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Corporate Excellence Through Corporate Governance Indian Prospect 09 05 2007
The document discusses the significance of corporate governance in achieving corporate excellence, emphasizing leadership vision, stakeholder satisfaction, and sustainable development. Key principles include transparency, fairness, and ethical practices that lead to enhanced profitability and stakeholder trust. It highlights the benefits of adopting best governance practices, which result in growth, brand reputation, and social well-being.
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Corporate Excellence Through Corporate Governance Indian Prospect 09 05 2007
- 1. Corporate Excellence through Corporate Governance Indian Prospect Pavan Kumar Vijay Past President, ICSI MD, Corporate Professionals 9 th May 2007
- 2. Corporate Governance restswith the Vision and Perception of the Leadership
- 3. and A Leaderneed to adopt a Vision for Corporate Governance
- 4. Corporate Governance FrameworkOutput – Input = Wealth Created ? Sustainability Happiness and Prosperity of all Stakeholders Reinvestment Distribu- tion Research and Development HR Development Infrastructure Risk Management SUPPLIERS Adequate Returns HUMAN ASSETS Adequate Remuneration CUSTOMERS Affordable Prices PUBLIC Payment of Taxes and Partnership in National Development Projects Wealth Creation Wealth Management Wealth Sharing Enhanced Capabilities Best Management Practices are Vital Here Law and Ethics are Vital Here
- 5. Stakeholders in ValueChain SUPPLIERS CUSTOMERS HUMAN RESOURCE Supply Funds, Materials and Services Value Addition and Management of Resources Give Opportunity to Co. to Satisfy their Needs Adequate Returns for Funds, Material and Services Supplied Adequate Salary and Security for leading a Happy Life Best Quality Products and Customer Care at Minimum Prices ROLE OF STAKEHOLDERS EXPECTATIONS OF STAKEHOLDERS Potential Suppliers, Human Resources and Customers Biological, Economic and Cultural Environment PUBLIC PUBLIC EXPECTS PARTNERHIP FOR SUSTAINABLE DEVELOPMENT
- 6. Principles of CorporateExcellence 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
- 7. Infact, these principlesare the foundation of Best Governed Organisations irrespective of their form and size
- 8. Advantages of applying Best Corporate Governance Practices
- 9. Growth Growing RevenuesGrowing Profits Growing Market Value
- 10. Widespread Goodwill andBrand Reputation Access to Global Markets Better Access to Human Capital Ready Market for New Products Widening Customer Base
- 11. Enhanced Trust andConfidence of all Stakeholders EMPLOYEES INVESTORS CUSTOMERS SUPPLIERS GOVERNMENT AND REGULATORS SOCIETY
- 12.
- 13. Environment Civil SocietyBusiness Society SUSTAINABLE DEVELOPMENT
- 14. Commitment to well-beingand progress of all stakeholders is our age old mantra
- 15. Satyam Vada DharmamChara - Taittariya Upanishad
- 16. “ Forever speakthe truth and follow the dharma ”
- 17. Truth : Disclosure of Actual State of Affairs (Transparency in operations and transactions)
- 18. Dharma : “Dharma is for the stability of society, the maintenance of social order and the general well-being and progress of humankind .” - Karna Parva of the Mahabharata. Verse-58 in Chapter 69
- 19. 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
- 20. “ The Customeris King” - Mahatma Gandhi
- 21. This is thesoul behind modern Marketing Management
- 22. Worshipping 33 CroreGodheads signifying various species, plants, cosmic elements, …
- 23. Care for Panchtatvas - Prithvi , Jal , Vaayu , Akaash and Agni that make a human being
- 24. This is ourapproach to Environment Protection
- 25. The four essentialprinciples of Mahatma Gandhi's philosophy Truth , Ahimsa , Trusteeship and Constructive Action
- 26. Corporates are alsoexpected to use their Capacity, Knowledge and Resources Maximisation of stakeholders’ value and well-being and progress of humankind TOWARDS THROUGH Transparency, accountability and truthful disclosure of state of affairs Dharma Truth
- 27. This is ourown age old mantra of Good Governance
- 28. Companies that havefollowed these principles of Corporate Governance have
- 29. Consistently earnedhigh returns, increased their net worth and enhanced their shareholders wealth
- 30. Invested significantly in proactive research and development
- 31. Developed people into‘ achievers’ than just ‘ performers’
- 32. Dealt ethically with customers, government and business partners
- 33. Maintained and updatedtheir professional management culture, system and processes
- 34.
