Corporate governance, as we know it today, has undergone a drastic change from the past. In yesteryears, corporate governance, was open to interpretations by individuals who were assigned the responsibility for individual tasks. The board of directors used to hold meeting with senior management wherein they would assess, review and plan performance, goals, duties, etc. After obtaining the status, feedback and results from the individuals for tasks assigned to them, further goals and plans were chalked out.
However, today, the scenario has undergone a sea change with requirements and expectations being definitive and clearly sketched out. In addition, the end deliverables are clear with periodic checks and strict adherence to schedules and standards.
Corporate governance is no longer merely a ritual to be completed, but needs to be ingrained in the way an organisation functions.
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