Title Corporate governance : principles, policies and practices / A.C. Fernando

Edition 2nd ed Published Chennai : Pearson Education/Dorling Kindersley (India), ©2011

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Description 1 online resource (1 volume) : illustrations Contents Cover -- Contents -- Abbreviations -- Foreword -- Preface to the Second Edition -- Preface -- About the Author -- Part 1: Understanding Corporate Governance -- Chapter 1: Corporate Governance: An Overview -- Capitalism at Crossroads -- America's Hall of Shame-2002 -- Corporate Misgovernance in India -- Series of Scams That Shook Investor Confidence -- Illegal Tactics of Indian Corporates -- Reasons for Corporate Misgovernance -- Increasing Awareness -- Global Concerns -- What is Corporate Governance? -- Definitions of Corporate Governance -- From the Academic Point of View -- From the Angle of Developed Versus Developing Countries -- Narrow Versus Broad Perceptions of Corporate Governance -- Perceptional Differences in Definitions -- Governance Is More Than Just Board Processes and Procedures -- A Historical Perspective of Corporate Governance -- The Growth of Modern Ideas of Corporate Governance from the USA -- England Catches Up -- The Cadbury Committee -- The Aftermath of the Cadbury Report -- Corporate Governance in the Banking Sector -- Revival of Corporate Governance Issues in the New Millennium -- Issues in Corporate Governance -- Relevance of Corporate Governance -- Need for and Importance of Corporate Governance -- Governance and Corporate Performance -- Investors' Preference for Good Governance -- Benefits to society -- Benefits of Good Corporate Governance to a Corporation -- Conclusion -- Keywords -- Discussion Questions -- Notes -- Suggested Readings -- Case Study: Infosys Technologies: The Best Among Indian Corporates -- Chapter 2: The Theory and Practice of Corporate Governance -- The Concept of Corporation -- What is a Corporate? -- The Concept of Governance -- Theoretical Basis of Corporate Governance -- Agency Theory -- Problems with the Agency Theory -- Stewardship Theory -- Shareholder Versus Stakeholder Approaches Stakeholder Theory -- Sociological Theory -- Corporate Governance Mechanisms -- Why Corporate Governance? -- Contemporary Corporate Governance Situation -- Growing Awareness and Societal Responses -- Corporate Governance Systems -- The Anglo-American Model -- German Model -- The Japanese Model -- Common Features in the German and Japanese Models -- Indian Model of Governance -- What is "Good" Corporate Governance? -- Obligation to Society at Large -- Obligation to Investors -- Obligation to Employees -- Obligation to Customers -- Managerial Obligation -- Conclusion -- Keywords -- Discussion Questions -- Notes -- Suggested Readings -- Case Study: Tata Steel: A Company That Also Makes Steel -- Chapter 3: Landmarks in the Emergence of Corporate Governance -- Introduction -- Developments in the US -- Developments in the UK -- Corporate Governance Committees -- Cadbury Committee on Corporate Governance, 1992 -- The Paul Ruthman Committee -- The Greenbury Committee, 1995 -- The Hampel Committee, 1995 -- The Combined Code, 1998 -- The Turnbull Committee, 1999 -- World Bank on Corporate Governance -- OECD Principles -- McKinsey Survey on Corporate Governance -- Sarbanes-Oxley Act, 2002 -- Indian Committees and Guidelines -- Working Group on the Companies Act, 1996 -- Deficiencies of the Companies' 1956 Act -- The Confederation of Indian Industry's Initiative -- Recommendations of the CII'S Code of Corporate Governance -- SEBI's Initiatives -- Kumar Mangalam Birla Committee, 1999 -- SEBI's Response -- Naresh Chandra Committee Report, 2002 -- SEBI's Follow-up on Birla Committee Report -- Rationale for a Review of the Birla Code -- Narayana Murthy Committee Report, 2003 -- Mandatory Recommendations -- Dr. J.J. Irani Committee Report on Company Law, 2005 -- Independent Directors in Listed Companies -- Pyramidal Structures -- Power to Shareholders Single Person Company -- Self-regulation -- Stringent Penalties -- Accounts and Audits -- Governance standards -- Conclusion -- Keywords -- Discussion Questions -- Notes -- Suggested Readings -- Case Study: ITC Limited: Is Corporate Governance Only Skin Deep? -- Part 2: Agents and Institutions in Corporate Governance -- Chapter 4: Rights and Privileges of Shareholders -- Introduction -- Theoretical Basis-Agency Costs -- Long-term Shareholder Value -- Rights of Shareholders -- Views of Various Committees on the Issue -- Working Group on the Companies Act, 1996 -- CII's Committee on Corporate Governance, 1996 -- Kumar Mangalam Birla Committee, 1999 -- Naresh Chandra Committee, 2002 -- Narayana Murthy Committee, 2003 -- Poor Track Record of Shareholder Protection -- Guidelines for Investors/Shareholders -- Trading of Securities -- Transfer of Securities -- Depository and Dematerialisation -- Grievance Redressal Process -- Conclusion -- Keywords -- Discussion Questions -- Notes -- Suggested Readings -- Case Study: The Tussle over Corporate Governance at Reliance -- Chapter 5: Investors' Problems and Protection -- Introduction -- Why is Investor Protection Needed? -- Definition of Investor Protection -- Relationship Between Investor Protection and Corporate Governance -- How do Insiders Steal