Public sentiment towards corporate sector is not overtly positive and even negative in some instances and it can be detrimental in the long run. Discuss how private sector can modify itself to ensure better perception and to rebuild the confidence necessary to trust the private sector. (200 words)
Refer – The Indian Express
Enrich the answer from other sources, if the question demands.
IAS Parliament 6 years
KEY POINTS
· Transparency – Open and free communication, to the extent possible, will substantially help improve the perception of corporates in the mind of the common man.
· Appropriate and timely disclosures of major board decisions in the public domain by the private sector would help in a long way towards ensuring trust.
· Corporate governance – Recent issues of corporate governance across a spate of companies, including some reputed ones, have brought the reliability and credibility of India’s corporate sector into question.
· While the rules may have left some scope for ambiguity, it is important that as stakeholders in this ecosystem, the private sector takes a conservative stand wherever it can.
· Companies should avoid a “ticking the box” attitude to fulfilling regulatory requirements and try to assess the actual merit and follow such regulatory requirements.
· Shareholder to Stakeholder – The focus today continues to be working towards creating value for the shareholder.
· However, overall value creation is higher for all groups if a stakeholder approach is undertaken.
· This will include customers, employees, regulators, government and the society at large.
Shankaranand 6 years
Please Review
Thank You
IAS Parliament 6 years
Require more clarity on why the situation remains the same. Try to discuss in detail. Keep writing.
