The corporate world, at large and in India, has witnessed a spate of governance mishaps of late. Is this because people at the uppermost echelons of the corporate world have become greedy, selfish, and stupid? Researchers at IIM-Calcutta examine the cause and offer solutions
I’m not a bad person. I’m not an unusual man. I just wanted to change the world…I know it is hard to understand…Everything I’ve ever done in my life worth anything has been in a bubble; in a state of extreme hope and trust and stupidity….” Jeffrey Keith Skilling, CEO of Enron
In 2006, JK Skilling was convicted of federal charges relating to Enron's collapse and sentenced to 24 years in prison. Closer home, both Chandra Kochhar and Chitra Ramakrishna, once the poster women representing success in corporate India, saw their careers end in ignominy. The recent sudden death of Cyrus Mistry brings back memories of the internecine conflict between him and Ratan Tata, during Mistry’s brief tenure as the head of Tata Sons. One recent Tuesday night, Ravi Narain, the former CEO and MD of the National Stock Exchange, was arrested by the Enforcement Directorate for alleged money laundering and co-location fraud.
[This article has been published with permission from IIM Calcutta. www.iimcal.ac.in Views expressed are personal.]