MR NARANG PASSES AWAY

This is very very sad --I was taught by him as well as by Mrs Narang .It is a difficult piece of news -----mind goes back to another era ----don't like such kind of news ----i can visualise him walking down the Loyola corridor --------why do people have to die ????why do they come ------such lovely memories of our teachers ----he passed away an hour back today ---just don't feel like writing .

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XLRI: PSUs take up 11% of batch

XLRI: PSUs take up 11% of batch

By States Bureau

Premier B-school XLRI has found placements for 170 of its 178 business management (BM) and personnel management and industrial relations (PMandIR) students in its longest-ever such exercise. The ordeal spanned around 40 days, which is mighty long when compared with a maximum of three to four days the past few years.

Eight students have ventured into the corporate world with their own plans.

This was the first time that public sector units (PSUs) played a major role in the campus recruitment programme (CRP) of the B-school. They picked up 11% of the batch, significant when compared with the numbers in the past.

Only 30 pre-placement offers were made this year to the passing-out batch having working experience behind them. Sixty-three such offers were made last year.

According to Rajiv Misra, faculty chairperson, placement committee, the economic slowdown has compelled companies to be conservative in their recruitment approach.

However, despite the grim economic scenario, most of the jobs offered on the B-school's campus came from the cr me de la cr me of the corporate world. The average annual salary of the batch this year is Rs 12.12 lakh, around 18% less than last year's Rs 14.75 lakh.

The highest offer came from global pharmaceutical major Novartis in the form of an annual compensation of $ 110,000 for an HR leadership role at Basel in Switzerland .

"Challenging years such as these test the fundamentals on which the success of placements of an institute is achieved and the convincing set of placements XLRI has received this year reaffirms its strong footing in the corporate world," said the faculty chairperson.

However, the financial crisis and the consequent slowdown notwithstanding, the B-school remained the financial sector's premier destination. As much as 30% of the offers came from this sector.

Offers in investment banking, treasury, corporate finance, commercial banking and insurance were received. Domestic investment banks were led by Centrum and SBI (SBIN.NS) Capital, while banks such as Citibank, HSBC, Standard Chartered, ICICI (ICICIBANK.NS), Axis Bank and Bank of Baroda offered roles at their treasury and foreign exchange desks and in corporate and retail banking. The Securities and Exchange Board of India (Sebi) recruited from XLRI for the first time.

XLRI reaffirmed its strength in marketing with 32% of the students accepting the offers made.

Procter and Gamble, Hindustan Unilever, Nokia, Johnson and Johnson, ITC, Pepsi, Amul, Asian Paints and Reckitt and Benckiser offered sales and marketing jobs.

L'Oreal, Titan, Castrol and telecom majors Bharti Airtel (BHARTIARTL.BO) and Virgin Mobile were first-time recruiters.

A 9% increase in acceptances over last year showcased the interest the students showed for marketing jobs.

However, the distinct element in the B-school's recruitment process this year was the active participation of public sector units that ranged from financial institutions such as SBI Capital, Bank of Baroda, Securities and Exchange Board of India (Sebi) to top energy players such as Gail (GAIL.NS), BPCL (BPCL.NS), ONGC (ONGC.NS), Coal India Ltd and BHEL (BHEL.NS).

VINOD KAMBLI'S WIFE --LANGOOR KO MILA ANGOOR

BLOODY BLOODY VIDHAMBANA --EX LOYOLEAN --TIMKEN DIRECTOR JUMPS INTO ELECTION RING FROM JAMSHEDPUR

it a bloody bloody vidhambana ----i was happy with Dr Ajoy Kumar as he was contesting the Jsr elections --but now Nitroop Mohanty has jumped in too --he is one of our Directors ---and an EX Loyolean --so how can i vote against him or agst Dr Kumar ---so i have decided not to vote at all .

HOLI --THE TIMKEN WAY

It was great fun on holi day ----the Timken way is a bath tub filled with coloured water ---it is the welcome given to every new entrant to the function ---a full bath in the tub ---gets you drenched with colours -----then once out of it ---it is abir applied all over --so that no body recognises u ---then dancing to the tunes -----most idiotic ones ---but thats the fun ----and at the end mutton rice ----go home and try to get the colours off --but they won't come off .
well this year the function was at northern town ---the house which was owned by our dy MD --now it vacant .
It was real fun ---HAPPY HOLI .

