Who takes the real risk Phony promoters or employees?

 https://www.businesstoday.in/opinion/columns/not-companies-but-employees-are-biggest-casualties-of-gross-corporate-frauds-in-india/story/424134.html

New Education Policy – What can you do as a College? Right now!

 

The new education policy has been announced by the Government of India. Assuming that it starts getting implemented in phases from 2023, the first student who would have gone through the system in its entirety would graduate (5+3+3+4 +4) in 2042!. Any metamorphosis takes time and constant effort and needs to start as early as possible. The normal refrain is that implementation will only follow the government enactment of some legislations and regulations, followed by public universities that control most colleges issuing new guidelines and regulations. This is far from true, because, there is a lot that faculty members, colleges or other institutions of higher education like autonomous colleges, private and public universities can do without waiting for government to initiate action, because it is now clear what direction the new legislations, regulations etc. will take.  This is a policy that we as a nation have adopted.

Training each faculty member and management executive on the NEP is the first crucial step. The new NEP is a paradigm shift on many dimensions and it is critical for all to understand the shift. For example the need for faculty with transferable vocational skills, faculty training and ability to work with industry, pedagogy for students who come after experiencing Learning that is Holistic, Integrated, Enjoyable, and Engaging, and such aspects needs to be understood by every faculty member. The type of input students into higher education is likely to change and faculty needs to understand this. Institutions are expected to create citizens who are well rounded, innovative, critical thinkers and this is a big change from the present day. Institutions should arrange 1. Training sessions for faculty 1. Training session for management members to understand the philosophy of the new education policy in terms of things like learning by doing, emphasis on life and domain skills, pedagogy and man making outcomes.   

Any planning whether it is infrastructure, organizational design or training needs to keep in mind the NEP. For example new infrastructure should follow the 5+3+ 3+4+4 pattern for buildings and classrooms and infrastructure should synch with the new pedagogy. Similarly when independent multidisciplinary institutions is the goal, organizational plans need to include for example strong curriculum building, continuous and criterion based evaluation capacities. 

Managements of colleges might need to revisit their vision, mission in the light of the NEP. This is independent of any government regulations or legislations. The institution can choose its new goal to be a teaching/research university or a multidisciplinary autonomous college.  The shift towards man making education from the rote learning/marks orientation will call for a slew of changes across the institution and and organisation needs to get prepared for this.  Greater transparency in academic and financial data will need institutions have a closer look at their own governance systems and build evaluation systems and processes. We can expect stricter enforcement of the need for transparency in the financial aspects like salaries, reserves, interested parties etc. Similarly greater transparency will be called for in evaluation of students at all levels. These need time to digest and build capabilities. For example if there are substantial profits, then strategies are needed to understand how to comply with expected regulations.  Institutional Development Plans has been emphasised in the NEP and will become an important evaluation criteria. Whether top down starting with the vision or bottom up staring with the faculty personal development plans, this is an area that needs the urgent attention of managements and faculty alike.

Becoming multidisciplinary needs substantial effort starting with identifying what faculties to add based on research and relevance. From hiring faculty members, curriculum development to building new program offerings can start immediately. 

The regulatory, accreditation and ranking criteria and frameworks will undergo a change to meet the expectations of the NEP. Institutions need to reengineer their organizations to meet the likely evaluation criteria for accreditation and ranking. For example the learning outcomes will be more geared towards life and domain skills, thinking skills, and doing skills. Research might become more important or much less based on the choices the institution makes. Infrastructure to support more experiential, holistic, integrated, inquiry-driven, discovery-oriented, learner-centred, discussion-based, flexible, learning which is employment oriented, might mean changes in classroom sizes and infusion of technology in terms of infrastructure. Supporting other HEI will be critical and building linkages with both domestic and international institutions for a real exchange will become required. 

Accreditation will lead to graded autonomy. Autonomy will need institutions to be more responsible and build systems and processes for a variety of new functions. With autonomy comes independent branding and this needs to be visualised and built to create a unique position for the institution in the minds of its stakeholders. This calls for a visioning exercise that considers student life cycles, infrastructure to values to stand for and everything else. 

