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To
provide
the
maximum
happiness
for
the
- Ayodhya Kand
Corporate Governance
What is Governance?
Corporate Governance is the application of best management practices, Compliance of law in true letter and spirit and adherence to ethical standards for effective management and distribution of wealth and discharge of social responsibility for sustainable development of all stakeholders. -The Institute of Company Secretaries of India
2)
Impact of Globalization
Integration with Foreign Market Foreign Investors expectations New Business Opportunities --- IT & ITES, BPO etc., New Capital formation FII, FDI
3)
Impact of Privatisation
New structure of ownership Multinational Companies
Became mandatory for listed companies through the listing agreement, and implemented according to a rollout plan:
2000-01: All Group A companies of the BSE or those in the S&P CNX Nifty index 80% of market cap. 2001-02: All companies with paid-up capital of Rs.100 million or more or net worth of Rs.250 million or more. 2002-03: All companies with paid-up capital of Rs.30 million or more
Oversight of the companys financial reporting process to ensure that the financial statement is correct, sufficient and credible Appointment / removal of external auditor and fixing of audit fees Reviewing with management the annual financial statements before submission to the board, focusing on: Changes in accounting policies and practices Major accounting entries Qualifications in draft audit report Significant adjustments arising out of audit The going concern assumption Compliance with accounting standards, with stock exchange and legal requirements Any related party transactions
Detailed segment reporting (revenues, costs, operating profits and capital employed).
Deferred tax liabilities and assets and debit/credit in the P&L for the reporting year
CMS Energy
Overstated revenues in 2000 and 2001 thru round trip energy trades?
Dynegy
Transactions to cut taxes and artificially increase cash flow ?
Kmart
Suspected improper accounting for vendor allowances
Lucent Technologies
Adjusted fiscal 2000 revenues by $679 million.
Corporate Mis-Governance
Anglo-American model
German model of CG
Japanese model of CG
&
Respected across the country, with very strong systems, high ethical values & a nurturing working atmosphere.
Achievements
1)
Producing where it is most cost effective to produce & selling where it is most profitable to sell.
2)
Getting involved in a software development project at the earliest stage of its life cycle.
3)
PSPD Model
Concluding Observations
Code of CG should be redesigned to reflect international best practices Stringent enforcement of Law More effective coordination and cooperation between SEBI, DCA
WINNING EMPLOYEES
GROWING INVESTORS
DELIGHTED CUSTOMERS
HAPPY SOCIETY
GROUP-8 Debojit Roy H66 Sritanu Das Mahapatra H57 Abhisek Sahu H3 Krishnakant Pandey H25 Biswajit Ghosh H12
TRUSTED SUPPLIERS