Balancing conformance and performance

The article is written by Mr A N Raman --well know accounting authority in Inida ---a central council member of ICWAI ---he is both a CA and ICWA----is a member of CII---and a person well known to me for sometime .
It is great reading ---in the back ground of the Satyam episode .This article appeared today in business line .

rgds,
Joydeep,
jsr.
Business Daily from THE HINDU group of publicationsThursday, Mar 05, 2009

Balancing conformance and performance







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An IFAC study states that governance should not be a separate pillar mainly concerned with compliance, but a more integrated way of running the business effectively and efficiently.


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A. N. Raman


Significant efforts to improve corporate governance worldwide gained momentum with a series of corporate scandals. The IFAC (International Federation of Accountants) report on Rebuilding Public Confidence in Financial Reporting does an extensive documentation of the circumstances leading to the global concern for corporate governance (CG) and strengthening of the reporting framework.

Since reduced confidence in financial information and corporate disclosure procedures could cause a set back to the availability of investible resources and raise its cost as well, the matter had to be dealt with globally. A slew of amendments to the Code of Corporate Governance were generated by stock exchanges and regulatory bodies worldwide — the Sarbanes- Oxley of the US and Clause 49 amendments in India are cases in point.

Positive aspects so far


The current form of corporate governance has provided us valuable benefits as well as some important lessons. A survey was commissioned by IFAC under the Chairmanship of Norman Lyle, the Past President of CIMA.

This task force has brought out an excellent report ‘Financial Reporting Supply Chain — Current Perspectives and Direction’. The group observed the following benefits of the current form of corporate governance: increased awareness that good governance counts; evolution of new codes and standards for corporate governance in various parts of the world almost on similar pattern; improvement to the structure of the board; improved focus on risk management and internal control; and increased level of disclosure and transparency.

The concerns


There were several areas of concern indicated by the survey in the framework of the corporate governance implemented so far.

The most significant are: governance in name but not in spirit; overregulation; development of a checklist mentality; personal risk and liability for company directors and senior management; and cost-benefit concerns.

Governance in name but not in spirit: The survey results indicated that the corporate sector was feeling that fostering a corporate governance means more of a compliance culture and this emphasis on form rather than content was giving a false sense of security.

The current case of Satyam in India is also a pointer to this feeling of the global survey. By reducing it to certification formality, the board of directors of many companies were paying lip service to the concept, thus allowing the letter to subjugate the spirit of the concept.

Overregulation: Knee-jerk reaction in the form of more prescriptive regulations will put more unwanted disclosure burden was a key reaction to the implementation of corporate governance so far.

In particular, the lack of principle-oriented approach driving better governance needs emphasis rather than the SOX oriented higher rules of disclosure and certification.

Development of a checklist mentality: The survey results indicated the emergence of a checklist mentality oriented towards a tick box approach in company management rather than making it achieve and prosper. Boards were not spending adequate time on strategic and operational effectiveness. Building performance with integrity was displaced by focus on rules and compliance activities. This indicated a lack of balance between performance and compliance.

Personal risk and liability: The survey indicated that the levels of the personal risk and liability involved had become a deterrent to get talents on board. It was becoming increasingly difficult to recruit new board members and senior management team members due to increased legal liability exposures.

Cost-benefit concerns: The costs of regulations on corporate governance in some countries such as the US, especially Section 404, were not giving the commensurate benefits.

IFAC recommendations


The IFAC survey had also appealed to the respondents to make suggestions for improving the current framework of corporate governance.

There were several responses to this question and the following key areas have been crystallised as priority items immediately requiring the attention of the policymakers as well as the practitioners in the corporate sector:




Continue to focus on the behavioural and cultural aspects of governance;

Review existing rules as many have been introduced as a response to crises;

Further improve the quality of the directors;

Better relate remuneration to performance; and

Expand view from compliance governance to business governance.

Of these five recommendations, the last one, from the point of pure compliance orientation, is the need of the hour.

The respondents to the survey felt that there was too much attention on compliance governance instead of business governance. There has to be more dialogue in the board on strategy, risk and returns in various verticals, and whether investors’ interests have been protected in the form of better utilisation of resources.