Integrating STEM education will be a new ball game for many institutions. This requires the management to evaluate how this will happen in their institutions rather than following what others are doing at a future date and not being able to leverage their strengths. Establishing departments in Languages, Literature, Music, Philosophy, Indology, Art, Dance, Theatre, Education, Mathematics, Statistics, Pure and Applied Sciences, Sociology, Economics, Sports, and other such subjects needed for a multidisciplinary, stimulating Indian education can be done without waiting for anything. In the event there are restriction on offering degrees, these departments can start by offering optional open electives or diplomas. The simplest requirement of the NEP is offering courses and projects in the areas of community engagement and service, environmental education and value-based education. Value-based education should include developing humanistic, ethical, and universal human values of truth (satya), peace (shanti), non-violence (ahimsa), righteous conduct (dharma) and love (prem), citizenship values and also life-skills. These can start as non-credit courses and eventually form part of the curriculum with credits. Similarly emphasis on ‘seva’ opportunities can start immediately as the policy emphasises this as part of holistic education. 

In our archaic system of higher education, autonomy to innovate on matters of curriculum, pedagogy, and assessment will come with a whimper, even if it can be a big bang, because the faculty members are not trained to create multi-disciplinary curriculum. Institutions who invest in building this capability, conduct comparative and bench mark studies on curriculum will be able to offer innovative and relevent programs tomorrow.  

Another important requirement under the NEP is medical facilities for students including counselling. Institutions can start establishing these facilities quickly as these are dire requirements. Student participation in affairs of the institution is another area where a number of initiatives need to be taken.  Sadly, even in 2020 there are autocratic institution heads! 

The NEP looks at internationalisation as a two way street. Institutions need to build partnerships with institutions abroad for research, faculty and student exchange, courses abroad for students from India and courses offered to students of foreign institutions. Efforts to accept credits from foreign universities need to start in right earnest. The larger universities must conduct global market research to identify markets where they can set up new campuses outside of India with the support of the Government of India. 

Faculty will play a central role in the future. The NEP calls for improved recruitment and selection of faculty and more importantly keeping them motivated with recognition, rewards and incentives. Institutions also need to provide substantial technological support to improve the teaching-learning process in terms of smart classrooms, internet access and teaching tools in general. Faculty in their own interest must retrain for the new era or be ready to rust and fade away. 

Another important component of the NEP is about inclusiveness. Institutions need to work towards affirmative action for inclusion and lip service is not good enough. This can come in a range of measures like Mitigate opportunity costs and fees for pursuing higher education; Make admissions processes more inclusive; Make curriculum more inclusive;  Increase employability potential of higher education programmes; Develop more degree courses in Indian languages and bilingually; Ensure all buildings and facilities are wheelchair-accessible and disabled-friendly; Develop bridge courses for those students that may come from disadvantaged educational backgrounds; Provide socio-emotional and academic support for all such students through suitable counselling and mentoring programmes.

The NEP has anticipated that

• by 2040 all HEI will be multidisciplinary universities or autonomous colleges or inherent part of a university.

• Increase GER in HEI to 50% by 2030

• By 2025, at least 50% of learners through the school and higher education system shall have exposure to vocational education

The government will do its work at its pace and may be off the deadline by a few years, however, for institutions and faculty, the changes are going to help create a better system and so implementation of what is possible ( and as you can see a lot is possible) should start immediately. HEI in India have the opportunity of overhauling for the better and providing more valuable education, waiting for regulations from the government or potential strictures for non-compliance should not be the route for colleges, they should lead the government by taking as much action as they can.  

My talk with public policy students at Ramiah Public Policy centre Bangalore on 'Learning from ancient Indian wisdom'

 

 

 

  

Bergner 

 

My Publications

 Its been a long time since I've posted anything. Here is a link to some of my old publications. Will try to update this page soon.

https://sites.google.com/site/gpsudhakar/home/publications

My book 

https://books.google.co.in/books?id=8MIdyUQxcnIC&lpg=PR4&pg=PR7#v=onepage&q&f=false

Your feedback will help a lot. Thank You

Post Pandemic Senior Subjects, Shit Scared and Sorry State

Having spent a lifetime adding value to different organisations ( instead of one, and getting a pension/gratuity and other terminal benefits) and being aware of the complete lack of any social security in my country for the old, I am reasonably qualified to write about this.

First, this might sound foolish or stupid to those elders who get a pension, have been corrupt, etc. for this is about regular middle class senior citizens, who for innumerable reasons could not have a pensionable job or great terminal benefits.

