Akums – a Corporate Governance

Corporate Governance refers to the blend of law, regulation, and appropriate voluntary practices, which enable the corporation to attract financial and human capital, perform efficiently, and thereby perpetuate it by generating long term economic value for its shareholders, while respecting the interest of other stakeholders and society as a whole. Corporate Governance is a process that aims to meet shareholder aspirations and societal expectations. It is a commitment that is backed by the fundamental belief of transparency in functioning, values, and mutual trust amongst all the constituents of the organization. We believe that the fairness in corporate procedures, full disclosures in reporting system, total transparency in corporate culture, fiduciary and trustee relationship and maximization of shareholders value in the long run are the pillars on which the structure of corporate governance rests_ The concept of corporate governance hinges on accountability, responsibility, effective monitoring, quality of information, integrity, trust and confidence: and not merely following the enacted legislations alone. We believe that a well constituted and competent Board of Directors can alone efficiently adopt corporate governance framework of 'Perspective, Plans, Policy, Process, Produdivity. Performance and People'. The Board must effectively monitor the corporate resources comprising of 'Men. Money, Machines, Material, Marketing. Management and motivation. The Board of Directors considers itself a trustee of all shareholders and acknowledges its responsibilities to the shareholders for creating and safeguarding shareholder's wealth. During the year under review, the Board continued its pursuit of achieving these objectives through the adoption and monitoring of corporate strategies, best business plans, monitoring of major risks of the company's business and ensuring that the company pursues the policies and procedures to satisfy its legal and ethical responsibilities. Akums' philosophy is to provide colourless document for fair, unbiased, accurate, authentic and factual information in most concise and succinct manner to its shareholders, lenders, customers, bankers, government and people at large.