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The Indian model of corporate governance and its effectiveness in the current context. It highlights the issues with the current system, such as the integration of founder and company identities and the need for a value-based corporate culture. The document also suggests ways to improve corporate governance, including the importance of independent directors and the role of ethics in balancing profit-making intentions. Furthermore, it explores the development and working of Clause 49 of SEBI Guidelines on Corporate Governance and relates it to the Tata-Mistry Controversy.
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1. Is the Indian Model of the corporate governance fruitful in the current context? Highlight some prominent suggestions that may be implemented to bring a productive ethical and transparent corporate governance? Answer 1. In its foundational sense, corporate governance refers to a system of rules, laws, and guidelines which affixes the functioning of businesses as a directory to operate and regulate effectively. They are well-structured, non-ambiguous and compliant by ilk. As it stands, India's corporate governance is characterized by predetermined board committees encompassing auditors, nomination and remunerating committees, and risk management committees that serve to maintain the core principles of accountability, transparency, responsibility and fairness. Course on Introduction to Corporate Governance (ASSIGNMENT)
The underlying function of corporate governance has been challenged due to limitations in its implementation over the years. To provide an example: Members of the family are appointed to boards and panels, resulting in improper operation in terms of functionality. In order to create a productive ethical and transparent corporate governance, appropriate measures must be taken.
D. Nomination and Remuneration committee The committee's role is to formulate the criteria for determining the qualifications, positive attributes, and independence of Directors, and to recommend remuneration. Nomination & Remuneration Committee shall be constituted by the company which shall comprise at least three directors and half of the members shall be Independent Directors. E. Board Disclosures –Risk management Regulatory bodies for risk management, assessment, and minimization of risk shall be established by the company. In addition to this, the board shall be responsible for framing, implementing and monitoring the management plan. In conclusion, this clause emphasizes that the company must be fair towards its stakeholders. The company is required to protect the interests of its stakeholders as they have social and financial interests in the company.