EMERGED IN LATE 1980 S IN UK  SETTING UP OF CADBURY

COMMITTEE IN 1991 BY L.S.E

y SET OF SYSTEMS AND CHECKS y BENEFITS SHAREHOLDERS, CREDITORES,

EMPLOYEES, CUSTOMERS, SUPPLIERS, GOVERNMENT AND SOCIETY.

y CREATES CORPORATE EXCELLENCE

y MARKET ORIENTED ECONOMY HAS LED TO :

1) GLOBALIZATION 2) PRIVATIZATION 3) CORPORATE CULTURE 4) MODEL CODE OF CONDUCT

y NUMBER OF SCAMS AND FRAUDS y INVESTORS DEMAND TRANSPARENCY y INCREASING NEED AMONG COMPANIES TO TAP

INTERNATIONAL MARKETS

y IN UK CADBURY COMMITTEE y IN CANADA, TORONTO EXCHANGE (1994) y IN INDIA, THE CII CONSTITUTED A COMMITTEE

y BOARD OF DIRECTORS TO MEET 6 TIMES A YEAR. y NON EXECUTIVE DIRECTORS MUST COMPRISE

ATLEAST 50% OF BOARD.

y NO INDIVIDUAL SHOULD BE A DIRECTOR ON THE

BOARD.
y BOARD MUST BE INFORMED OF THE OPERATING

PLANS AND BUDGET, LONG TERM PLANS, QUARTERLY DIVISIONAL RESULTS

y ROLE AND POWERS OF BOARD y BOARD INDEPENDENCE y CODE OF CONDUCT y STRATEGY SETTING y BUSINESS AND COMMUNITY CONSULTATION y AUDIT COMMITTEES y RISK MANAGEMENT

y SOLUTION LIES IN SHARING KNOWLEDGE AND

INFORMATION
y COMPANIES DO NOT FAIL, PEOPLE DO y STATUS IS OUT-SMARTS ARE IN

Trader is like a honeybee, sucks the honey out of the flower but does not harm the flower !!

Sincerity and honesty in approach while functioning is must

y EDUCATION MUST BE A BLEND OF SCIENTIFIC &

INDIAN VALUES
y FOLLOW GOOD TRADITIONS y BELIEVE IN DIGNITY OF LABOUR y BE COMMITTED TO THE PURPOSE