corporate excellence through corporate governance indian prospect -09-05-2007
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Corporate Excellence through
Corporate GovernanceIndian Prospect
Corporate Excellence through
Corporate GovernanceIndian Prospect
Pavan Kumar Vijay
Past President, ICSI
MD, Corporate Professionals
9th May 2007
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Corporate Governance rests with the Vision and Perception of the Leadership
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and
A Leader need to adopt a Vision for Corporate Governance
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Corporate Governance FrameworkCorporate Governance Framework
Output – Input = Wealth Created ?
Sustainability
Happiness andProsperity of all
Stakeholders
Reinvestment
Distribu- tion
Research and DevelopmentHR DevelopmentInfrastructureRisk Management
SUPPLIERS Adequate ReturnsHUMAN ASSETS Adequate RemunerationCUSTOMERS Affordable PricesPUBLIC Payment of Taxes and Partnership in National Development Projects
Wealth Creation Wealth Management Wealth Sharing
EnhancedCapabilities
Best Management Practices are Vital Here Law and Ethics are Vital Here
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Stakeholders in Value ChainStakeholders in Value Chain
SUPPLIERS CUSTOMERSHUMAN 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 EnvironmentPUBLIC
PUBLIC EXPECTS PARTNERHIP FOR SUSTAINABLE DEVELOPMENT
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Principles of Corporate ExcellencePrinciples 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
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Infact, these principles are the foundation of
Best Governed Organisations
irrespective of their form and size
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Advantages of applying Best Corporate Governance Practices
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Growth
Growing Revenues
Growing Profits
Growing Market Value
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Widespread Goodwill and Brand Reputation
Access to Global Markets
Better Access to Human Capital
Ready Market for New Products
Widening Customer Base
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Enhanced Trust and Confidence of all
Stakeholders
EMPLOYEESEMPLOYEES
INVESTORSINVESTORS CUSTOMERSCUSTOMERS
SUPPLIERSSUPPLIERS
GOVERNMENT AND REGULATORS
GOVERNMENT AND REGULATORS
SOCIETYSOCIETY
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Leading to…
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Environment
Civil SocietyBusiness Society
SUSTAINABLEDEVELOPMENT
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Commitment to well-being and progress of all stakeholders is our age old mantra
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Satyam Vada Dharmam Chara
- Taittariya Upanishad
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“Forever speak the truth and follow the
dharma”
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Truth : Disclosure of Actual State of Affairs
(Transparency in operations and transactions)
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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
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Governance Concept in ‘Ramayana’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
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“The Customer is King”
- Mahatma Gandhi
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This is the soul behind modern
Marketing Management
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Worshipping 33 Crore Godheadssignifying various species, plants,
cosmic elements, …
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Care for Panchtatvas - Prithvi, Jal, Vaayu, Akaash and Agni that make a human
being
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This is our approach to
Environment Protection
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The four essential principles of Mahatma Gandhi's philosophy
Truth, Ahimsa, Trusteeship and Constructive Action
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Corporates are also expected 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
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This is our own age old mantra of
Good Governance
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Companies that have followed theseprinciples of
Corporate Governancehave
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Consistently earned high returns, increased their net worth and
enhanced their shareholders wealth
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Invested significantly in proactive research and development
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Developed people into ‘achievers’ than just ‘performers’
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Dealt ethically with customers, government and business partners
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Maintained and updated their professional management culture, system and processes
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..and accomplished
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WINNINGEMPLOYEES
WINNINGEMPLOYEES
GROWINGINVESTORS
GROWINGINVESTORS
DELIGHTEDCUSTOMERS
DELIGHTEDCUSTOMERS
TRUSTEDSUPPLIERS
TRUSTEDSUPPLIERS
SATISFIEDGOVERNMENT AND
REGULATORS
SATISFIEDGOVERNMENT AND
REGULATORS
HAPPYSOCIETY
HAPPYSOCIETY
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