It was stated that the governance should not be a separate pillar mainly concerned with compliance, but a more integrated way of running the business effectively and efficiently. It was further felt the control processes should be more embedded in the business processes, and should be designed by people who have experience with the area of organisation, people and processes.

The concept of business governance and compliance governance both placed in the mould of enterprise governance was the outcome of an earlier IFAC document titled ‘Enterprise Governance — Getting the Balance Right’. Let us examine that framework in more detail.

Seeds of Enterprise Governance

The board of IFAC in 2002 asked its committee on Professional Accountants in Business (PAIB) to explore the concept of enterprise governance with a particular focus as to why corporate governance fails in companies and more importantly what must be done to ensure that things go right.

The IFAC report came up with the proposition that good governance on its own cannot make a company successful. Companies need to balance conformance with performance which was fundamental to the framework of enterprise governance.

In response to this call of the IFAC, the PAIB brought out a report which defined enterprise governance as, “the set of responsibilities and practices exercised by the board and executive management with the goal of providing strategic direction, ensuring that objectives are achieved, ascertaining that risks are managed appropriately and verifying that the organisation’s resources are used responsibly.” (Information Systems Audit and Control Foundation, 2001).

The Task Force for this report observed in great wisdom that “…heavy emphasis on corporate governance issues has been necessary in the light of recent scandals, it is important to remember that good governance on its own cannot make a company successful. Companies need to balance conformance with performance. This is a fundamental component of corporate governance.”

In this context, the Report states that “there is a real need for directors to have a true and fair view of the strategic position of the company.” Thus it sounds very interesting as to how the concept of true and fair view is stretched to verify performance itself and coming from the report of IFAC pulpit, which preaches accounting standards to the global accounting bodies.

IFAC framework of enterprise governance

The Report of PAIB on enterprise governance states that there are two dimensions of the same, viz conformance and performance that need to be in balance.

In this framework conformance is called corporate governance and addresses issues such as board structures and roles and executive remuneration. There are also well established oversight mechanisms for the board to ensure that good corporate governance processes are effective — audit committee, for example.

The performance dimension focuses on strategy and value creation. The focus is on helping the board to make strategic decisions: understand its appetite for risk and its key drivers of performance and identify its key points of decision making. It is desirable to develop a range of best practice tools and techniques, such as scorecards and strategic enterprise systems that can be applied intelligently within different types of organisation. These can help the boards to focus on strategic direction and its application for all areas of business. But these are not often dealt with as a coherent whole by the board, and what we would term an “oversight gap”. Having come this far the task force then proceeds with the mechanism of filling the oversight with a framework of performance management system.

IFAC’s view of beyond the compliance framework

After discussing the scope of enterprise governance framework elaborately in the above pattern IFAC puts forth the following four pillars which will raise the governance beyond the legal conundrum:

Strategic oversight

Enterprise risk management framework

Process of mergers and acquisitions

Board performance

The task force felt that there is no equivalent mechanism to the audit committee in the conformance dimension to ensure adequate oversight of the performance of the business dimension. This was supported by the findings of the case studies where strategic failure was the major issue. A strategy review committee can be established as a preparatory committee which would undertake regular reviews of strategy and have the right to access external advice. But the ultimate responsibility for the strategy will be with the full board.

On risk management a more integrated approach has been favoured instead of a compliance or conformance oriented. This recognition of a performance driven approach reconciles both

The assurance requirements of the board and external stakeholders i.e., the business understands its risks and is managing them actively — conformance; and

The need to better integrate risk management in decision-making activity at all levels — performance.

Acquisitions and mergers should occur as a part of a planned strategy identifying target business in target markets. The following were identified as the key requirements for success: effective experienced full time project management;

rigorous evaluation of synergies and ruthless implementation; effective due diligence; experienced specialists with recent deals experience; early identification of risks with appropriate mitigating action; and the deal reflects the business case.

Clear integration plan.

Boards need to ensure that they are making the most effective use of limited time and knowledge in order to achieve their stated objectives rather than simply complying with the letter of corporate governance code. Consequently attention is given to issues such as:

Performance evaluation for boards including the use of performance measurement systems

Board dynamics

Board design.