Investors' Funds? -- Rights to Information and Other Rights -- Corporate Governance Through Legal Protection of Investors -- Impact of Investor Protection on Ownership and Control of Firms -- The Impact of Investor Protection on the Development of Financial Markets -- Banks and Corporate Governance -- Investor Protection in India -- The N.K. Mitra Committee on Invesotrs' Protection -- Problems of Investors in India -- Law Enforcement for Investor Protection -- Grievance Redressal Mechanisms -- Lacunae in Investor Protection -- Some Major Indian Scams SEBI's Poor Performance-Suggestions for Improvement -- Conclusion -- Keywords -- Discussion Questions -- Notes -- Suggested Readings -- Chapter 6: Corporate Governance and Other Stakeholders -- Introduction -- Corporate Governance and Employees -- Wealth Creation Requires Capital and Labour -- Corporate Governance and Customers -- The Society Bears The Hidden Taxation -- The Stakeholder Alliance -- Customer's Information Needs -- Consumer Protection Acts -- Consumer Protection Act 1986 -- Corporate Governance and Institutional Investors -- Types of Institutional Investors in India -- Factors Influencing Investment Decisions -- Findings of the Study Conducted by Pitabas Mohanty -- Kumar Mangalam Birla Committee and Institutional Investors -- The McKinsey Survey on Corporate Governance -- Corporate Governance and Creditors -- Creditor Monitoring and Control -- Adequate Information -- Creditor Incentives -- Debt Collection -- Kinds of Debts Provided to Corporates -- Diffused Debt -- Concentrated Debt -- Corporate Governance and the Community -- Practical Steps to Corporate Social Responsibility -- Corporate Governance and the Government -- Conclusion -- Keywords -- Discussion Questions -- Notes -- Suggested Readings -- Case Study: The Tylenol Crisis: How Ethical Practices Saved Johnson & amp -- Johnson from Collapse -- Chapter 7: Board of Directors: A Powerful Instrument in Corporate Governance -- Introduction -- Corporate Management Structure -- Company Director and the Board -- Who is a Director? -- Kinds of directors -- Directors' Appointment -- Legal Position of a Director -- Duties and Responsibilities of Directors -- Qualifications and Disqualifications of Directors -- The Board of Directors -- Powers of the Board -- Nominee Directors -- Liabilities of Directors -- The Directors' Liability to the Company -- Liability for Breach of Statutory Duties Liability for Acts of His Co-directors -- Power of Court to Grant Relief -- Directors with Unlimited Liability -- Public Examination of Directors -- Validity of Acts of Directors -- De Facto and De Jure Directors -- Disabilities of Directors -- Prevention of Management by Undesirable Persons -- Fraudulent Persons -- Effectiveness of the Board of Directors -- Role of the Board in Ensuring Corporate Governance -- Role of the Board -- Governance Issues Relating to the Board -- Board of Directors and Corporate Governance -- The Role of Directors -- Independent Directors -- Who is an Independent Director? -- Desirability of Having Independent Directors -- Directors' Remuneration -- Executive Pay, an Unsettled Issue -- Emphasis on Transparency and Disclosure -- Pay as a Reward for Performance -- Performance Hurdles -- Remuneration Committee -- Severance Payments -- Other Remuneration Packages -- Directors' Remuneration in India -- Prohibition of Tax-free Payments -- Family-owned Businesses and Corporate Governance -- Some Pioneering Indian Boards -- Conclusion -- Keywords -- Discussion Questions -- Notes -- Suggested Readings -- Case Study: How Unethical Practices Almost Destroyed WorldCom -- Chapter 8: Role, Duties and Responsibilities of Auditors -- Introduction -- Role of Auditors -- Defining Audit -- Objectives of an Audit -- Types of Audit -- Defining Auditor -- Types of Auditors -- Duties of an Auditor -- Responsibilities of Auditors -- Responsibilities Regarding the Mis-statement of Financial Statements -- Responsibilities of an Audit Firm -- Audit Failures Leading to Corporate Scams -- The American Law Governing Auditors' Responsibilities -- Indian Situation -- Preventing Fraudulent Auditing Practices -- Naresh Chandra Committee -- Prohibition of Non-audit Services -- Independence of Auditors -- Disclosures -- Qualification in Audit Report Summary The second edition of A.C. Fernando's bestselling Corporate Governance: Principles, Policies and Practices sheds light on recent corporate problems using a flexible modular format, through a detailed explanation of the corporate governance mechanism and the various incentives within today's governance system, while offering potential solutions in context. With an emphasis on connecting corporate governance to practical management, the book provides cutting-edge material comprising new and unique study tools and fresh, thought-provoking content Bibliography Includes bibliographical references Notes Online resource; title from PDF title page (Safari, viewed Apr 19, 2013) Subject Corporate governance. Social responsibility of business. Economic development. Economic policy. Corporate governance -- India economic development. Corporate governance Economic development Economic policy Social responsibility of business India Form Electronic book ISBN 9788131796337 8131796337

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