Corporate Governance in Industry, university, educational institutes, Hospitals, Government organization NGOs and other service firms is a timely subject requiring attention for the proper governance in all these sectors. Every day, in the news Paper, there are news of Scandals in industry, government and others, indicating improper governance hurting the / stack holders and environment of the country.
Corporate Governance refers to the system corporation in all these sectors are directed and controlled. The governance structure specifies the rights and responsibilities among participants in the corporation, stating from top management, chief executive, his team of managers, board of directors, share holders, creditors, suppliers, regulators, customers and other stack holders. Governance provides the structure through which corporations set and pursue the objectives and meeting legal requirements as specified, all thru which stack holders interest are protected.
Securities and exchange Board of India is the watchdog, looking very carefully, the working of each major corporation of its meeting corporate governance stipulations. Immediate reports are made for the public of the companies not implementing stipulation. Investors punish such companies by their share values/prices dropping drastically. Investors lose their confidence in such companies. Today’s news of a well known company sent to jail by the Supreme Court in co operation with SEBI is an example of poor corporate governance.
The Conference that SIM has organized on “Corporate Governance” is basically on the contemporary issues & Challenges in Indian Economic Environment is expected to provide not only insightful summary of the work being done in this area, but, more importantly, it would help generate new research directions in the area of corporate governance. These could be picked up for any further work to improve upon the delivery of corporate governance by firms operating in Indian economic environment.