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A Talk by Dr. Santrupt Misra, Director - Corporate HRD, Aditya Birla Group addressed the gathering on the occasion of the 15th All India Management Schools' (AIMS) meet hosted by XIMB, Bhubaneswar. The topic of discussion was "Corporate Governance" and he had likes of Shri K. K. Nohria, Chairman, Crompton Greaves Ltd. and Shri C. Venkatramana, Chairman and Managing Director, NALCO as co-speakers. Dr. Santrupt Misra has been a frequent visitor to the XIMB campus and is a brilliant academician who has reached great heights in the corporate world at a very early age. He started with his typical humour where he gave some memorable anecdotes comparing his lack of maturity compared to the other distinguished speakers and giving an off hand calculation on the worth of his speech in monetary terms which had the audience in splits. He started with his personal beliefs about corporate governance, which he said was not a destination but a way of life for corporations for balancing sustainability with ethical practices. He also took an opposite stance to the view that the boards of directors were responsible for corporate governance. He felt that finger pointing at the board for lapses is not the solution to the ills plaguing corporation worldwide. He laid his emphasis on "internal governance", thereby attacking the myth of proactive independent directors, which according to him is fiction. He felt that the debate was not on right vs wrong but against which was the "better right". He felt too many legalities created only confusion and fear which was causing many companies to delist from the stock exchange and buying back shares. Thus he felt the entire losing the whole purpose of creating shareholder wealth in an ethical manner. He next talked about some of the initiatives taken by the Aditya Birla Group to promote corporate governance like experimenting with high potential talent and training on core values. He also mentioned the concept "Business Review Councils"-BRC which was a concept being practiced at his organization. He concluded by saying that management schools have a very important role to play in promoting corporate governance by educating and sensitizing the young minds, to realize their personality on four basic parameters which were - Puritanism, Pragmatism, Liberalism and Degenerate. Contributed by - |
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