eGovern is a suite of applications aimed at assisting good corporate governance. It facilitates presentation of financial accounts, transition to IFRS, adequate & proper disclosures, consolidation of accounts and regulatory compliance in key areas.
Corporate Governance is a key focus area globally for all stakeholders.
"Corporate governance is about maintaining an appropriate balance of accountability between three key players : the corporation's owners, the directors whom the owners elect, and the managers whom the directors select. Accountability requires not only good transparency, but also an effective means to take action for poor performance or bad decisions."
'Mary Schapiro-Chairperson, SEC, USA'
Corporate governance is about commitment to values and ethical business conduct. It is about how an organization is managed. This includes its corporate and other structures, its culture, policies and the manner in which it deals with various stakeholders. Accordingly, timely and accurate disclosure of information regarding the financial situation, performance, ownership and governance of the company is an important part of corporate governance. This improves public understanding of the structure, activities and policies of the organization.
Consequently, the organization is able to attract investors, and enhance the trust and confidence of the stakeholders.
Corporate governance guidelines and best practices have evolved over a period of time. In India, the Confederation of Indian Industry (CII) took the lead in framing a desirable code of corporate governance in April 1998. This was followed by the recommendations of the Kumar Mangalam Birla Committee on Corporate Governance. This committee was appointed by the Securities and Exchange Board of India (SEBI).
The recommendations were accepted by SEBI in December 1999, and are now incorporated in Clause 49 of the Listing Agreement. The revised clause 49 was made effective from January 1, 2006.
The Ministry of Corporate Affairs, Government of India, has published the Corporate Governance Voluntary Guidelines 2009.
These guidelines have been published keeping in view the objective of encouraging the use of better practices through voluntary adoption, which not only serve as a benchmark for the corporate sector but also help them in achieving the highest standard of corporate governance. These guidelines provide corporate India a framework to govern themselves voluntarily as per the highest standards of ethical and responsible conduct of business.
The Ministry hopes that adoption of these guidelines will also translate into a much higher level of stakeholders' confidence that is crucial to ensuring long-term sustainability and value generation by business.
We believe that sound corporate governance is critical to enhancing and retaining investor trust.
Accordingly, we seek to provide companies with tools to attain performance goals with integrity and the Board exercise its fiduciary responsibilities in the widest sense of the term.
The eGovern suite is an evolving set of applications assisting companies in their endeavour of good corporate governance, by ensuring proper compliance, identification and mitigation of risk.