"Governance" a term which encompasses the system by which an organisation is controlled, operated, regulated and as a consequence adheres to its obligations under compliance, rules, regulations and policies.

"Governance" a term which encompasses the system by which an organisation is controlled, operated, regulated and as a consequence adheres to its obligations under compliance, rules, regulations and policies.

When we at CoSteer say governance, we mean:

Culture
Decision-making, and
Decision-implementation

Leadership with...

Compassion
Humanity
Wisdom, and
Ingenuity

...which in turn also aligns with various roots of Indian philosophy.

Ethos describes the beliefs or ideals that characterise a community, nation and its ideology.

The expression Indian Ethos in Management refers to the experiences of Indian civilisation over the centuries for managing both the professional as well as personal front. It refers to the values and practices that the culture of India can contribute to service, leadership and management. These values and practices have been influenced by various strands of Indian philosophy. It is the body of knowledge which derives its solutions from the rich and huge Indian system of ethics (moral philosophy).

In Indian Ethos, each soul is a potential god.'Vedanta' believes in the oneness of existence. All of us have a spark of divinity within our hearts and the word ‘divine’, means an endeavour towards perfection, knowledge and power or energy for self-development. If one brings about his or her self-development, it would automatically benefit his or her organisation and the society, because he or she is a part of the larger unit, provided he or she is duty-bound and impartial to one and all.

India Ethos represents the teachings of great scholars and teachers of leadership like Gautam Buddha and Chanakya who have played a significant emphasis on business management and corporate governance. It talks about the values and practices that the culture can contribute to leadership and management.

In the modern world filled with work-related stress and conflict, Buddha’s teachings can be the next big solution for effective organisational management and corporate governance.

As we all know, Buddha enlightened the world with his teachings 2500 years which have spread, to around 300 million people across the globe. Buddhism's concept of looking at life for what it is can be very effective when we include that in business and corporate governance.

Indian Ethos has a set of 15 principles, which are directly subjected to the teachings of Buddha and Chanakya. Five of them are:

1. Know yourself (We all have divine qualities like integrity, patience, courage, loyalty, forgiveness, and service attitude i.e. mind so if we try to develop ourselves by improving our qualities we will not only make ourselves happy but also the society we live in.)

2. Science without Humanity (It says, technology and advancements are no good if that is meaning to dehumanise our work culture, environment and our lives)

3. Holistic Approach to life (It says, we should always have a broad approach to our life, we should do the things, we expect from our society. Efficiency & effectiveness in an organisation will only increase when there is collaboration, togetherness and cohesion among people)

4. Sewa or Service Attitude: (This says, the organisation or an individual should always have an attitude of 'giving'. An organisation should just be more than a profit-oriented business, it should have the quality to serve its people)

5. Conflict Management (This says, any conflict or problem can only be resolved when we understand the 'root cause' of the situation. When we live in the present moment realising "we are here now" and reach to effective decision-making for one and all. It says the better the conflict resolving within the organisations are, it increases professionalism in the workplaces and enhances a non-judgmental attitude among the staff so that they can understand and share a common set of values and purpose)

Now, if we will see the collaboration of both Gautam Buddha and Chanakya, it is deeply in sync with leadership and values. They both had a deep understanding of:

Humans
Society and,
Culture...

...they both have focused on the importance of the wellbeing of every individual related to the business. From clients to employees, Buddhist management points out that a business is not a business if it inflicts harm on others, whether physical or mental. It is important to have honesty, sincerity, kindness and compassion towards one another in order to create a space that is open, safe and non-judgemental.

A leader who aims to lead their organisation amidst challenge and uncertainty to long-term prosperity, confronting poor behaviour and upholding values would ensure better corporate governance and lead the organisation and the society within which it exists to prosperity. This occurs when all of us; self-actualise, transcend the barriers of gender discrimination, caste, creed, religion, region, community, and country, and reach out to the world as global citizens emboldening our higher selves for the betterment of humanity.