Unit-2 Corporate Governance A value may be defined as a concept of a desirable ,an internalized criterion or standard of evaluation a person process.

Values are so embedded that they can be inferred from people behaviour and their perception, personality and motivation. According to Stephen P.Robbins, Values are specific mode of conduct or end state of existence is personally or socially preferable to an opposite or converse mode of conduct or end state of existence. Values are belief that guide actions and judgments acreoss a variety of situations. Characteristics of Values Human values are Social and ethical norms common to all Cultures, Societies and Religions Represent synthesis of social progress, justice and spiritual growth. A set of principles that people cherish as they enhance the quality of individual and collective life. Guiding force to take specific decisions in specific societal issues. Comprehensive standards that direct conduct in variety of ways. Deep rooted Practicing values eliminate conflict, misery, wars and enhance quality of life. Refers intrinsic worth of goodness Beliefs that guide actions and judgments across a variety of situations Manifested in thoughts, speech and actions of every human being Everyone does hold the same values Concerned with the internal development of the person purifying mind and heart TYPES OF VALUES Albert Schweitzer( Classification) Operative Values Operative values are value choices which depend on peoples preferences for action and object for. Conceived Values-Conceived values are values choices made on the basis of symbolized concepts. They are made in anticipation of outcomes, of the chosen behavior. Objective Value Objective values are value choices which are objectively desirable. They are not sensed as advantageous to the person nor are they conceived as symbolically desirable. Rokeach (Classification) Terminal Values Leads to ends to be achieved.e.g Happiness, Satisfaction in life, Knowledge & Wisdom ,Paece & Harmony in the World. Instrumental Values-relates to means for achieving desired ends e.g Ambition,Courage,honesty.

Factors Affecting Values Institutions Organizational Values Peers and Colleagues Situational Factors Personal Factors

Objectives of Value Based Management Optimum Decisions Ensures Long run Survival of the Business Develop Credibility amongst stakeholders

Teachings and Tradition from Scriptures Objective-a. To identify the roles played by the characters and apply them in todays business arena. b.To comprehend the lesson from Ramayana, Mahabharata ,and the Gita apply them to corporate. Education and Universal Human Values Culture touches every aspects of our lives. Transmission of culture includes transmittingMaterial Values Non Material Values Five Principles of Ethical Power for Organizations Purpose Pride Patience Persistence Perspective Spiritual Values o o o o Related with inner feelings of a person Develops true Human Being Aims to maximize satisfaction on spiritual gains Teaches to a person to be responsible towards God, self and society at large.

Features Of Spiritual Values Divine Qualities Right Livelihood Wisdom and Skills High Level of Consciousness Compassion Selfless Service Strong Beliefs in Religion Faith Hope Spiritual Managerial Values Ego- Lessness Holistic Ways Responsible corporate Citizens The new Vision Rising Stakes

Complete Freedom Universal or Unconditional Love Teachings from GITA

Teaching of Gita deals with KARMA yoga (Selfless action), JNANA Yoga (Self Knowledge), BHAKTI yoga (Love, Devotion). Yoga Means link. Meditation is the process while yoga is the result. TYPES OF MANAGERS (4) Who believe in Doing things right and resist change(Conservatives) Who relish change and believe in Doing the things Right(Entrepreneurs) Who represent change and also get others to do the right things(Leaders) Who complicate the issues about being Right(Politicians) 5cs and Holistic view to management 1) Capital (Men, Machine, Money, Methods) Nothing is ever lost in following ones dharma, but competition in anothers dharma breeds fear and insecurity. You have the right to work, but never to the fruit of work. When consequences are unified, however, all vain anxiety is left behind. There is no cause for worry, whether things go well or ill. 2) Capability Reshape yourself through the power of your will; never let yourself be regarded by self will. The will is the only friend of the self, and the will is the only enemy of the self. The wise see that there is action in the midst of inaction and inaction in the midst of action. Their consciousness is unified, and every act is done with complete awareness. The wise ever satisfied, have abandoned all external supports. The security is un affected by the results of their actions, even while acting they really do nothing at all.

3) Connections OM TAT SAT (OM is Roadmap of sadhna, States of consciousness, TAT is supreme reality ,SAT promotes good & harmony ASAT (Truth & Faith are bases of all work. 4) Communications (Process through which inter consecutivities is maintained) 5) Commitment ( commitment to business is the root cause of success) Gita & Management

1. 2. 3. 4.

