The quality of corporate governance is also determined by the manner in which top management, particularly the Board of Directors, allocates the financial resources of the company as between themselves and other interest groups such as employees, customers, government, etc. the basic qualities invariably expected in this regard are trust, honesty, integrity, transparency and compliance with the laws of the land. There is an increasing body of public opinion that would expect a business enterprise not only to be a mere economic unit but also to be a good corporate citizen.
Lack of transparency and fairness have been resorted to by adopting misgovernance to meet the ends of individual self goals against the cardinal principles of maximizing share holders value. An analysis of recent corporate frauds revealed that top bosses have taken unilateral decisions and later roped in managers, auditors and bankers, consequently found innocence on the part of the others holding the individual CEO solely responsible. Some of them not knowing the intricacies and consequences of decisions by the CEOs they have participated in the management process.. Thus the alleged accomplices who are not having mens rea have cooperated with the fraudsters during the discharge of their duties and responsibilities.
WHISTLE BLOWING: The concept of whistle blowing has not yet been popularized or encouraged in the corporate sector. The recommendations of the Expert Committee by the Government have not yet been considered. The informers have to be properly protected as they are forewarning the possibility of impending frauds and saving the stakeholders of their respective shares. Further the position of auditors, bankers and professional directors have to be made practically independent and lessons can be learnt from the rules and regulations of security exchange commission of USA.
ETHICS: All the stakeholders have faith in the ability of code of ethics, which if practiced in letter and spirit shall prevent corporate mishaps. Most unethical actsare perpetuated by the individual top bosses with the involvement of other managers and other agencies. More often than not some of the professional managers are draggedor imposed in the management process for decisions and few individuals are not party to such nefarious activities and discharged their duties in right earnestness.
Ethics and values visa-a-vis corporate governance
No discussion on public affairs will be complete without a reference to ethics and values. For this corporate governance must be based on a genuine respect for Business Ethics and Values. The ethics code is more based on individual beliefs and adoptions and such codes should be integrated with all the transactions.
3 R’s - Three R’s of business ethics are Respect, Responsibility and Results
Respect comprises a positive attitude to people, organizational resources and environment; treating customers, coworkers, vendors with dignity and courtesy; using company supplies, equipment, time, money appropriately and efficiently; among others.
Responsibility - the process being responsible towards customers, coworkers, organization and CEO providing timely, high quality goods and services and working collaboratively;
Results are based on assessing means and ends processed from the planned action, careful execution which are legally and morally obtained
Organizational Culture: The organizational culture may be evolutional and or envisioned in the management process without making it percolate down from top. Organization ethical culture or, more specifically, the ethical environment within the firm created through management practices and espoused values may be the most important deterrent to unethical behavior; ethically depends on the ability to recognize that ethical issues exist, to see and respond ethically may be related rather to attributes of organizational culture. Corporate governance means theory or model of society which is likely to be sufficient for understanding little consensus governance for the resolution of group or individual problems within the firm. No leadership style can solve alone the entire situation in which emphasis carrying out the organizational mission through ethically corrects work.
The model codes and mandatory codes as applicable to corporate sector is peripherally honored only in letter and thus there is inevitable need to resort to legal diligence including governance audit to prevent corporate frauds.
To. Mr.Madhavan, Senior Accounts Officer, Office of the CDA, Teynampet,CHENNAI-600018.
Feedback: Poor Services experienced by the aggrieved ex-serviceman. Seriously -doubt whether I will get justice, as there are signs of corruption.
Dear Shri. Madhavan Sir,
After hearing my grievance, you had desired that I submit a copy of all relevant papers to your good office also introducing yourself, that you are the ‘ Adalat Officer ‘ concerned. There was one person in the adjacent cell named Mr. Reddy who had dealt with me ( Sr.Citizen – 65 years) decently and courtesy as a gentleman, others were generally swollen-headed, as though rendering obligatory service to the callers with grievance or an attitude owing to their permanent government service. Many are leading slow deaths mentally and physically by the poor service of govt. welfare offices, unfair and illogical practices.