It is not as though senior citizens today have not seen crisis. Many have seen
1. Energy crisis/emergency/war in the 70's
2. Great Indian Recession 1991- Hyderabad Allwyn was privatised soon after this
3. East Asian Crisis 1997- I remember my losing a job with a MNC due to this and the boss saying the directors had decided to exit Asia!
4.  The sub-prime crisis of 2008 ( am sure 9/11 in 2001 had its impact on India also).
Not to mention short bursts of uncertainty with factors like devaluation which were many in the last 3-4 decades

 While these situations in life might have provided a more balanced perspective to life, expenditure and savings, the impact in absolute terms was also substantial.

Today, the diversified portfolio ( to reduce risk ) of stocks, fixed deposits, housing or real estate paint a rather gloomy picture for the senior citizens. Yes, Gold has gone up, however, asking aunty to sell the gold is not possible until you have no food to eat.

The investments in stock have not only eroded in value, it does not appear like dividends will be coming by in double digit percentages of investment. How did I forget dividend is paid on the paid up value and not the price I paid for the stock? :)

Returns on fixed deposits have reduced substantially. On an investment of Rs.15 lakhs using decades of saving for old age the returns have fallen from Rs.9000/- per month a year ago to Rs.4350 per month. By the way the PMVV scheme is closed as of 31st of march and even though I could fill the form online, could not make the transfer thanks to the pandemic working hours/days.

Returns on real estate have always hovered around 4-5% per annum, however, when tenants tell you that based on the governments suggestion, they will take a three month waiver and renegotiate at the end it all, it is a big blow to the senior subject. 
.
Governments all over the world have announced huge sums of money to be paid to companies and banks to get over the crisis. The last time it happened senior executives/owners of such recipient companies not only took their salaries but huge incentives as well, running into millions. Thanks to the deep nexus between politicians and the corporate world, no additional long term commitment towards healthcare has been announced by any government and  senior subjects, less said the better. Governments are hoping many of them will not remain after this crisis!

There is no option for surviving seniors to try to get back into the job market. This will only create reduction in rates, animosity for the seniors and generational conflicts at the workplace. One friend suggested yet another option, cut costs! This might be possible for some, however for the vast majority who have spent a lifetime paying back a variety of loans apart from enduring periods of unemployment this is a tough call.

Like everything in life, this too shall pass, however it should hopefully happen during the lifetime of the senior subject !  In the meanwhile, Eat, Pray, and Love !

The title is corny and laboured, Can you suggest a cleaner one?

The essence of branding - In rural Mantralayam - Keerthana Palakhova, Yemmiganur

Most of us relate to the big brands, however, their are a really large number of small brands. Small in terms of their customer base/area of operation, sales turnover or size, however many of these brands enjoy great recall, customer preference and loyalty. Not necessarily niche in anyway, just small.

I bought some 'palkhova' a milk based sweet in Mantralayam recently. It was off a motor bike. Elements included a clean and shining brass container in which the sweet was carried, the packaging was convenient and innovative for the product category  nano paper teacups with wooden ice-cream spoons, and top quality product which had a brand name. The bike had a speaker from which the recorded advertisement of the brand and its qualities was blaring. The bike visits Mantralayam at a specific time each day for just two hours and completes selling all the fresh stock. Many are local customers and many are also tourists like me attracted to the brass box on a motorbike and the blaring advertisement. One can learn something about branding from such mobile shops too, especially the strong positioning as fresh, traditional and hygienic.

Are you getting ready to graduate later this year or in 2021 and start looking for a Job? Prepare not Panic applies here too!

A recession is surely on the anvil, thanks to the global economic ramifications of the Covid-19. This is part of life. It might have happened during your mid career or when you needed a job most, because of a situation at home. The good thing is the cyclical nature of this, which means the dark clouds have to move and will. 

Losing hope means, having lost half the battle. It is important during trying times to use all the equanimity, calmness, patience, positivity, love, friendship and hope that we can muster from within ourselves.  Is this a trying time for you? maybe, may be not, one cannot say for sure. Any creative destruction creates as many new opportunities as it destroys old. The operative word is 'new'. In my experience, when a recession happens, organisations are forced to become more effective and efficient to survive. In this scenario anyone who is bringing to the table any skill sets or knowledge that will support the increase in effectiveness, efficiency, productivity will not have a difficulty getting placed as long as one is clear how one can add value and where. 

