London, Mar 14: In the backdrop of collapse of major companies in the West, issues involving corporate governance were discussed during a lively debate in the Britain's House of Lords. Participating in the discussion yesterday, India-born Swraj Paul said greed, coupled with the abdication of personal responsibility, is the root cause of trouble in the business world. "Sadly, we are seeing a new bumper crop of trouble in the business world. We have again seen that the root cause has been greed, coupled with the abdication of personal responsibility," the leading NRI industrialist and Britain's roving business ambassador said. The key to corporate governance, he said, was the accountability of individuals and corporate bodies and a clear understanding by shareholders, employees and the community of the obligations and duties of corporate managers. "For a company to be successful, for it to benefit not just its shareholders but its workers and the community that it serves, its managers must act ethically," Lord Paul said.
Bureau Report