Corporate Governance and Accountability

Abstract

Corporate governance is no longer a new dimension in the Indian corporate history. Corporate governance has succeeded in attracting a good deal of public interest because of its importance for economic health of corporations and the welfare of society. Corporate governance now encompasses the interest of not only the shareholders but also many stakeholders. In a general sense, corporate governance is all about promoting corporate fairness, transparency and accountability. Corporate governance is to be labeled as the processes and operating relationship that best achieve organizational goals. It is generally understood that the quality of corporate governance will shape the future of any capital market, and that is the reason why there is increasing acceptance of this particular concept in industry as well as financial markets. Progressive corporations in India have voluntarily put in place systems of high-quality corporate governance. More and more organizations are realizing that good corporate governance is indispensable to effective market discipline, rating relationship that best achieve organizational goals. Speaking in Indian context, Issues of corporate governance have come to force in the last couple of years. Consequently, the corporate governance problems in India require very different solutions at this stage of our corporate development. N R Narayana Murthy of Infosys Technologies says, “Corporate Governance is the acceptance by management of the inalienable rights of shareholders as the true owners of the corporation and of their own role as trustees.” The present paper tries to find out the state of Corporate Governance India and the Existence of Accountability in Indian Corporate Governance