PRINCIPLES OF CORPORATE GOVERNANCE: THE INDIAN PERSPECTIVE
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Abstract
Corporate governance is a very complex and controversial area of the law. Corporate governance has increased in prominence over the decades. It has been an area of speedy development especially after big corporate collapses, comprehensive measures were required to ensure adherence to good practice in corporate governance. Corporate or Corporation is derived from Latin term "corpus" which implies a "body". Governance implies directing the procedures and frameworks put for fulfilling partner desire.
The Principles are intended to help policymakers evaluate and improve the legal, regulatory, and institutional framework for corporate governance, with a view to support economic efficiency, sustainable growth and financial stability. A primary worry in the corporate governance deliberations is to balance the profit-making objective of corporations against broader social responsibilities owed to the wider community. Good governance is essentially about effective leadership. Such leadership is characterized by the ethical values of responsibility, accountability, fairness and transparency and based on moral duties. The present paper goes for scrutiny on the various principles of corporate governance as embodied in the Indian legal system.
Corporate governance is beyond the realm of law. It stems from the culture and mindset of management, and cannot be regulated by legislation alone. Corporate governance is about ethical conduct in business. Ethics is concerned with the code of values and principles that enables a person to choose between right and wrong. Much more needs to be done to ensure the entrenchment of good governance standards, such as improving leadership.
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