Principles for Evaluating and Improving Governance in Organisations

Following its report on enterprise governance, the PAIB committee of IFAC has now issued an Exposure Draft in 2008 which would be a best practice guidance note for organisations in implementing enterprise governance. Aligning with the framework of principle based standards, this guidance note has set out twelve principles which will be the guiding posts in evaluating the maturity levels of implementing effective enterprise governance framework in organisations.

Considering limitations of space it would suffice to broadly mention and outline the twelve principles as below:

The creation and optimisation of stakeholder value should be the objective of governance.

Good governance should appropriately balance the interests of stakeholders to optimise value.

The conformance and performance dimensions are both important to optimise stakeholder value.

Good governance should be fully integrated into organisation.

The governing body should be properly constituted and structured to achieve an appropriate balance between performance and conformance.

The governing body should establish a set of fundamental values by which the organisation operates. All those participating in governance should embrace these fundamental values.

The governing body should understand the organisation’s business model, its operating environment, and how the stakeholder value is created and optimised.

The governing body should provide strategic direction and oversight in both the conformance and performance dimensions.

Effective and efficient enterprise risk management should form an integral part of an organisation’s governance system.

Resource utilisation should align with strategic direction.

The governing body should periodically measure and evaluate the organisation’s strategic direction and business operations, and follow up with appropriate actions to ensure appropriate progress and continued alignment with goals.

The governing body should ensure that reasonable demands from stakeholders for information are met on a timely basis, and that the information provided is relevant understandable and reliable.

Aligning cost audit with governance

The cost audit methodology as structured originally under Section 233B of the Companies Act had two perspectives viz., - the attestation of cost structure; and the efficiency review perspective, which is more methodology driven.

In a period of price control and administered interventions attested cost structure had a major role to play and hence the attestation perspective got the emphasis. The profession had to play the major role of verifying and validating the cost figures in selected industries before they were submitted to the Government. The efficiency review was relatively less emphasised and, therefore, did not receive much impetus in the form of new auditing techniques and methodology. We now need to develop a new vision and strategy for cost audit mechanism.

Let us recall here once again the definition of enterprise governance preferred by IFAC. “The set of responsibilities and practices exercised by the board and executive management with the goal of providing strategic direction, ensuring that objectives are achieved , ascertaining that risks are managed appropriately and verifying that the organisation’s resources are used responsibly.” (Information Systems Audit and Control Foundation, 2001).

Cost audit is a mechanism already available which performs the verification function as to whether the resources are responsibly utilised and in what processes resource wastage occurs. It appears from a plain reading that there is a perfect fit between enterprise governance and the cost audit mechanism. What perhaps will be required is to evolve a framework where there could be convergence of the objectives.

The profession and the industry should accept this challenge and evolve mutually acceptable audit objectives as per the changed context. Annually unitised cost structure attestation and its review will not be meaningful for the industry, which is now focussing even on hourly variations in process for cost control. The concepts such as zero defect, PPM and 6 Sigma are gaining credence in the manufacturing scenario. We need to revisit the current methodologies and reporting frameworks.

Most of the organisations have well-oiled cost and management accounting system mainly used for Budget formulation, Performance Review Reporting and identifying cost leaks and price fixing. Cost audit is selective in the sense that it is not applicable to all industrial units like Statutory Audit and to this extent can be construed as infirmity. Independent of this, the cost practitioner, whether he is a cost manager or cost auditor, should be fully equipped to subserve the management’s objectives of ensuring the operational effectiveness and make risk assessment and compliance control at various internal processes. In its broad scope, the focus is not only in improving the operational efficiencies, but strategic as well, having to cull out and provide information for managerial decisions on optimum utilisation of resources on a continuous basis and aid organisation’s growth objectives. Thus the cost audit methodology and deliverables can align with the performance governance process perfectly.

