The Governance Standards are deteriorating every where in general and Corpoartes in particular these days.
it is for all Corporates to introspect and examine for themselves as to whether the Corporate Governance standards expected of them in respect of Production in terms of quality and quantity, Accounting, Transparency needed to satisfy the regulatory prescriptions of all regulators are in place and well adhered to as per the set national and international standrads.It is the responsibility of Boards of Directors of all Companies to qualify their annual statements of accounts with regard to the compliance of Governance standrads and highlight the merits and demerits if any.The Charteed Accountants Association of India has also a moral responsibility to ensure that the Companies they certify comply with the Corporate Governance principles in letter and spirit. The Securities and Exchange Board of India should take note of the companies being fired or penalised for failure of maintenace of quality and other Governance stanndards and accordinly notify those companies for improvement and facing penal measures in case of failure to comply with the standards expectedof them. Business without ethics cannot be sustainable and the reputation risk for being unethical is unpardonable and highly damaging not only to that business but to the country as a whole which is definitely avoidable and needs to be avoided to make in India a success story for ever..
Dr T V Gopalakrishnan
( This comment is sent to Business standard on the 21st April 2016.)
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