- 35. WINNING EMPLOYEES XCELLENCEGROWING INVESTORS DELIGHTED CUSTOMERS TRUSTED SUPPLIERS SATISFIED GOVERNMENT AND REGULATORS HAPPY SOCIETY
- 36.
Editor's Notes
- #2 A very good Evening to all of you Distinguished Chief Guest Shri L K Advani, Hon’ble Deputy Prime Minister of India, Justice Shri M N Venkatachalliah, Shri M M K Sardana, Shri G N Bajpai, Shri S Gangopadhyay, Shri N K Jain, Members of the Jury, My Fellow Council Members, Senior Government officials, Corporate Executives, Invitees, Members of Profession, Students, Ladies and Gentlemen.
- #3 Ladies and Gentlemen Corporate Governance rests with the Vision and Perception of the Corporate Leadership
- #4 and The ICSI has adopted a Vision for Corporate Governance itself
- #7 The ICSI Parivar follows principles based on ethics and humanity 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 In fact, these basic principles are the foundation of Best Governed Organisations, irrespective of their form and size
- #9 Corporate Governance is not a buzzword, there are so many advantages of applying good corporate governance practices
- #10 The first advantage is GROWTH Growing Revenues Growing Profits Growing Market Value
- #11 Companies get Widespread Goodwill and Brand Reputation, resulting into Widening Customer Base Ready Market for New Products Access to Global Markets, and Better Access to Human Capital
- #12 and Enhanced Trust and Confidence of all Stakeholders INVESTORS EMPLOYEES CUSTOMERS SUPPLIERS GOVERNMENT AND REGULATORS, and SOCIETY at large
- #13 Leading to…
- #14 SUSTAINABLE DEVELOPMENT
- #15 Ladies and Gentlemen Commitment to well-being and progress of all stakeholders is our age old mantra
- #16 Taittariya Upanishad, which has for ages strengthened our centres of education, contains invaluable advice to students passing out from an institute of learning - Satyam Vada Dharmam Chara
- #17 “ Forever speak the truth and follow the dharma”
- #18 Truthful disclosure of State of Affairs i.e. transparency operations and transactions.
- #19 In the Karna Parva of the Mahabharata Chapter 69 says: Dharma is for the stability of society, the maintenance of social order and the general well-being and progress of humankind i.e. the Overall Governance
- #20 In Ayodhya Kand of Ramayana, Lord Rama explains the concept of Governance as “ to provide the maximum happiness for the maximum number of people for the maximum period, based as it is on the principles of Dharma –righteousness and moral values.”
- #21 Mahatma Gnadhi said “The Customer is King”
- #22 This is the soul behind modern Marketing Management
- #23 We have been worshipping 33 Crore Gods signifying various species, plants, cosmic elements, … or 33 Crore Components of Nature.
- #24 We Care for Panchtatvas - Prithvi, Jal, Vaayu, Akaash and Agni that make a human being
- #25 This is our approach to Environment Protection.
- #26 The four essential principles of Mahatma Gandhi's philosophy - Truth, Ahimsa, Trusteeship and Constructive Action are widely quoted the worldover. Gandhi said we don't own the talent but we are appointed "Trustees" by God and so we must use the talent to help others, less fortunate or talented than us. The Board of Director being Trustees should work with highest level of integrity and independence and strive for growth of all stakeholders.
- #27 Similarly, Corporates are also expected to use their Capacity, Knowledge and Resources towards maximisation stakeholders’ value and well-being and progress of humankind (i.e. Dharma) through Transparency, accountability and truthful disclosure of state of affairs (i.e.Truth)
- #28 This is our own age old mantra of Good Governance.
- #29 Ladies and Gentlemen Companies that have won ICSI National Award for Excellence in Corporate Governance have
- #30 Consistently earned high returns, increased their net worth and enhanced 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 professional management culture, system and processes
- #35 ..and accomplished
- #36 Growing Investors Winning Employees Delighted Customers Trusted Suppliers Satisfied Government And Regulators Happy Society That is Excellence, which everyone aspires for and that leads to National Growth
- #37 Thank You