By Priyanka Kaushik Sharma
Company Governance Practices in India examines company governance perform in Indian undefined. This ebook severely analyses the governance perform and evaluates the desires of company governance within the significant industries in India: car and Heavy Engineering undefined.
Read or Download Corporate Governance Practices in India: A Synthesis of Theories, Practices, and Cases PDF
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Extra resources for Corporate Governance Practices in India: A Synthesis of Theories, Practices, and Cases
Equitable treatment of shareholders. The role of stakeholders in corporate governance. Disclosure and transparency. The responsibility of the board. CACG Guidelines: Principles for Corporate Governance in the Commonwealth (1999) The Commonwealth Association for Corporate Governance (CACG) has developed these guidelines of corporate governance mainly for commonwealth countries. The CACG Principles are:10 Principle 1 – The board should exercise leadership, enterprise, integrity, and judgment in directing the corporation, so as to achieve continuing prosperity for the corporation and to act in the best interest of the business enterprise in a manner based on transparency, accountability and responsibility; Principle 2 – The board should ensure that through a managed and effective process board appointments are made that provide a mix of proﬁcient directors, each of whom is able to add value and to bring independent judgment to bear on the decision-making process; Principle 3 – The board should determine the corporation’s purpose and values, determine the strategy to achieve its purpose and to implement its values in order to ensure that it survives and thrives, and ensure that procedures and practices are in place that protect the corporation’s assets and reputation; Principle 4 – The board should monitor and evaluate the implementation of strategies, policies, management performance criteria and business plans; Principle 5 – The board should ensure that the corporation complies with all relevant laws, regulations and codes of best business practice; Principle 6 – The board should ensure that the corporation communicates with shareholders and other stakeholders effectively; Codes and Standards of Corporate Governance 37 Principle 7 – The board should serve the legitimate interests of the shareholders of the corporation and account to them fully; Principle 8 – The board should identify the corporation’s internal and external stakeholders and agree a policy, or policies, determining how the corporation should relate to them; Principle 9 – The board should ensure that no one person or a block of persons has unfettered power and that there is an appropriate balance of power and authority on the board which is, inter alia, usually reﬂected by separating the roles of the chief executive ofﬁcer and chairman, and by having a balance between executive and nonexecutive directors; Principle 10 – The board should regularly review processes and procedures to ensure the effectiveness of its internal systems of control, so that its decision-making capability and the accuracy of its reporting and ﬁnancial results are maintained at a high level at all times; Principle 11 – The board should regularly assess its performance and effectiveness as a whole, and that of the individual directors, including the chief executive ofﬁcer; Principle 12 – The board should appoint the chief executive ofﬁcer and at least participate in the appointment of senior management, ensure the motivation and protection of intellectual capital intrinsic to the corporation, ensure that there is adequate training in the corporation for management and employees, and a succession plan for senior management; Principle 13 – The board should ensure that all technology and systems used in the corporation are adequate to properly run the business and for it to remain a meaningful competitor; Principle 14 – The board should identify key risk areas and key performance indicators of the business enterprise and monitor these factors; Principle 15 – The board should ensure annually that the corporation will continue as a going concern for its next ﬁscal year.
These recommendations mainly concerned the structure and responsibilities of boards of directors, and the role of auditors. Some of the main recommendations made are as follows: 1) No one individual should have unfettered/unlimited power of decision-making. 2) The board should include non-executive directors, and the majority of non-executive directors should be independent of management and free from any business or other relationship. 3) Non-executive directors should be appointed for speciﬁed terms and reappointment should not be automatic.
39 There is no separation of ownership and control in the system of corporate governance in these countries. The families actively participate in the management of the company, although they rely on bank ﬁnance for expansion and growth. There is no market for corporate control. The investment culture in these countries is dominated by family investment and banks. The equity culture is missing in many of these countries. 40 The main characteristics of the family-based model are: a) Closely held companies: the promoters’ family is a dominant shareholder.