The ideas of a dream company, dream career are good to have, as it clarifies what one is seeking, however, being stubborn is quite different from being tenacious. Careers, career goals are life time commitments and not some instant gratification to aim for, that many are used to in other areas of life. It is common to have a circuitous route to our life goals/ ambition. Give yourself time and add 4-5 years when there is a severe recession and remember that while you had nothing to do with it, you need to endure it. Yes, Everyone knows the world is not a fair place.  One semester or a year at college seems like a long time, however, it is really a very minuscule part of work life and even smaller part of life. It is important to have the right perspective about time an.d understand that losing a year is not the end of anything, just a minor bump. 

Lots of research suggests that most of you will have 4-5 distinct careers in your lifetime at the minimum. That is a function of pace of change in everything. At a simplest level, Arun is a qualified computer professional, who is interested in perspective drawing also. He can be employee as a computer engineer, then a designer with an architect using advanced software tools for 3D rendering and someday make a app or software for architects as an entrepreneur. Most careers will span a variety of industries and type of work. 

 The way to prepare for this is to think like explorers and be as fearless of uncharted paths. Learning to learn, learning to fail, calmness of mind, adaptability while sticking to values,  will be  a few  critical skills in making a career.

Delays should be used productively to enhance employability rather than wasted in worrying about things one cannot control. Do that additional online course, attend the industry conference, improve physical fitness and stamina ( applies to more young people than you might imagine), learn to meditate or and about mindfulness, while being proficient in your chosen field and keeping in touch with the frontiers of knowledge in that domain. 

A common thought pattern is thinking about how delays will impact opportunities to support parents, pay off the loan, get married, support a sibling and such very natural worries. We must remember we cannot wish away the recession and it is important to have the right attitude, composure and energy to land in that first job. Parents don't expect anything from you. They created and nurtured you for their pleasure, so the imagined debts are only that, imagined. This is not to suggest you ignore them, however, as natural well wishers they understand your situation and intentions better than anyone else. In case you need support after college and before you get a job, don't be anxious, ask ! Yes, there is nothing wrong with that at all. The best way to contribute to your parents well being is to show maturity, understand the bigger picture, remain positive, as it is most unlikely they will want anything but your happiness. This also calls for learning how to be happy as that is a choice! 

 In a lifetime there are numerous occasions and situations when deadlines get extended and we need to adjust.  Don't delay getting married( or even making a commitment)  if you are already committed, as, in a recession, two people can support each other, something that will help both. Don't delay that travel plan to your grandparents. Don't stop going to the Gym to save some monies until you are replacing that with some serious jogging and Yoga. Don't crib on spending on things you will need as a professional, maybe a book, instrument, or attire.

We need to succeed in our personal realm and also professional realm. These are different.  It is wrong to assume that our personal success is entirely dependent on our professional success. I think being successful in personal life is far more important, as  professional life is a smaller part of the wheel of life.  Within a career we must be clear about the the difference between Job, Career and work. Job or occupation is a regular activity you do ( like going to office and performing some tasks) in exchange for a salary. Career is the total growth in your professional life, and can include many jobs over many years, for example a career in advertising or structural engineering. Work is a broader term than Job and includes all the activities and efforts to meet a goal. The point is, we need to look at a career which is the more important aspect of life.Just as a cherry on top, I can share that many successful people have had chequered careers! 

Money is important but not everything. That's what you must have heard your parents say to you. Relationships are more important than money, however, in a recession our attitude towards money might need a tweak. Look for value not brands. Save for the rainy day and understand the power of compounding. Being careful with money is an attitude or thrift is an attitude everyone must have in a recession the length or frequency of which is anyone's guess. 

 Like having the right attitude about money, it is also important to have the right attitude about failure. Something I see many young people don't. What qualifies to be a failure? Does delay in finding a job qualify as a failed life? Did the guy who got campus placed succeed more than those who did not get placed in that month? We have all learnt about failure being the stepping stone to success. We must believe it at this juncture and if you have doubts go through the life story of anyone who has achieved success (whatever you think that is). 

Worst case, assume you really failed at something, then remember two things 1. happiness is not a function of success or failure, its a choice 2. 'Failure takes away the inessentials in you' Dr Thirunarayan. That means you must concentrate on the essentials which is skills, knowledge, attitude, searching efficiently and effectively for placement .....I am sure you got the drift...basically concentrate on the 'core' 

Before you start your journey it is important to understand some basic theoretical concepts ( theory is built from the experience of many or experiments and is not some boring stuff!). Try to read about these to help you navigate your career and understand that its not a one time decision or a quick fix.

