 |
Confluence 2005 Opens to Spectacular Response at IIM Ahmedabad Dr. Bakul Dholakia, Director IIMA, pointed out the importance of industry support to events of this nature. In addition to the monetary support, he was especially enthused about the generous support in terms of quality time and expertise that the Indian industry has lent by way of the Advisory Cell and large number of distinguished speakers attending the summit. Elaborating on Corporate Governance, Mr. Subir Raha spoke very candidly on a subject obviously close to his heart. Unlike professionals in medicine, law or defence services, management professionals don't have to undertake an oath before being inducted into the profession, but it is of paramount importance that managers observe high standards of morality in business. He stressed that as the CEO of your company the buck stops with you and your stakeholders expect ethical behaviour in all aspects of company dealings. And only some of them are shareowners. Mismanagement and corporate fraud have been making news in the US. In India too it is rampant but does not come to light as much. Mr. Raha pointed out that in the last 15 years, about $20 Bn worth of private investment has simply disappeared. Investors have been left in the lurch as listed companies have suddenly folded-up and vanished into thin air. There are immense losses in the Public Sector due to mismanagement. But he exhorted not to blame it on the system, since managers make up the system and hence can change it. According to him, ownership is not the issue, exercising your judgment at the right time even with incomplete information is critical for a manager as he or she must be prepared to take risks. Eventually, even if things turn out to be unpleasant, you must be satisfied with your actions and the belief that it was the right thing to do at the time. To that extent of course one must be prepared to lose out on the next promotion, or increment, or even one's job to do the right thing! If only more CEOs followed his advice, the world would be a much better place! Contributed by - |
 |
|
|