In the changing global scenario, it has become necessary
to bring in effective governance practices in the corporate sector. Various
important and valuable lessons have been learned from the series of corporate
collapses that occurred in different parts of the world. Accordingly,
several codes, guidelines and principles have been made and implemented
covering varied aspects of corporate governance. They were introduced
in order to restore investors' confidence as well as to enhance corporate
transparency and accountability. They seek to establish the accountability
standards of Directors and CEOs; as well as define the roles and responsibilities
of the Board of Directors and stakeholders in the company.
Over the years, the issue of corporate governance has received
a high level of attention. There are several reports and recommendations
of the International Committees/ Associations, etc. on the development
of appropriate framework for promoting good corporate governance standards,
codes and practices to be followed globally. These are:-
These recommendations and principles have been mainly focused
on structure of the company, financial and non-financial disclosures,
compliance with codes of corporate governance, competitive remuneration
policy, shareholders rights and responsibilities, financial reporting
and internal controls, etc. All these efforts at international level,
in turn, helps to bring favourable changes in the operating systems of
Board of Directors, Company's management and administration; as well as
improve face of relationship between supervisory and executive bodies.
Some of the main codes and principles on the Corporate Governance are
as follows:
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