CorporateMOM
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Podcast Episode 109 9-01 Accountability ecosystem: Corporate Culture
9-01 Corporate Culture.mp3
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Podcast Episode 109 9-01 Accountability ecosystem: Corporate Culture
9-01 Accountability ecosystem: Corporate Culture
Corporate Culture: A Call for Accountability
The recent news about Hemant Ghai’s ban by SEBI is yet another reminder of the persistent issues within corporate governance. This is not an isolated incident; history is riddled with examples of financial misconduct, from Michael Milken’s junk bond scandal to Nick Leeson’s derivatives debacle. While some face imprisonment, others, like the ex-CMD of Piramal Investment, simply pay hefty fines and walk away unscathed. This disparity in accountability raises serious concerns.
The root of the problem lies in the “Troika entanglement”—audit firms, bankers, and companies. Audit firms operate under strict regulations, and those who violate them can be penalized. Similarly, the RBI has established robust policies to oversee banking operations, ensuring stability and integrity. However, companies often evade responsibility, ignoring recommendations from SEBI, the government, and other regulatory bodies. They continue to act with impunity, undermining the very framework designed to hold them accountable.
To address this, we must implement my “accountability ecosystem framework”. This framework mandates that audit firms, banks, and companies adhere to stringent accountability measures. Only by fostering a culture of responsibility can we prevent the recurrence of scandals like those involving Hemant Ghai and IndusInd Bank.
Corporate culture should not be a mere buzzword; it must embody transparency, ethics, and accountability. Let us strive to build a corporate environment where integrity is the cornerstone, and misconduct is met with decisive action.
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