  1. Career Construction theory  https://www.researchgate.net/publication/287768964_Life_designing_A_paradigm_for_career_construction_in_the_21st_century - dont miss the paragraph about 5 C's of career construction  

2. Growth Mindset https://www.forbes.com/sites/carolinecastrillon/2019/07/09/why-a-growth-mindset-is-essential-for-career-success/#27dc6ce728b5 and https://hbr.org/2012/01/the-right-mindset-for-success

3. Wheel of life  https://www.tonyrobbins.com/news/introducing-wheel-life/ or http://www.drrevelmiller.com/wp-content/uploads/2013/08/The-Life-Wheel-Article-1-14.pdf

These will help you understand stuff about careers and life that they don't teach you in class and will help you when looking for a career opportunity during a recession. 

Unpaid internships are quite common in the USA and might become common in India this year on, am not for it, after graduating, however, in extraordinary situations, might be worth a consideration. Usually those who are found useful will get employment and the experience valuable, however there are also employers who exploit the situation and we should be able to identify those. 

Getting prepared to launch a career in such a situation is going beyond the degree credentials and using the time to develop some real practical skills hard and soft, and, most importantly the right mind set and attitude. Panic or anxiety might appear as natural responses in this situation, however, will be counterproductive, you need to take control, show your real mettle, and, never hesitate to ask for help. 

All the  very best  for a reasonable start to your career, remember, those who complete the hardships in the beginning, will have it relatively easy later on. That is true, Ask anyone who has been through life!  

Also, be happy, it works for everyone!

Dear Reader, Do share your insights, even if very different from my views,  on the subject in the comments section below....It will surely help younger readers

Engineering is the Camel in the Management Arabs tent!

Engineering focuses on technological problem solving, while Management deals with organizational, planning and administrative competencies.  The relationship between engineering and management is like that of a husband and wife. One complements the other and together they make organizations tick.

 Or is it?

 Like in the institution of marriage, where gender roles were well defined and almost in silos, organizations used to have the roles for engineering and management well defined and in silos. Today, things are different. Skills have become wider, especially with 97% of those admitted tp IIM's being engineers, engineers dominate by far the best positions in Management. Whether this is a good thing or not is a good subject for another debate, however, in the last few decades management is becoming more quantitative driven rather than ideas-driven, and this is a well-known fact. 

Already for most, who has the control in this relationship must be clear by now!  There are engineers and managers, and almost all the managers are also engineers! It is only a matter of time before the only white or blue shirts will be replaced by checks and other precise geometric patterns preferred by engineers! 

Good Management programs now focus on quantitative courses from operations research to analytics and also have courses like innovation, project management, technology management, once exclusively taught in engineering programs.  All engineers should be grateful to management guru Fredrick Taylor who introduced quantitative techniques in shop floor management that began what is now called scientific management.  

Similarly, engineering programs have many courses once considered the preserve of Management including principles of management, technology management, Operations research, Production Planning and control, Supply chain management, Design Thinking, etc. 

The silos are breaking down and today both the disciplines do not operate in watertight compartments. At an operational level also, there is a clear trend that most of the functions and roles span both engineering and management at once. 

Consider any position in an organization; plant engineer, maintenance engineer, Quality Control Engineer, Production Engineer, and visualize their day at work. Management is all about improving effectiveness and efficiency. Are tools for this not essential to all the previously pure engineering jobs? In a competitive environment, management skills need to be omnipresent to derive business value. Similarly, most management functions need technology support as the Internet, enterprise software, AI, Machine Learning, etc. are changing even small businesses to a great extent. In this case, technology has become the enabler for efficiency and effectiveness. 

The future really needs people who are adept with technology and management. What will educational programs look like in the future? Already for a few decades now, there are specialist MBA programs that span both both technology and management, what is the future curriculum for post graduate engineering programs? Will a combination of engineering and management emerge as a new undergraduate program? In what directon will employers, who now seek only job ready graduates, push curiculum development.

As a commerce graduate, to me it's clear engineering and quantitative analysis has taken over management

Indian Model of Corporate Governance - The aborted talk

I was invited to a panel discussion on 'Corporate Governance' by students of Christ University and since 13/02/2020 was a Bangalore Bundh I got to know the event got shelved when I called to confirm. Each panelist was to have spoken for 15 minutes before the discussions and so I wrote this as my talk. As always, your feedback is critical and let it come in plenty and with full force!

