Recent corporate debacles and accounting scams in the western markets have increased the decibel levels of cynics of corporate governance. Management specialists had quoted Enron, Xerox, Computer Associates et al, including in the revered HBR, as role models of strategy, innovation, entrepreneurship and even ethical conduct. The lot of the embarrassed is huge. Enronitis has brought about a credibility crisis that is not easy to surmount. Yet none can run away from the need for greater vigilance, standards and ethics.

The collapses and manipulated financial statements do not indicate that Corporate Governance is gibberish. They only point to the inadequacy of the current levels of mechanisms. If Corporate Governance has failed investors, the alternative is not to dump it. It would be like giving up education as it has been inefficient and trying ignorance, as an alternative! The message is that the structures, systems and processes are frail and demand more aggressive levels of attention from all concerned - the regulators, the professional bodies, investors, intermediaries, trade unions and stakeholders.

That good systems, guidelines and legal provisions are mere "good house-keeping" has been recognized early enough. The call has been to support such good house keeping with ethical leadership - how do we bring this about is the question. Any suggestions?

Editor