Corporate governance And Sustainable
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The document discusses the principles of corporate governance and sustainable development. It states that corporate governance rests with the vision and perception of leadership, and leaders need a vision for governance. It also discusses how good governance practices can lead to benefits like growth, goodwill, access to markets and capital, and enhanced trust among stakeholders. Finally, it emphasizes that commitment to the well-being of all stakeholders is key to achieving sustainable development.
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Corporate governance And Sustainable
- 1. Corporate Governance and Sustainable Development Pavan Kumar Vijay Past President, ICSI MD, Corporate Professionals Date: 23/02/2010 Delhi University
- 5. Stakeholders in Value Chain 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 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 โ Round the Clock
- 7. Infact, these principles are the foundation of Best Governed Organisations irrespective of their form and size
- 13. Environment Civil Society Business Society SUSTAINABLE DEVELOPMENT
- 15. Satyam Vada Dharmam Chara - Taittariya Upanishad
- 22. Worshipping 33 Crore Godheads signifying various species, plants, cosmic elements, โฆ
- 25. The four essential principles of Mahatma Gandhi's philosophy Truth , Ahimsa , Trusteeship and Constructive Action
- 28. Outstanding Performance, Higher Profits, Expanded Market Reach and the like FAILS to protect a company which has put good governance & ethics at the back burnerโฆ. History is Witness S U C E S S D I S A S T E R
- 31. Secret behind building foundations ..โฆOnly the culture of strict adherence to good compliance can keep a company ahead on sustainable basis , bring in larger profitsโฆ
- 32. CORPORATE GOVERNANCE AT
- 33. Company Philosophy on Corporate Governance Corporate Governance standards should go beyond the law. Maintain high degree of disclosure levels. When in doubt, disclose. Make a clear distinction between personal conveniences & corporate resources. Management is the trustee of the shareholdersโ capital and not the owner.
- 34. Board Meetings 2. Drafting of Agenda by Chairman of the Board & Company Secretary in consultation with Lead Independent Director 3. Circulation to all Directors 4. Recommendations for inclusion of items 5. Inclusion of items in the agenda 6. Meetings of Committees 7. Formal Board Meeting with video conferencing facilities to all directors 1. Scheduling of dates of Board Meetings
- 35. Committees Management Audit Committee โ 6 Members โ All Independent Directors (Cl. 49 requires minimum 3 directors) Compensation Committee โ 4 Members โ All Independent Directors (Non-mandatory under Cl 49) Nomination Committee โ 5 Members โ All Independent Directors (Not required under Cl 49) Investorsโ Grievance Committee โ 4 Members โ All Independent Directors (Cl 49 requires only the Chairman to be independent) โ 0 Pending Complaint Investment Committee โ 7 Members โ All Executive Directors (Not required under CL 49) Each committee has its detailed charter.
- 37. And Thatโs what makes Infosys A value driven organization CRISIL โ CRISIL GVC Level 1 ICRA โ CGR 1
- 38. Present Status of CG Practices โ The CRISIL Experience Practice Status Equitable Treatment of Shareholders Moderate Transparency and Disclosure Relatively strong Composition of Board Scope for improvement Functioning of Board Moderate
- 39. Value Addition - The CRISIL Experience Stakeholders Status Share Holders High Debt Holders Highest Employees Moderate Customers High Suppliers Scope for improvement Society Scope for improvement
- 47. WINNING EMPLOYEES XCELLENCE GROWING INVESTORS DELIGHTED CUSTOMERS TRUSTED SUPPLIERS SATISFIED GOVERNMENT AND REGULATORS HAPPY SOCIETY
- 48. Thank You
Editor's Notes
- A very good Evening to all of you Distinguished Chief Guest Shri L K Advani, Honโble 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.
- Ladies and Gentlemen Corporate Governance rests with the Vision and Perception of the Corporate Leadership
- and The ICSI has adopted a Vision for Corporate Governance itself
- 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 โ Round the Clock
- In fact, these basic principles are the foundation of Best Governed Organisations, irrespective of their form and size
- Corporate Governance is not a buzzword, there are so many advantages of applying good corporate governance practices
- The first advantage is GROWTH Growing Revenues Growing Profits Growing Market Value
- 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
- and Enhanced Trust and Confidence of all Stakeholders INVESTORS EMPLOYEES CUSTOMERS SUPPLIERS GOVERNMENT AND REGULATORS, and SOCIETY at large
- Leading toโฆ
- SUSTAINABLE DEVELOPMENT
- Ladies and Gentlemen Commitment to well-being and progress of all stakeholders is our age old mantra
- 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
- โ Forever speak the truth and follow the dharmaโ
- Truthful disclosure of State of Affairs i.e. transparency operations and transactions.
- 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
- In Ayodhya Kand of Ramayana, Lord Rama explains the concept of Governance as โ to provide the maximum happiness for the maximum number of people for the maximum period, based as it is on the principles of Dharma โrighteousness and moral values.โ
- Mahatma Gnadhi said โThe Customer is Kingโ
- This is the soul behind modern Marketing Management
- We have been worshipping 33 Crore Gods signifying various species, plants, cosmic elements, โฆ or 33 Crore Components of Nature.
- We Care for Panchtatvas - Prithvi, Jal, Vaayu, Akaash and Agni that make a human being
- This is our approach to Environment Protection.
- 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 appointedย "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.
- Similarly, Corporates are also expected to use their Capacity, Knowledge and Resources towards maximisation stakeholdersโ value and well-being and progress of humankind (i.e. Dharma) through Transparency, accountability and truthful disclosure of state of affairs (i.e.Truth)
- This is our own age old mantra of Good Governance.
- Ladies and Gentlemen Companies that have won ICSI National Award for Excellence in Corporate Governance have
- Consistently earned high returns, increased their net worth and enhanced their shareholders wealth
- Invested significantly in proactive research and development
- Developed people into โachieversโ than just โperformersโ
- Dealt ethically with customers, government and business partners
- Maintained and updated their professional management culture, system and processes
- ..and accomplished
- 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
- Thank You