Value creation was shown in the IFAC framework earlier as a part of the performance governance process. It can also be recalled here that to improve board performance external expertise can be relied upon in concluding on the strategic performance of the business. The cost audit reports today have a focus on addition or deletion to the net worth of the shareholders and they offer comments on the same as a part of the audit report. It is known that value erosion takes place when products and processes contain wasteful spending resulting in uneconomic cost structures. Such product or process lines can impact negatively on the net worth of the shareholders. The present cost audit though finally results in cost statements , they can be easily tweaked to get a statement on net worth which can contain a movement items showing the gain or loss of net worth on various products and processes during the year ultimately resulting in the net worth on the closing date of the financial year. This alone can be certified for submission to shareholders preceded by an elaborate discussion with the Audit Committee if the companies are not yet legally required to form the strategic oversight committee.

If applied to the context of Satyam, certainly the directors would have been at some point been prompted to notice the imbalance between resources and returns in some of the verticals instead of looking at the results at a company level which would never ring the alarm bells. Further the cost audit would have traced all the human resources verticals wise and held them accountable for the related risks and return as a part of the input output balancing exercise. In essence, the cost audit has a perfect synergy with the enterprise governance framework conceptualised by IFAC. India may be forerunner to the world if it can align the existing cost audit frame work to suit the requirements of the governance process.


(The author is Central Council Member, ICWAI.)



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STORY OF A HONEST HUSBAND.............

STORY OF A HONEST HUSBAND.............



The wife comes home early & finds her husband in their master bedroom
making love to a beautiful, young lady!

"You unfaithful, disrespectful pig! What are you doing?

How dare you do this to me the faithful wife, the mother of your
children! I'm leaving this house, I want divorce!"

The husband, replies "Wait, Wait a minute! Before you leave, at least
listen to what happened. You can't say I'm dishonest."

"Hmm, I don't know, well, it'll be the last thing I will hear from
you. But make it fast, you unfaithful pig, you!"

The husband begins to tell his story . . .

"While driving home this young lady asked for a ride. I saw her so
defenseless that I went ahead and allowed her in my car. I noticed
that she was very thin, not well dressed and very dirty. She mentioned
that at she had not eaten for 3 days.

With great compassion I brought her home and warmed up the enchiladas
that I made for you last night that you wouldn't eat because you're
afraid you'll gain weight; the poor thing practically devoured them."

"Since she was very dirty I asked if she wanted to take a shower.
While she was showering, I noticed her clothes were dirty and full of
holes so I threw her clothes away. Since she needed clothes, I gave
her the pair of jeans that you have had for a few years, that you can
no longer wear because they are too tight on you, I also gave her the
blouse that I gave you on our anniversary and you don't wear because I
don't have good taste."

"I gave her the pullover that my sister gave you for Christmas that
you will not wear just to bother my sister and I also gave her the
boots that you bought at the expensive boutique that you never wore
again after you saw your co-worker wearing the same pair."

The husband continues his story . . . . .

"The young woman was very grateful to me and I walked her to the
door.When we got to the door she turned around and with tears coming
out of her eyes, she asks me:

"Sir, do you have anything else that your wife does not use?"

GHAJINI --A TOUCHING LOVE STORY

Saw Ghajini ---the movie is lovely ---Kalpana is smart ----i really loved her character---Sanjay Singhania (amir khan) --looks real --never felt he was acting --its a touching love story ---its one of best i have ever seen --but even now Saagar is the best i have seen .

Loved the song 'tu meri adhuri pyar --moti moti hoonge raha mein ' --listen to that song every morning before going to office'--its my favourite now .

BASTARD NATION OF PAKISTAN --NO MORE PEACEFUL DAYS

I was watching the 1st one day international between Ind and New Zealand ---saw Sehwag play his shots --Raina play a blinder ---just then Shatri said something about the terrorist attack in Pak --attack on the sri lankan cricket team ----i could not turn off the channel as Raina was blowing it away ----then i chnaged channel to a news channel ---and the bloody terrorist attack was all over the news ---its a bastard nation at work -----to target cricketers --its a bloody nonsense -----the world now needs to attack pakistan ---dismantle its terror network ---
well am in office on 3 rd march a holiday ---very much like last sunday and so many sundays ---what bloody holidays --as i watch over cricketinfo --India wins the 1 st one dayer --lots of work now to do on a holiday ---3rd march brings memories of the great man Jamshedji Tata ---we owe every thing to him ---toffees were distributed on this day ----used to go the M-53 hill top with my father ---during decades back --those days are over --no more such celebrations ----now we have only terrorist attacks ----the years gone by were so peaceful .