"The malaise in the governance of corporations is far deeper than what appears on the surface. By feeding on ruthless competition and promoting a culture of winner takes all, capitalism has spawned virulent individualism, which has grossly discounted the value system based on ethics. Corporates still use moral language but they do not believe that it has any objective foundation". This was stated by Dr Madhav Mehra at the recently concluded 3rd International Conference on Corporate Governance in Delhi. The Conference was attended by over 300 business leaders, policy makes, senior government officials, legislators, legal luminaries, fund managers, Stock Exchange Boards, Bank directors and corporate governance experts. The Conference was organised by WCFCG in collaboration with Federation of Indian Chambers of Commerce and Industry (FICCI), Centre for Corporate Governance (CFCG) and Institute of Directors (IOD). The theme was "Corporate Governance - the Key to Sustainable Wealth Creation". It held a series of interactive brain storming sessions, where the best practices and experiences about Corporate Governance and Corporate Social Responsibility from India and abroad were shared. The Golden Peacock Global and National Awards of Corporate Governance were presented to national and multinational enterprises.

A Brief Report on
3rd International Conference on Corporate Governance
26-28 September, FICCI Auditorium, New Delhi

One important outcome of the conference was extending principles of good corporate governance to municipal governance and local government bodies. A new task force called 'Delhi Agenda Task Force' was set up by Foundation for Good Governance under the Chairmanship of Dr Karan Singh. This will work with government of Delhi and Delhi Municipal Corporation to bring transparency and accountability in the local government bodies.

In the session on corporate social responsibility participants felt that there is an apparent linkage between Corporate Social and Environmental Responsibility (CSER) and market capitalization. For this purpose, World Council for Corporate Governance has partnered with World Environment Foundation to conduct a survey to determine the correlation of company's efforts on corporate governance with market capitalisation.