Role Of Corporate Governance In Ensuring Accountability And Responsibility In Private Sector
Post on 23,September 2019   10:00 PM
By - Miss. Vibha Yadav
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A company or corporate is a collection of certain entities i.e. owners ( shareholders), board of directors, management, employees, suppliers, customers, and public in general. Corporate governance is the ethical practice of corporate administration where the interest of shareholders and other stakeholders always given high priority. It is basically the appropriate management and control of a company.

Ethics is at the core of corporate governance and management must reflect accountability for their actions at global level. 

Corporate governance initiatives in India: Indian approach of corporate governance is drawn from the Gandhian principle of trusteeship and the Directive Principles of the Indian Constitution, but this conceptualization of corporate objectives is also prevalent in Anglo-American and most other jurisdictions.
In India, both Ministry of corporate affair (MCA) and Security and exchange board of India(SEBI) are active in making rules and regulations related to corporate governance. On the recommendation of Kumarmangalam Birla committee report, SEBI for first time released the regulatory framework for listed companies.

In order to enhance the standards of corporate governance, SEBI enacted other laws like Securities Contracts (Regulation) Act, 1956; Securities and Exchange Board of India Act, 1992; and Depositories Act, 1996.
Naresh Chandra committee on corporate affairs and audit was appointed by the Ministry of corporate affair(MCA) and it has given two important recommendations on financial and non-financial disclosures: an independent auditing and board oversight of management. Ministry by enactment of company act and various amendments is trying to ensure transparency in corporate. With the goal of promoting better corporate governance practices in India, the Ministry of Corporate Affairs, Government of India, has set up National Foundation for Corporate Governance (NFCG) in partnership with Confederation of Indian Industry (CII), Institute of Company Secretaries of India (ICSI) and Institute of Chartered Accountants of India (ICAI).

Importance of corporate governance: The best practices of corporate governance are important not only for public or shareholders but also for the very existence of the company itself. Adopting corporate governance will increase the value, sustainability and long-term profits.

Way forward:Corporate governance is working on principles such as conducting the business with all integrity and fairness, transparency, making all the necessary disclosures and decisions, complying with all the laws of the land, accountability and responsibility towards the stakeholders and commitment to conducting business in an ethical manner. To comply with these principles are necessary for company to survive in global market. Transparent and responsible corporate system is essential for the economy of respective country and also to uphold the trust of various investors in the system.

 


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