Utilization of Resources (Quality rather than quantity matters) Attitude towards work (Visionary perspective & commitment) No attachment to work (non attachment to results/fruits) Cause and Effect (Responsible for our own consequence)

5. Nishkam Karma (ego less karma without attachment)

Nishkam KarmaBenefits of Nishkam Karma Frees from bondages of Love No effort to Nishakam Karma is wasted There are no obstacles in Nishkam Karma It protects one from the greatest fears It leads to ek-buddhi(Clarity) According to S. K Chakraborthy one can yield following through Stress free mind at work Pure & Transparent Mind Abiding instinct for Ethical Rightness Inner Feelings of Fullness

Teachings from RAMAYANA Ramayana is a Hindu epic which was set in the tretayug and is a tale of good vs. evil. It is concerned with right actions and their consequences. Many important principles of management in the area of strategic planning ,kaizan ,MBO have originated from Ramayana.A successful leader possess three important skill : a. Technical skill b.Analytical Skill c.Emotional Intelligence Some of important teaching from Ramayana are as follows: 1.Every person should have a vision and cause for Planning. (Cause for battle was to rescue Sita & vision was to defeat evil forces) 2Four Fundamental characteristics of a leader are Character Courage Ethics Valor 3.Rama characterized the horses drawing the chariot with strength, energy and passion 4.Rama depicted 4 reins of horse as forgiveness, compassion, consistency (Firmness in decision making) and equanimity (mental composure)

Teaching from Mahabharata Preparation Making Allies Leadership Team Spirit Individual vs. Group Goals

Effective Managers Sense of Sharing Gender Balance

Teachings from BIBLE

Stress Management Environment Mental Outlook Imagined Threat Wrong Perceptions Time Management Making a list of Activities Prioritize the tasks Follow schedules and Target Dates Delegation Record Teachings form QURAN Management is the art of getting things done through others.A good managers knows what to do and how to get others to do.In this regard the holy Quran says we raise some of them above others in ranks,so that some may command work from others. Some of the principles of quran as applied to management are discussed below: 1.Obey and Respect the Authority (to get things done through others) Obey the Allah & His messenger & those in position of authority among you. 2.Cooperation & Teamwork (Mgt. is not by 1 person it is group activity) Pass over (their faults) & ask for (Gods) forgiveness for them & consult them in affairs (of movement) Then, When you have taken a decision put your trust in God, for God loves those who put their trust (in Him) 3.Equal Opportunities for all (Everyone should be treated equally in the organization) O People we created you from a single male & female couple & then you divided in Nations & tribes so that you may recognize one another. Verily the most honorable among you in the sight of Allah is he who is most righteous of you.

Teachings form UPNISHADS

Shrutis Smritis SHRUTIS Mantra, Brahamana, Aaranyaka & Upnishad

 Teachings of Upanishads Nishkam Karma Work is Worship Help Others Self Motivation Self Development leads to excellence of work Help Others Entire world is one family (Vasudeva Kutumbikam) Teachings form UPNISHADS 10 Upanishads 1. Isha: - Deals with God & God realization 2. Kena:-Sacrifices & other forms of workship 3. Katha: - Q & A b/w Yama & Nachiketa 4. Prashna :-Q & A (What is the root cause of universe, functioning of vital force of life.) 5. Kaushitaki:-Course of soul after death(Pran & Moksha) 6. Mandukya :-God has no form(Nirakaar) 7. Taittariya :-Creation of God 8. Aitreya :-Atman & birth of atman 9. Chandogya :-Sacrifice & other form of workship 10. Bruhadaranyaka :- Negations of all conceptions of self

Another Classifiation(Vedas)

-Rig Veda (Deals with General Knowledge) Yajur Veda(Knowledge of Action) Saam Veda(Knowledge of Ownership) Atharva Veda (Knowledge of Science) Teaching from VEDAS

Unity of Existence Divinity is inherent in all existence (includes the potentials divinity of human souls) The entire human race is like one extended family(vasudeva kutumbhkam) Essential unity of all Religions The welfare ,Progress, Development and happiness of all

SMRUTIS(Purusharths) Explain the external principles & processes for current life style & integrated welfare. Include:Panth (Kalpa sutra in Jainism, Dhampad Triptakas in Buddhism, Guru Granth Saheb in Sikkhism)

Puranas (18 main puranas 46 up puranas which explain that it is virtue (punya) to help others & sin(paap) to harm others. Agamas (Shakta, Shaiva,Jain,Vaishnava) Upavedas Shilpa (Architecture), Dhanur (Defense), Gandharva (Music) Darshans To see. Deals with philosophy of life & contain principles to guide ones life. (Vaisheshika (Maya), Nyaya (Logical quest for God & phases of creation),Yoga (Practice of medicine & samadhi for renunciation),Sankhya (Liberation for mental & physical gains),Vedanta (soul,moksha,& creation),Mimansa (Vedas are eternal & divine) 112