It is the set of processes , customs, policies, laws and institutions affecting the way a corporation ( Or a company) is directed , administered

or controlled. Corporate Governance also includes the relationships among the many stakeholders involved and the goals for which the corporation is governed. The principal stakeholders are the shareholders management include employees, customers, creditors, suppliers, regulators and the community at large.

Key elements of good corporate governance principles include honesty, trust and integrity, openness, performance orientation, responsibility and accountability, mutual respect, and commitment to the organization. Commonly accepted principles of corporate governance include: 1.) Rights and equitable treatment of shareholders: Organizations should respect the rights of shareholders and help shareholders to exercise those rights. They can help shareholders exercise their rights by effectively communicating information that is understandable and accessible and encouraging shareholders to participate in general meetings.

2.) Interests of other stakeholders: Organizations should recognize that they have legal and other obligations . 3.) Role and responsibilities of the board: The board needs a range of skills and understanding to be able to deal with various business issues and have the ability to review and challenge management performance. It needs to be of sufficient size and have an appropriate level of commitment to fulfil its responsibilities and duties.

4.) Integrity and ethical behaviour: Ethical and responsible decision making is not only important for public relations, but it is also a necessary element in risk management .Organizations should develop a code of conduct for their directors and executives that promotes ethical and responsible decision making. It is important to understand, though, that reliance by a company on the integrity and ethics of individuals is bound to eventual failure. Because of this, many organizations establish Compliance and Ethics Programs to minimize the risk .

5.) Disclosure and transparency: Organizations should clarify and make publicly known the roles and responsibilities of board and management to provide shareholders with a level of accountability. They should also implement procedures to independently verify and safeguard the integrity of the company's financial reporting. Disclosure of material matters concerning the organization should be timely and balanced to ensure that all investors have access to clear, factual information.

Corporate Governance is concerned with holding the balance between economic and social goals and between individual and communal goals. The governance framework is there to encourage the efficient use of resources and equally to require accountability. The aim is to align as nearly as possible the interest of individuals, corporations and society.

Shareholders role in governance is to appoint the directors and the auditors. Poor corporate governance has ruined companies, sent directors to jail, and destroyed a global accounting firm and threatened economies and governments.

1.) Composition Of Board Of Directors : The BOD of a company must contain a certain percentage of nonexecutive directors as they can exercise independent judgment in the evaluation of corporate practices , performance management and monitoring of corporate policies and programs. 2.) Role of Board of Directors : The role played by the BOD of a company determines the quality of corporate governance because it is the responsibility of BOD to guide and serve the operations of management in the best interests of shareholders and also to keep a check on legal and ethical standards.

3.) Audit Committee : It can improve the quality of financial reporting by periodically reviewing the financial statement , creating a climate of discipline and control and reducing the opportunity for fraud.
4.) Shareholders Committee :It is needed to handle the grievances of shareholders as the shareholders are not able to attend all the shareholder meetings.

1.) Full board should be single tiered and should meet at intervals of two months and at least six times an year, 2.) Non-executive directors should compromise 30% of the board ,if one of them is Chairman. 3.) Non-executive directors should comprise 50% of the board, if the Chairman and the managing director is the same. 4.) No individual should be a director on the board for more than 10 companies at any given time. 5.) The board should be informed of the operating plans and budgets , long-term plans, quarterly divisional results and internal audit reports.

6.) Non-executive directors must be active ,have defined responsibility and be known with the profit and loss account , balance sheet , cash flow statement and financial ratios and knowledge of company law and other relevant laws. 7.) Non-executive directors should be paid commission and offered with stock options for their professional inputs besides their sitting fees. 8.) Directors who have not attended at least one board meeting should not be reappointed.

9.) Details of default, payment for intangible and foreign exchange exposures should be reported to the board. 10.) Audit committee should be given access to all financial information and should contain at least three non-executive directors. 11.) Companies that default on fixed deposits should not be permitted to accept further deposits. 12.) Incase, multiple credit ratings are obtained , all the ratings should be disclosed with comparisons explaining their significance.

Consumerism is the public demand for refinement in marketing practices to make them more informative , more responsive , sincere, more truthful and efficient and also for concern with the quality of life. Consumerism is a protest of consumers against unfair marketing practices and injustices . It aims to remove those injustices and eliminate those unfair marketing practices.

1.) To awaken consumers about their rights and unite them. 2.) To discourage unfair trade practices. 3.) To protect against exploitation by producers and sellers. 4.) To awaken the government about the protection of consumers. 5.) To implement consumer protection laws. 6.) To provide the complete and latest information about the products and services available in the market to the consumers.

7.) To discourage anti-social like black marketing, hoarding and adulteration etc.

1.) Ambiguous Advertisements : It can be deceiving and can mislead the customers. 2.) Not providing full information : To neglect to mention or distract consumers attention away from the information, knowledge of which would probably make their products less desirable. 3.) Connecting advertisements with emotions: Creating imaginative , symbolic and artistic context of advertising. 4.) Misrepresentation of reality : Stereotyping i.e. always not showing the practical image or realistic image.