Human Values consist of all those values that are universally applicable to all people. These values relate to truth, righteousness, peace, love, compassion, harmony, non-violence and appropriate ethical humane behavior.- Ethics is concerned with the discipline of the right and wrong conduct of individuals.
- Spirituality is the ability of an individual to understand the innate divine nature of the human self that can realize its potential to reach the “Higher Self”. This is also known as the spiritual quest.
- Corporate governance is concerned with a set of relationships amongst the various sections of a company’s management, which include board of directors, shareholders and stakeholders. It lays down the structure and incentives for the board and management to pursue certain objectives, in the best interests of the company and its shareholders and thereby facilitates effective monitoring of the company’s operations.
Evidently, therefore, integration of human values, ethics, and spirituality would align the interests of investors and managers and ensure that business activities are conducted properly for the ultimate benefit of all classes of investors. This is what good Corporate Governance is all about. Good Corporate Governance means the extent to which companies are effectively functioning in an environment of integrity, honesty and transparency. Such governance always creates overall market confidence, ensures and enhances efficiency of national and international capital allocation and thereby productively and efficiently contributes to the nation’s progress welfare and wealth.
Examples are galore of companies which were at one point of time at the zenith of success but have ceased to exist now. Likewise, there are companies which have stood the test of time and stand above the rest through effective amalgamation of the three virtues in question. Perhaps the subject of human values, ethics and spirituality explains why certain companies gloriously perpetuate or unfortunately petrify. This may therefore be a research question for answers to ponder upon.
Contributed By:
Prof. D. P. Chattopadhyay
(Globsyn Business School)
Prof. D. P. Chattopadhyay
(Globsyn Business School)
