Articlehybrid2010

Corporate Governance Disclosure Practices: The Portrait of a Developing Country

45 citations0/0 files storedInternational Journal of Business and Management

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Corporate Finance and Governance Auditing, Earnings Management, Governance Corporate Governance and Financial Management

Abstract

CG disclosure is a fundamental theme of the modern corporate regulatory system, which encompasses providing information by a company to the public in a variety of ways. In the light of CG compliance requirements and disclosure standards, as envisaged by provisions of Clause 49 of the Listing Agreement, this study analyzes the CG disclosure practices in India. We have primarily used the secondary sources of information, both from the Report on CG and the Annual Report of Reliance Industries Limited (RIL) for the financial year 2008-2009.In this study of RIL, we have developed our own model as a ‘working’ method. In order to ascertain how far this company is compliant of CG standards, a ‘point-value-system’ has been applied. Based on the disclosures made by the Company and an in-depth evaluation of the results, we conclude that this company has shown ‘very good’performance, with an overall score of 85 points. Despite some limitations, this study will help us to pinpoint the effectiveness of CG practices followed by the Reliance group. Based on our findings, we can conclude that RIL group is in the forefront of implementation of “best CG practices in India,” but some scope still exists for its improvement.

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References

2002Audit committee, board of director characteristics, and earnings management 2001Information Asymmetry, Corporate Disclosure and the Capital Markets: A Review of the Empirical Disclosure Literature 2002Culture, Corporate Governance and Disclosure in Malaysian Corporations 2003Corporate governance and voluntary disclosure 2001A study of the relationship between corporate governance structures and the extent of voluntary disclosure 2006Factors Influencing Voluntary Corporate Disclosure by Kenyan Companies 2008Intellectual capital disclosure and corporate governance structure in UK firms 2003Transparency, financial accounting information, and corporate governance

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