Workshop Report
Mr. Kuldeep Kaul at the onset congratulated Prof. Vaidya and his team for accreditation of University Business School as the National Centre for Corporate Governance (NCCG) by a premier body like the National Foundation for Corporate Governance (NFCG). He embarked thereon by reminding the participants that corporate fiascos have forced the corporate sector all over the world to become ethical along with being efficient. Issues of corporate governance had become more relevant in today's world due to globalization. The fundamental issue for every one in financial markets today, regardless of company or country is to maintain high standards - legal, regulatory and ethical - that breed trust and confidence. Globally, corporate governance practices have been basically been driven by regulatory pressures. As a result corporations had to comply not only with listing requirements of their own country but also of many other countries. Mr. Kaul emphasised that there should be a move from country - towards universal-based norms for corporate governance. He highlighted that there has always been a debate about distinction between good management and good corporate governance. The former being regarded as 'doing things right' and the later being 'doing right things'.
He called upon the management institutions to restructure their curriculum as well teaching methodology so as to incorporate papers like corporate governance, ethics and social responsibility. Teachers should play an active role in conferring ethical practices among their students. Researchers and academicians should lay down a platform for discussion and furtherance of diverse governance issues. They should work out detailed principles and universal charter propos corporate governance.