Continuing with its new tradition of increased interaction with Corporate India and increasing awareness among budding managers, IIM Indore played host to a series of guest talks on 'Corporate Governance' and its relevance in these troubled times. Corporate governance, in simple terms, is the rules, policies and methodologies a corporate follows to run an organization. To ensure harmony between all the stake-holders of the organization, to safe-guard their interests, and to drive the organization ahead, effective corporate governance becomes imperative.

The session on Corporate Governance was opened by Mr. S. Sandilya, Non-executive Chairman, Eicher Motors India. He started the seminar by giving the term Corporate Governance a simple yet compelling meaning. He said Corporate Governance is all about creating value for all the stake-holders of the organization in a sustaining manner by following all legal and ethical means. Mr. Sandilya explained to an eager audience the reasons why Corporate Governance is necessary. Improving the image of the organization, plans of globalization - these are some of the major reasons why a company should have good corporate governance. As he rightly put, "Good governance leads to good processes and good processes to good name."

He then explained how Corporate Governance can be implemented in an organization. He said having a robust system where effectiveness is monitored should be in place. The companies should be fair, open to communication, transparent, trust-worthy, and more importantly, the leaders of the organization must lead by example. Mr. Sandilya also spoke about his vast experiences in Eicher Motors and their corporate governance methods which included the implementation of the factors which he had explained earlier. He concluded the session by talking about Self Governance and that a team of self-governed individuals leads to a self-governed corporation, which in turn leads to a great organization.

The second talk was on "IT Industry Overview: Significance to Corporate Governance" by Mr. Ashank Desai, Founder, Mastek, and Founder Member NASSCOM. He spoke about the changing IT conditions and, thus, leading to the changes to the way corporate governance is exercised. IT industry has evolved from a business-to-business model to a person-to-business model. And the only way to ensure growth in such a fiercely competitive industry is to have strong corporate governance in place. IT becomes an enabler for open communication in turn aiding efficient corporate governance. He concluded his talk by saying India is the leading country in the emerging markets for IT, and corporate governance in the Indian companies should be up-to-the-mark to keep abreast of the growing markets.

The next speaker was Mr. Kamlesh Vikramsey, a partner in Khimji Kunverji & Co., Mumbai. He spoke about financial reporting intricacies, the players involved in corporate governance and the frauds that have occurred throughout history.