Corporate Governance- An Introduction

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Corporate Governance Presentation on By

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Group Members Shahid Iqbal Ashish Chandra Tilak Dwivedi

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Project Guided By Prof. Mukesh Ranga Honorable Faculty of the Institute (IBM)

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Corporate Governance

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What is Corporate Governance? Derived from “Gubernate”… To Steer… To steer an organization in desired direction… Concerned with nature, purpose & integrity of the organization…

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Contd… Focuses on entity’s Relevance, Continuity & fiduciary aspects… An eternal source of inspired thinking & dedicated action…

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Evidence from Arthashastra… All administrators including King were considered as a servant of people… Link between good governance & stability… Responsiveness, accountability of leaders …

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Duties of a King… Vriddhi King Palana Yogakshema Raksha Source of idea- ICSI book Module -4

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Raksha Literal Meaning Corporate Scenario Protection Risk Management aspect Vriddhi Growth Stakeholder Value Enhancement Palana Maintenance/Compliance Compliance to the law in letter & spirit Yogakshema Social security Corporate Social Responsibility Comparison from current Scenario…

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Definition… The conduct of business in accordance with shareholders’ desire… Milton Friedman Relationship among various participants in determining the direction & performance of a corporation… Monks & Minow

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Corporate Governance Code(CGC)… CII Desirable CGC Kumar Mangalam Birla Committee N. R. Narayana Murthy Committee

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Corporate Governance Code(CGC)… CII Desirable CGC Corporate Governance deals with laws, procedures determining a company’s ability… To take informed managerial decisions… A global consensus about its objective… (Maximizing long-term shareholder value)

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Corporate Governance Code(CGC)… CII Desirable CGC Kumar Mangalam Birla Committee N. R. Narayana Murthy Committee

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Corporate Governance Code(CGC)… Strong corporate governance is indispensable to resilient capital market… An important instrument of investor protection… Viable and accessible financial reporting structure… Kumar Mangalam Birla Committee

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Corporate Governance Code(CGC)… CII Desirable CGC Kumar Mangalam Birla Committee N. R. Narayana Murthy Committee

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Corporate Governance Code(CGC)… It is the acceptance by management of rights… It is about commitment of values & ethical business conduct… A distinction between personal & corporate funds… N. R. Narayana Murthy Committee

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Principles of Corporate Governance… By ICSI… Source of idea- ICSI book Module -4

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Objectives of Corporate Governance… To take independent & objective decisions… To sub serve the concerns of stakeholders… Keep the shareholders informed… To monitor regularly the functioning of management…

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Elements of Good Corporate Governance… Role & powers of board… Legislation… Management Environment… Board Skills… Source of idea- ICSI book Module -4

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Elements of Good Corporate Governance… Board Induction Board Independence Board Meetings Code of Conduct… Strategy Setting Business Obligations Financial Reporting… Source of idea- ICSI book Module -4

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Monitoring Board Performance Elements of Good Corporate Governance… Audit Committees Risk Management Board appointments Source of idea- ICSI book Module -4

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Summarized factors for good governance… Provides stability & growth to the enterprise Builds confidence amongst stakeholders Reduces perceived risks & reduces the cost of capital Provides long term sustenance & strengthens stakeholders’ relationship

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Conclusion… Brings an equilibrium between the expectations of the owners, employees etc Building bonds with shareholders, employees, investors etc… Ensuring commitment of board in managing company… Desired levels of CG lies with corporate themselves…

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Topic Distribution… From Slide 1 to 6 - Ashish Chandra From Slide 7 to 12 - Shahid Iqbal From Slide 13 to 18 - Tilak Dwivedi

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Source of Information… Book- Governance, Business Ethics & Sustainability (Module-4) Professional programme THE INSTITUTE OF COMPANY SECRETARIES OF INDIA (ICSI) http://www.icsi.in/Study%20Material%20Professional/GBES.pdf Website URL