“THE PRICE OF greatness is responsibility.” Legendary British Prime Minister Winston Churchill said these words at Harvard University in 1943. While Churchill wasn’t speaking about the operation and management of companies, his words do hold as sage advice in terms of corporate governance.
They are even more relevant in the Indian context, given that several firms have plans in terms of listing and going global but are often reluctant to implement corporate governance practices such as disclosures and transparency, board composition and succession planning.
Even companies on this year’s BT500 list have seen their share of problems—be it related to corporate governance (such as at PTC Financial Services, Zee or Adani Enterprises), or issues of cash burn and post-IPO value loss in the start-up sector (such as at Zomato and Paytm). Many reports have highlighted some of these issues. For instance, a recent report by FTI Consulting found that firms on the Nifty 100 Index have an average corporate disclosure score of 6.5 out of 10. Its India Disclosure Index 2023 reveals that nine of these Top 100 Indian firms are classified as corporate disclosure champions, with scores of 9 or above, with Infosys scoring a perfect 10. However, 76 per cent of them do not have independent board evaluation by a third party, while 48 per cent do not have an independent mechanism and metric to track anonymous whistle-blowing.
Bu hikaye Business Today India dergisinin December 10, 2023 sayısından alınmıştır.
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Bu hikaye Business Today India dergisinin December 10, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Giriş Yap
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