CORPORATE GOVERNANCE ETHICS Though the concept of corporate governance may sound a novelty in the Indian bus iness

context and may be linked to the era of liberalisation,it should not be ig nored that the ancient Indian texts are the true originators of good business go vernance as one important sloka from the Rugveda says:"A businessman should bene fit from business like a honey bee which suckles honey from the flower without a ffecting its charm and beauty". As a public company,it is of critical importance that companies' inform ation reporting with the regulators be accurate and timely.The chief executive officer and the senior leadership of the finance department bear a special respo nsibility for prompting integrity throughout the organisation, with responsibili ties to stakeholders both inside and outside of companies.In this context,it is appropriate to keep in mind the foll seven cardinal principles of business,appl icable at all levels,both national and international. 1. Act with honesty and integrity, avoiding actual or apparent conflict of inte rest in personal and professional relationships. 2. Provide information that is accurate, complete, objective, relevant , timely , understandable to ensure full, fair,accurate,timely, understandable disclosure in reports and documents that companies file with, or submit to, the regulators . 3. Comply with applicable laws, rules and regulations of federal, state, and loc al governments, and other appropriate public and private regulatory agencies in all material respects. 4. Act in good faith, responsibility, with due care, competence and diligence, w ithout misrepresenting material facts or allowing one's independent judgement to be subordinated. 5. Respect the confidentially of information acquired in the place of one's work except when authorised or otherwise legally obligated to disclose. Confidential information required in the course of one's work will not be used for personal advantage. 6. Share knowledge and maintain skills important and relevant to stakeholders ne eds.Proactively promote and be an example of ethical behaviour as a respsonsible partner among peers, in the work environment amplond the community. 7. Achieve responsible use of and control over all assets and resources employed or entrusted with. characteristics of an Ethical organisation Mark Pastin in his work ,The Hard pr oblems of management : Gaining the Ethical Edge provides the following character istics of ethical organisations. a) They are at ease interacting with diverse internal and external stakeholder g roups.The ground rules of these firms make the good of these stakeholder groups part of the organisation's own good. b) They are obsessed with fairness . Their ground rules emphasise that the other persons' interests count as much as their own. c) Responsibility is individual rather than collective, with individual assumin g personal responsibility for actions of the organisation.These organisations' g round rules mandate that individuals are responsible to themselves. d) They see their activities in terms of purpose.This purpose is a way of operat ing that members of the organisation highly value .And purpose ties the organisa tion to its environment. e) There will be clear communications in ethical organisations.Minimised bureauc racy and control paves way for sound ethical practices.