Corporate
Governance-Key to Sustainable Wealth Creation
Quality
Times, October 2002
With growing dominance of the markets and emphasis
on immediate gain people's behavior is guided almost exclusively
by prudential and not moral consideration.
Centrality of corporate governance lies in
its emphasis on transparency. It is far easy to say but most
difficult to implement.
Governance that says shareholders should get
most benefits and does not care about employees who dedicate
their lives for corporation is not governance but corporate
greed.
More and more people today, individuals and
groups expect a business organisation to adopt a triple bottomline
approach, be economically viable while becoming, environmentally
and socially responsible.
We have to question how did we come to create
an economic system which is so contrary to natures bilogical
processes and is based primarily on extraction, depletion, waste
and disposal. Corporate governance framework has to be established
on the simple proposition that all capital can be valued.
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