Elucidate the following: Corporate excellence through governance.

Corporate excellence through governance Corporate excellence refers to a transformation from the status of a good company to the status of a great company. The essence of corporate excellence is to have a competitive advantage over other firms in the industry. Corporate excellence is about developing and strengthening the management system and process of a company to improve performance and create value for stakeholders. Corporate governance is the one and only route to achieve corporate excellence. It provides a structure through which the objectives of a company are set and how they are achieved and monitored. Good governance practice enhances the efficiency of corporate sector and helps achieving excellence in all areas in the organization. In November 2000, a Task Force on Corporate Excellence set up by the then Dept of Company Affairs produced a report containing a range of recommendations for raising governance standards among all companies in India. It also suggested the setting up of a Centre for Corporate Excellence. It suggested the higher delineation of independence criteria, minimization of interest conflict potential, directorial commitment and accountability through fewer and more focused board and committee membership, meaningful and transparent accounting and reporting, improved annual report along with more detailed filing with regulatory authorities, and greater facilitation for informed participation using the advances in converging information and communications technologies, setting up of an independent, Autonomous Centre for Corporate Excellence to accord accreditation and promote policy research and studies, training and education, etc., in the field of corporate excellence through improved corporate governance, introducing formal recognition of Corporate Social Responsibility, clear distinction between two basic components of governance in terms of policy making and oversight, responsibilities of the board of directors, and the executive and implementation responsibilities of corporate management comprising of the managing director and his or her team of executives including functional directors, apply the highest and toughest standards of corporate governance to Listed companies etc. Monitoring the Performance Inculcate Moral Values and Principles in Business Fair and Equitable Treatment of Shareholders Transparency and Full Disclosures Fair and Equitable Treatment of Employees and Workers Strong Internal Control Reduce Misconduct and Frauds Satisfied Customers etc.