The Institute of Cost Accountants of India (ICAI) in association with the National Foundation for Corporate Governance (NFCG) has said pursuing good corporate governance practices is indispensable for sustaining any business which is generating long term value for all of its stakeholders.

Addressing a gathering of senior corporate officials at a seminar that was held recently in Nagpur, Sushil Behl, Director (Finance) of Western Coalfields Limited said that his company has been following these guidelines on corporate governance, which has resulted in it receiving an excellent rating from the Department of Public Enterprises (DPE).

Behl futher said the idea of corporate governance has been in use in India since ancient times, and is centuries old.

He specifically mentioned Kautilya Chanakya's Arthashastra, where the four duties of a king are mentioned as Raksha (Protection), Vriddhi (Enhancement), Palan (Maintenance) and Yogakshema (Safeguard).

In the modern era, these four duties or practices were being promoted by the board of directors in the interest of a company or a companies stakeholders, he added.

S.K. Gupta, Director (Technical) of ICAI, Shridhar Chawla, a cost accountant based in Nagpur, D. Chandru, Director of CPE Committee of the ICAI and P.V. Bhattad, a central counsel member of the ICAI were among those present on the occasion. (ANI)