Corporate governance: Home truth for foreign diplomats
Lawyers and accountants (caught) breaking their silence
Our corporate sector and key intermediaries, like lawyers and accountants, follow a nice code of silence when it comes to doubtful practices. But a batch of WikiLeaks cables released on 26th August shows that they are frank and loquacious in briefing US diplomats. After the Satyam Computers scandal, these honchos told Mumbai consulate officials how corporate governance at family-controlled local companies was ‘an illusion rather than reality’ and that firms were reluctant to appoint ‘truly independent directors’ who would challenge management decisions. A financial expert mentioned a corporate takeover where an acquisition ...
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