STRENGTHENING CORPORATE GOVERNACE
Keywords:
Corporate Sector, CSR, lack of public confidenceAbstract
The present lack of public confidence in Corporate Sector has two major root problems. First the Public has come to believe that corporate executives are more interested in their bank accounts then the interest of their stakeholder’s especially independent stock owners, retirees, employees and women. The Sarbanes Oxley Act 2002 addresses the problem through tougher penalties for white collar criminals and requirements that hold CEOs and CFOs primarily and personally responsible for disclosure in financial statements. Secondly the Public has come to believe that first problem is a norm. This false public perception that everyone does it in corporate world cannot be eliminated by tougher laws and regulations. This can only be achieved through tradition of ethical standards in Corporate Sector and greater transparency in disclosure norms in financial statements and other public documents. Though we must punish the wrongdoers but more important is to recognize and reward the majority of honest corporate executives, board members and auditors who are known for their integrity and hard work. No one can argue the fact that there is no dearth of ethical individuals in Corporate Sector. Unless we debunk the myth of every one does in Corporate Sector we may write the obituary of Corporate world.
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