'Good corporate governance helps cos achieve better financial results'
New Delhi: Over 95 per cent businesses have said good corporate governance practices help organisations achieve better operational and financial results, according to a survey.Besides, 93 per cent corporates identified culture as an important catalyst for implementing strong corporate governance, the survey, conducted jointly by Grant Thornton and Confederation of Indian Indusries (CII), said. The survey covered 107 companies across industries between October 2019 and November 2019.
As many as 75 per cent of the respondents believe that mandatory corporate governance practices should be extended to unlisted companies, it added.
Stressing on the significance of promoting diversity on boards, 88 per cent of the total firms surveyed said their organisation have a woman director on the board. The other parameters taken include absence of formal training programmes on corporate governance for the board of directors and key managerial personnel, cost of implementation as major challenges in implementing corporate governance practices, role of technology in improving the practices, among others.