CORPORATE GOVERNANCE: CORPORATE ACCOUNTABILITY IS INEVITABLE

“The ability to demonstrate high standards of Governance and Business Ethics will be one of the most important corporate competencies in the 21st century, and will be one of the main differentiators of successful companies from the rest” In a global economy, increasingly organizations have a responsibility to facilitate, demonstrate and promote corporate social responsibility (CSR). Long-term sustainability demands that organizations rethink their business goals and objectives from solely focusing on making a profit to corporate citizenship. More and more companies are accepting corporate citizenship as a new strategic and managerial purpose requiring their attention. CSR is helping companies in employee recruitment, retention and motivation and supporting other business objectives, such as reducing business risk and enhancing brand image. There is strong evidence to show that organizations with strong CSR can outperform those who have not yet addressed the issue. The paper examines the importance of corporate accountability. More and more companies are waking up to the fact that corporate accountability is not only important for the enhancement of their brand equity but it is something they can’t do without?they can’t survive in the market. It therefore becomes imperative for the companies worldwide to acknowledge this fact and take sincere endeavor to enhance transparency and accountability towards the employees, the shareholders and the society at large.