* Common-man fails to get justice, because of inefficiency or corruption of prosecuting agencies. “Always aim at complete harmony of thought, word and deed by purifying one's thoughts and everything will go well * “The media shouldn't be a spectator to the true happenings of crime and injustice nor play the role of a messenger in reporting without verifying the real facts. – Dr. Chandran Peechulli. Marine Waves
* “Humanity at the crossroads”; During the surge of scientific developments, which we experience with the advent of the computers and communication, media has seen and heard tremendous changes, bringing the world together with free exchange of thoughts and ideas amongst engineers, scientists, doctors and allied fields etc. However, judiciary, continue to be kept at high esteem though for non-performance of timely justice, undisciplined lawyers taking law into their hands (T.O.I. Dtd.26.06.2007, 16.09.2008 etc. Chennai Edition). The common man suffers.
I have in the first instance told you that I have not come to this office to seek charity, but for my rights and privileges, having joined at the early age of about 15 years, into the Indian Army, Signal Boys Regiment to be groomed to be a brave soldier, of our nation With all aspirations and ambition I went ahead giving my best, then qualifying the Army Certificate of Education – First Class and Army English Certificate – First Class. Stood first, in all the three Annual Literary Competition, standing FIRST, in all the three years of training in Boys Regiment, of No. 1 Signal Training Centre, Jabalpur, M.P., aspiring to be a senior army officer. All my hopes were shattered with disappointments, when I was medically boarded out, without medical disability compensation nor re-employment in civil life. I had to start from the scratch unlike becoming lethargic by mere repenting and blaming my fate. Continued marching with the disabilities of the army with what I could do rather than thinking what I could not do, considering the precious time as time lost cannot be regained. That is why, in this age of 65 though being old and fragile I still have my chest-up to question the wrongs of the lethargic who while away the time with no rich experience. Why display ‘ QUALITY POLICY SYSTEM ’ in your office, when the basics are lacking e.g. Could not trace the set of documents sent to you by Speed/Registered Post with acknowledgement Due Card which has safely reached me back after its delivery, by the efficient service of our ‘ POSTAL DEPARTMENT‘. But your department could not trace(locate), after two days of search and despite my being directed to make query with the Central Mail Section, Zonal Section adjacent to your chamber and Pension Adalat Cell. Also not believing me that I have received the acknowledgement stating delivered on 5th June 2012, at the Office of the Controller, Defence Accounts. Teynampet, CHENNAI-600018. Hence, asked me to bring another full set of document copies at the cost of the aggrieved ex-serviceman, and my discharge book in original to be verified, also along with a Xerox copy of the above-said A.D.
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Acknowledgement Due Card to convince them. IT IS THEREFORE EVIDENT THAT WHILE FRAMING THE POLICY, policy makers have not acted in a well thought manner seriously. Anti-Corruption system is encouraged. Neither, monitoring the work-process or exercising control prevails in the system. SUGGEST: Complaints and Suggestion Book be made available to the aggrieved pensioners/ex-servicemen. MY EXPERIENCE: Most annoying, Pretentious and useless business in Public Services, after 64 years of Indian independence.
12-06-2012: Reported to the Sr. Accounts Officer with another set of all the document copies and Xerox copy of the Ack. Due Card of the Registered Post. Mr.Madhavan S.A.O. gone through the papers submitted and verified against the original Army Discharge Certificate and was satisfied saying, you may go, will hear from him in a fortnights time. I took the opportunity to appraise the matter with the Additional Controller of Defence Accounts Ms. Jane Prasad and returned back home..
Please tell me how many will be in a position to come forward to expose the realities of the poor working performance in government departments, as feedback during the fast-life in Metropolitan Cities. What is required, in Public Services is not donkey’s years of experience but for an enlightened approach to live to the times.
• DEMANDING “RE-submission of the full set of papers authoritively, by AAO and SAO is not a fair and just practice, for your officers to demand.
• Besides your young AAO Mr. Madan Rao, who was authoritively demanding “to produce and prove Acknowledgement Card of the Registered Letter Cover from the aggrieved” for the missing letter and enclosures, (copies of documents as set of relevant papers), * for faulty Policy & Procedure in practice AND to produce another set to hand-over personally. It is in- human and too authoritive, while in public service. Ask him to feel the pain of the hurt sentiments, of a senior citizen aged 65 years, may be more than that of his own father.