Corporate governance and stewardship: emerging role and responsibilities of corporate boards and directors

Abstract

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.