Ever since India's biggest-ever corporate fraud and
governance failure unearthed at Satyam Computer Services Limited,
the concerns about good Corporate Governance have increased
phenomenally.
Internationally, there has been a great deal of debate going on
for quite some time. The famous Cadbury Committee defined
"Corporate Governance" in its Report (Financial Aspects
of Corporate Governance, published in 1992) as "the system
by which companies are directed and controlled".
The Organisation for Economic Cooperation and Development
(OECD), which, in 1999, published its Principles of Corporate
Governance gives a very comprehensive definition of corporate
governance, as under:
"a set of relationships between a company's
management, its board, its shareholders and other stakeholders.
Corporate governance also provides the structure through which the
objectives of the company are set, and the means of attaining those
objectives and monitoring performance are
