Every firm is so dependent on its social environment that it can neither survive nor grow without full social acceptance and approval of all the constituents of the environment in particular, society at large and the government in general. The bad behavior of companies globally has brought the phrase “Corporate governance” back into the limelight. The Enron, Arthur Anderson, WorldCom, Xerox-Modicorp in India, Robert max well, Satyam, 2G spectrum, etc., were these corporate scandals have put a question mark on the corporate governance standards of the companies in the world. A series of scams in financial sector of other developed and underdeveloped countries including India brought in its wake need for a renewed thrust on good corporate governance. It is a key part of the contract that underpins economic growth in a market economy and public faith in the system. The importance of good corporate governance goes for beyond the interests of shareholders in an individual company. Indeed, the central corporate governance principles of transparency and accountability are crucial to the integrity and legal credibility to the market system. Because of the corporate misbehavior, the public, employees and other stakeholders are deliberately misled. Also there must be genuine need of whistle blowers in every corporate. The government intervention is must and they should also prove its integrity and commitments to a corruption-free government.
Corporate citizenship, Corruption-free, Ethics, social responsibility, Boards, Directors, Non-executive directors, Whistle blowers
