Corporate excellence through corporate governance lecture at icai

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  • 1. Corporate Excellence throughCorporate Governance Pavan Kumar Vijay Immediate Past President, ICSI MD, Corporate Professionals
  • 2. Corporate Governance rests with the Vision and Perception of the Leadership
  • 3. and A Leader need to adopt aVision for Corporate Governance
  • 4. Corporate Governance”Corporate Governance is the application of bestmanagement practices, compliance of law in letterand spirit and adherence to ethical standardsfor effective management and distribution of wealthand discharge of social responsibility for sustainabledevelopment of all stakeholders” The Institute of Company Secretaries of India
  • 5. Corporate Governance Framework Wealth Creation Wealth Management Wealth Sharing ? Distribu- tion Happiness and Output – Input Prosperity of all = Wealth Created Stakeholders SUPPLIERS Adequate Returns ReinvestmentEnhancedCapabilities HUMAN ASSETS Adequate Remuneration Sustainability CUSTOMERS Affordable Prices Research and Development PUBLIC HR Development Payment of Taxes and Infrastructure Partnership in National Risk Management Development Projects Best Management Practices are Vital Here Law and Ethics are Vital Here
  • 6. Stakeholders in Value Chain ROLE OF STAKEHOLDERS Supply Value Addition and Give Opportunity to Co. Funds, Materials and Management of to Satisfy their Needs Services Resources SUPPLIERS HUMAN CUSTOMERS RESOURCE Adequate Returns for Adequate Salary and Best Quality Products Funds, Material and Security for leading a and Customer Care at Services Supplied Happy Life Minimum Prices EXPECTATIONS OF STAKEHOLDERSPotential Suppliers, Human Biological, Economic andResources and Customers PUBLIC Cultural Environment PUBLIC EXPECTS PARTNERHIP FOR SUSTAINABLE DEVELOPMENT
  • 7. Principles of Corporate Excellence Fairness to all stakeholders Mutual Trust, Transparency and Togetherness Unrestricted Communication and Continuous Feedback Sharing Knowledge, Success Stories and Experience Sharing Happiness and Concerns Helping Each Other – Round the Clock
  • 8. Infact, these principles are the foundation of Best Governed Organisations irrespective of their form and size
  • 9. Advantages of applyingBest Corporate Governance Practices
  • 10. Growing GrowingRevenues Profits Growth Growing Market Value
  • 11. Widening Ready Market forCustomer Base New ProductsWidespread Goodwill and Brand ReputationAccess to Global Better Access to Markets Human Capital
  • 12. CUSTOMERS INVESTORS EMPLOYEES Enhanced Trust and Confidence of all Stakeholders GOVERNMENT AND REGULATORS SOCIETYSUPPLIERS
  • 13. Leading to…
  • 14. Environment SUSTAINABLE DEVELOPMENT Business SocietyCivil Society
  • 15. Commitment to well-being and progress of all stakeholders is our age old mantra
  • 16. Satyam Vada Dharmam Chara - Taittariya Upanishad
  • 17. “Forever speak the truth and follow the dharma”
  • 18. Truth : Disclosure of Actual State of Affairs(Transparency in operations and transactions)
  • 19. Dharma : “Dharma is for the stability ofsociety, the maintenance of social order and thegeneral well-being and progress of humankind.” - Karna Parva of the Mahabharata. Verse-58 in Chapter 69
  • 20. Governance Concept in ‘Ramayana’ To provide “the maximum happiness for the maximum number of people for the maximum period, based on the principles of Dharma – righteousness and moral values.” - Ayodhya Kand
  • 21. “The Customer is King” - Mahatma Gandhi
  • 22. This is the soul behind modernMarketing Management
  • 23. Worshipping 33 Crore Godheads signifying various species, plants, cosmic elements, …
  • 24. Care for Panchtatvas -Prithvi, Jal, Vaayu, Akaash and Agni that make a human being
  • 25. This is our approach toEnvironment Protection
