As far as corporate governance is concerned, although there are detailed norms on paper in the form of Clause 49 of the listing agreement, what matters is their implementation in practice. There are limits to legislating on corporate governance as a lot depends on the integrity and ethical values of various corporate players such as directors, managers, promoters and other stakeholders. There is a risk that corporate governance is treated as a “check-the-box” requirement rather than something that permeates the soul of the corporate sector.
Several empirical surveys in
1. Firm-Level Corporate Governance in Emerging Markets: A Case Study of India (July 2008) by N. Balasubramanian, Bernard S. Black & Vikramaditya Khanna;
3. CG Review 2009: India 101-500 (March 2009) by FICCI & Grant Thornton;
4. The State of Corporate Governance in India: A Poll (2009) by KPMG Audit Committee Institute; and
5. A recent survey by Bain & Company and KPMG reported in June 2009.