Namasthe Friends 

You will hear about the various important aspects of corporate governance today from all the learned panelists. When I was contacted to be on this panel, I was very hesitant, because CG is not my area of expertise, even though in my corporate working life I got to see things in small and medium-sized publicly listed firms and state public sector firms. I worked in what is now called a vanishing company, which is can be another talk altogether. 

As students and faculty members, you might already know the statistics about the number of companies in India. I think it helps to look at these numbers to set the context for corporate governance in India. In the textbooks, you read about different types of companies public sector, private sector, etc. We should know the numbers

The total number of companies registered in India as of 2019 was 18 lakh 26 thousand companies. Out of these 11,56,374 are active which means 6,70,018 are not active. Of the active companies, only 2011 are government, only 4771 are foreign companies, public limited companies are 62550 of which 6915 are listed and the private unlisted ones are 10,85,178. I am probably missing turnover, market cap, and other such numbers, however, the number of companies gives us a sense of the number of boards which is the unit for corporate governance. Essentially corporates in India are private unlisted firms even if there are other categories in some small measure. Another important aspect we need to remember is that while a firm may be family owned and managed it does get substantial funding from banks which are custodians of public monies. The point I am trying to make is that Corporate governance is not only about large listed firms, even though we generally study only large listed firms. The focus of CG has always been about rules, regulations and regulatory authorities, even though there is generally a passing mention that directors must have Integrity, ability, and cohesiveness. 

Literature is full of different models of CG like the Anglo-US, Japanese, etc. based on which stakeholder is getting greater focus. I read also somewhere about an Indian model which is a blend of the german and anglo Saxon model. What I would urge you to think about as an Indian model of corporate governance is to look at the roots of corporate governance. To me, living value is far more important than abiding by the rules. 

The core of corporate governance is not adherence to SEBI rules. For corporate governance to happen in the right way I suggest we look at some essential concepts from India's ancient wisdom which are practiced today also. For simplicity, I call this PPP which Purpose, People, and Personality.

Purpose of Business 

Based on ancient Indian texts and the practices of many businesses in India the purpose of business or organizational credo has been set as ‘Sarva Loka Hitam’. You will find it in many Indian company websites. It simply means for the well-being of all stakeholders.  This is not about shareholders or entrepreneurs but all stakeholders. Another expression which is also popular is that of 'Lokasamgraha' which means 'welfare of the world'. When a business has this as the purpose of its being, corporate governance is more or less automatic.  

Business, profit or even pleasure are not a bad or negative expression in Indian culture.  The four objectives in life are Dharma, Artha, Kama, and Moksha

 Man seeks dharma: which is to act righteously, being ethical and fair, Dharma also includes repaying our debts to god, debts to parents and teachers, debt to guests, debts to other human beings, and debts to other beings.
 Artha is the pursuit of wealth and prosperity. The important aspect is that this pursuit of wealth and prosperity should be without going beyond the dharma. Wealth should be earned in the right way. 

Kama is about obtaining enjoyment, and finally, Moksha which is enlightenment. These four goals of life are the purpose of life, based on ancient Indian wisdom. Whether it is the CEO or the business, making a profit is good as long as the principles of Dharma are followed. 

People

Recruitment of middle-level managers might be connected with efficient operations, however it is the recruitment of directors and senior management that is key to good corporate governance. Most Indian firms operate on dynastic principles, one gets an office because of birth and/or relationship with the promoter. The actual stake of the promoter after the usual over-invoicing of capital assets is actually negligible, and such a promoter generally brings his family members at the senior levels. When people are qualified professionals, corporate governance is most likely to be good, and if they are qualified professionals who understand ethics and values, it will surely be good.

Gandhiji has discussed the concept of 'trusteeship' for all businessmen. It is important for directors to understand that the assets of the community are given to the business for management and everyone involved is a trustee especially the MD and the board. Swami Vivekananda's concept of servant leadership another idea that is worth considering for people managing businesses. Both trusteeship and servant leadership are concepts from ancient Indian wisdom. 

Personality

The 'mental make-up' or essential character of the board members is a soft aspect, however, it is a critical one. Ethical behavior happens after an ethical and clean response to the situation happens in the mind. Selecting people who have ethical values and beliefs will naturally ensure all stakeholders are considered and none is exploited for the undue benefit of the other. 

To conclude, In my view corporate governance starts with setting and living the right purpose of the corporation, getting together of the right kind of people, all of who have a personality that values ethics and the interests of all.

Thank You for the opportunity and best wishes to all the students!