1.Y ëNFOSYS TECHNOLOGëES.

2.Y TATA STEEL
3.Y WëPRO
4.Y HDFC BANK
5.Y HDFC
6.Y TATA MOTORS
7.Y RELëANCE ëNDUSTRëES
8.Y ëTC
9.Y RANBAXY LABORATORëES
10.YHëNDUSTAN LEVER
11.YHERO HONDA MOTORS
12.YLARSEN & TOUBRO
13.YSTATE BANK OF ëNDëA
14.YBAJAJ AUTO
15.YONGC
16.YGUJARAT AMBUJA CEMENT
17.YHëNDLCO ëNDUSTRëES
18.YGRASëM ëNDUSTRëES
19.YCëPLA
20.YBPCL.

Source: The Economic Times.



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Current policy of ënfosys is to have an appropriate mix of executive and independent director
to have independent board and to separate board functions of governance and management.
Board comprises of:

Y 15 members on board = 7 executives / full time director + 8 independent directors

Y Clearly defined responsibilities of CEO and COO and they have to make regularly
presentation in front of board of their responsibilities, performance and targets.

DY 

  Follows clause 49, also NASDAQ listing rule and also Sarbanes ±
Oxley Act, US

DY ( 

 

 

Board selects the new member and regularly works
with Chairperson, CEO and COO on the internal succession of these posts in case of
emergency.



DY ( 
 


Y To meet for quarterly review the results
Y To discuss issue related to financial performance and share holders interest
Y To keep independent director to date through regular meetings



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The compensation committee carries out formal evaluation of the employees. The COO and the
CEO handle the interaction with the clients, employees, institutional investors, the government
and the press. The risk management is handled by the board overall with the help of directions
from audit committee.



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2.

Hitachi, Ltd. and its 14 publicly owned group companies have adopted the Committee Systems
under the Company Law of Japan. By demarcating responsibilities for management oversight
and those for the execution of business operations, Hitachi is working to create a framework for
quick business operation, while making management highly transparent by having outside
directors on the Board of Directors. ën terms of the basic policy for corporate governance of the
Hitachi Group, Hitachi, Ltd. Standards of Corporate Conduct is positioned as the basis for the
Hitachi brand and CSR activities. Underpinned by this basic policy, Hitachi aims to foster shared
values throughout the group as well as a shared understanding of the social responsibilities a
corporation must fulfill. ën accordance with this policy, some of Hitachi's directors and executive
officers serve concurrently as directors and committee members at group companies. ën addition,
through the Hitachi Group Headquarters, established in April 2004, Hitachi is strengthening
integrated management of the group, improving management oversight of group companies and
executing business strategies formulated to enable the Hitachi Group to demonstrate its
collective strengths. The goal is higher corporate value.



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HDFC's core values of fairness, kindness, efficiency and effectiveness determine the principles
of the organization, which in turn determine the course of action of each employee in every
sphere of activity. These core values that HDFC hands down to its subsidiary and associate
companies weave in to form the corporate culture for the HDFC group. The HDFC group has
always been committed to the principles of transparency, integrity, accountability and social
responsibility. At the HDFC group, corporate governance is a voluntary, self-disciplining code,
which means not only ensuring compliance with regulatory requirements, but by also being
responsive to customer needs.

HDFC has always maintained that a strong customer focus and a value-driven organization are
the means of attaining 'profits in perpetuity'. More specifically, the focus of the Board and the
management has always been to ensure value creation for each of its stakeholders. The concept
of corporate governance is entering a phase of global convergence. The driver behind this is the
recognition that companies need to attract and protect all stakeholders, especially investors ±
both domestic and foreign. Global capital seeks its own equilibrium and naturally flows to where
it is best protected and bypasses where protection is limited or non-existent. Companies stand to
gain by adopting systems that bolster investor trust through transparency, accountability and
fairness.

The tide of regulation has risen to a high watermark and while there is compelling evidence of
financial benefits to companies which adopt good governance practices, it has often been felt that
the ethos of corporate governance still needs to sink in. Corporate irregularities continue to
plague investors as regulators relentlessly strive to cleanse the system. Financial scandals often
prompt an overhaul of regulation. But the efficacy of regulation can get negated when
compliance becomes a box-ticking exercise with prohibitive costs. Again, there is no single
model of good corporate governance. Principles, values and ethics cannot be typecast into a
universal one-size-fits-all framework...



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From the project we can conclude that the ëndian Corporate governance laws are in the infant
stage and cannot be implemented with authority.

Also corporate governance depends on the culture of the country. ën countries where people
believe in transparency and accountability, companies are forced to follow corporate governance.
And due to globalisation when these companies set up their operations in other countries the
culture is automatically passed on to these countries. Thus it helps in improving the corporate
culture in these countries as well.

Also with increased competition consumers prefer to buy products of companies who follow
good corporate governance policies. Even the investors invest in such companies. The recent
Reliance fight highlighted the fact that even such a big company did not follow corporate
governance. Thus it is we, the future managers of this country, who should work towards
creating a favourable climate in the companies we join in. Thus it is very important to study
corporate governance and forms an important topic of our curriculum.

DY By and large, ëndian listed companies have been legally mandated to follow fairly strict
standards of corporate governance and disclosure
DY Comparisons will show that the standards are far stronger than all Asian countries, and in
general stronger than most OECD countries
DY ëndian corporate sector regulators and companies have been quick to incorporate some of
the best international corporate governance and disclosure practices
DY The need of the day is more training« of directors, audit committee members and senior
executives of companies
DY The challenge is to design and sustain a system that imbibes the spirit of corporate
governance« and not merely the letter of the law



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Y PRëNCëPLES OF CORPORATE GOVERNANCE (page 39)

Y BUSëNESS ETHëCS AND CORPORATE GOVERNANCE (page 47)
Y STRUCTURES FOR CORPORATE GOVERNANCE (page 50)
Y ëNFOSYS CASE STUDY (Page 33)

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Y www.wikipedia.com
Y www.google.com
Y www.googlebooks.com
Y www.economictimes.com

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Y www.google.comY