The Story Behind the End of Two Conglomerates: A Reality Check on Corporate Governance of Enron Corporation & Satyam Computer Services.
Rajeev Uberoi, General Counsel and Group Head Legal and Complinace, IDFC Bank Ltd, India
The concept of “Governance” dates to ancient human civilization whether it was the Indus Valley Civilization or the Mesopotamian Civilization. In a modern-day scenario “Corporate Governance” is "the system by which companies are directed and controlled" (Cadbury Committee, 1992). This article focuses on the epic meltdown of two large corporates in the light of inadequate corporate governance and lack of fiduciary duties by the Board of Directors. The article further analyses the need unification of long term goals whilst maintaining the culture, long term goals and the foremost aspect which is protection of investors.
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