Corporate Governance and Stewardship: Emerging Role and Responsibilities of Corporate Boards and Directors

"High-profile and infamous corporate scams in recent years have pushed corporate governance to the centre-stage in media, management academia and corporate world, raising questions on the credibility of corporations worldwide-their reputation, professed values, projected performances and commitment to the protection of shareholders' interests. Corporate Governance and Stewardship addresses the dire need for a critical scrutiny and urgent reform of corporate governance models and practices drawing upon the author's vast industry and academic experience, particularly his board-level responsibilities and pioneering role in designing and teaching courses in corporate governance. Combining practical applications with academic research, this book: • Review global initiatives in corporate governance • Lays down the basic requirements of governance, i.e., legislative and regulatory do's and don'ts from a study of the best Indian and international practices, and illumines their business and societal rationale • Delineates the structure, composition, processes, and responsibilities of the board and evaluation metrics of the board and its directors. • Explores the complementary role of the board and the executive in corporate strategy and risk management • Highlights the criticality and nitty-gritty of communication and disclosure of information • Discusses ethical issues of corporate values, reputation and accountability to stakeholders This book seeks to promote better understanding and practice of good corporate governance among company directors and senior executives; policy makers; and management faculty, researchers and students for sustainable corporate success. ""…Corporations have grown enormously…to a position of pre-eminence, such that their assets and revenues exceed the GDP of several sovereign countries put together. That such a powerful component of the economy is creating enormous national wealth…is not only a matter of great satisfaction to national governments, but also a cause of severe concern to ensure that it operates in conformity with accepted norms… there is a real possibility of expropriation of the created wealth and wealth-creating assets by those in operational control of the enterprise. It is in a country's national economic interest to contain such devious practices…"" ""…Corporate governance is considered an inseparable element in the country's economic DNA…It is the government's responsibility to provide for an orderly environment that would inspire confidence and trust on the part of domestic and international investors…"" This compelling rationale for good corporate governance is best driven home by a growing incidence of corporate failures and misdemeanours such as those in Enron, WorldCom, Lehman Brothers, and Satyam, and an equally growing demand for 'setting things right in the boardroom'. Responding to this demand, Corporate Governance and Stewardship comes as a timely offering from a dedicated proponent and strategist of good governance."