Corporate Governance and Business Ethics:
Corporate Governance is the requirement for transparency, social accountability and social responsibility. Effective corporate governance needs a clear understanding of the respective roles of the board and of senior management and their relationships with others in the corporate structure. The relationship of management with stockholders and employees should be characterised through candour and fairness, their relationship along with the communities in that they operate should be characterized through good citizenship and their relationship along with the government should be characterized through a commitment to compliance.
A good corporate governance structure is a working system for principled target setting, effectual decision-making and appropriate monitoring of compliance and performance. Through a vibrant and responsive structure, the management could interact effectively and respond to changing circumstances, inside the framework of its corporate values.