  • 26. The four essential principles of Mahatma Gandhis philosophyTruth, Ahimsa, Trusteeship and Constructive Action
  • 27. Corporates are also expected to use their Capacity, Knowledge and Resources TOWARDS DharmaMaximisation of stakeholders‟ value and well- being and progress of humankind THROUGH Truth Transparency, accountability and truthful disclosure of state of affairs
  • 28. This is our own age old mantra of Good Governance
  • 29. Companies that have followed these principles of Corporate Governance have
  • 30. Consistently earned high returns, increased their net worth andenhanced their shareholders wealth
  • 31. Invested significantly in proactive research and development
  • 32. Developed people into „achievers‟ than just „performers‟
  • 33. Dealt ethically with customers, government and business partners
  • 34. Maintained and updated their professionalmanagement culture, system and processes
  • 35. ..and accomplished
  • 36. WINNING GROWINGEMPLOYEES INVESTORS HAPPYDELIGHTED SOCIETYCUSTOMERS SATISFIED TRUSTED GOVERNMENT ANDSUPPLIERS REGULATORS
  • 37. Corporate Excellenceand ProfessionalAccountabilityFor Better Leadership Leaders need to strive for excellence in Corporate Governance because
  • 38. Excellence in Corporate NationalGovernance leads to ExcellenceNational Excellence Social Excellence Corporate Excellence Excellence in Corporate Governance
  • 39. Professionals are acting as Catalyst in applying best practices inCorporate Governance
  • 40. Professionals are adequately developed to take this challenging job
  • 41. We all Professionals must also bind ourselves by a Code of Conduct
  • 42. Integrity Independence Thus ensuring highest level ofExcellenceInnovation
  • 43. Opportunities to serve the Nation are unlimited
  • 44. All you need to do is:• Understand Industry Needs• Gain „Substantial Knowledge of Management‟ – Learning little more than what is included in the course curriculum• Provide PQRS – Productivity, Quality, Reliability and Service• Use 3Cs - Creativity, Confidence and Communication• Conduct Periodical SWOT Analysis of Self• Use Technology to Beat Technology
  • 45. CAPITAL MARKET ANDTOURISM AND HOTEL FINANCIAL SERVICES ITS INTERMEDIARIES TEXTILES BANKING AND NBFCS IT ENABLED Gain DRUGS, PHARMA SERVICES AND BPO Knowledge of AND HEALTHCARE IT SOLUTIONS Industry CAPITAL GOODS INFRASTRUCTURE, AGRICULTURE ANDPOWER AND TELECOM FOOD PROCESSING MEDIA AND HOUSING AND FMCG ENTERTAINMENT CONSTRUCTION
  • 46. SECRETARIAL STRATEGY AND LEGAL FINANCIAL AND ACCOUNTS Gain HUMAN Knowledge of RESOURCES CORPORATE ManagementCOMMUNICATION Functions R&D AND PRODUCTION INFORMATION MARKETING TECHNOLOGY
  • 47. Providing PQRS• Productivity – Nation expects you to use resources in most profitable manner• Quality – There is no compromise on quality• Reliability – Companies require trust in abilities and loyalty to company all the time• Service – Value Added Services with courtesy and smile is absolute necessity
  • 48. Using 3Cs• Creativity – Innovation is the critical success factor• Confidence – Believe in Yourself (Yes, You Can Do It)• Communication – It is how you make people know about your creativity and confidence. It is Communication that creates opportunities.
  • 49. Periodical SWOT Analysis• Strengths: What are my strengths?• Weaknesses: What are my weaknesses?• Opportunities: What are new opportunities?• Threats: What are new threats? So that you can CHANGE with the TIME
  • 50. Use Technology to BeatTechnology• Internet and E-commerce• Enterprise Resource Planning (ERP)• ERP and CRM Tools for Practicing Consultants• Data Warehousing and Data Mining• Computer Based Complex Business Analysis ModelsThere are many more...
  • 51. Co-operate instead of Competing
  • 52. Optimism Comes from Co-operation
  • 53. It‟s a matter of Perception and Positive Thinking