Corporate Governance:

Involves balancing of interest of many stakeholders, such as shareholders,

senior management executives, customers, suppliers, financiers, the
government and the community.
It is a set of accepted principles describing the inalienable rights of the
shareholders as the true owner of the corporation and the role of the
management as trustees on behalf of the shareholders. It is about
commitment to values, ethical business conduct, transparency and makes a
distinction between personal and corporate funds in the management of the
company.
Maharatna Scheme was introduced for Central Public Sector Enterprises
(CPSEs), with effect from 19th May, 2010, in order to empower mega CPSEs to
expand their operations and emerge as global giants. This is when ONGC also
became a Maharatna.
Acc to 1992 guidelines, CPSEs should have one-third of the directors in the
board – non – official directors. For NAVRATNAS and MAHARATNAS the same
rule applies with a minimum limit of 4 non official directors and 3 for
MINIRATNAS.