CORPORATE GOVERNANCE IN MODERN TIMES: CAN UTILIZATION OF TECHNOLOGY HELP ACHIEVE STRONGER CORPORATE GOVERNANCE
Technology has now reached all spectrums of life and has become an important part. It makes work more efficient and easier, so people from all walks of life have utilized it. Similarly, to survive in modern times, corporations have incorporated technology not only for their day-to-day functioning but also for governance. The usage of technology and digitalization affects companies and corporations tremendously. It has changed the previous governance system and has now put a new structure in place which ought to improve the governance and provide much more transparency and accountability. This is being done to gain the trust of the public. The utilization of technology comes at a cost and must be properly administered and laid out to be efficient. Especially talking about India, we have noticed and suffered through many corporate scams and those have turned out to be fatal for the country’s economy. Incorporating efficient technology to reduce corporate cyber risks remains a huge challenge, especially for a developing country like India. Even though bigger corporations have somehow been able to join hands with technology to ensure corporate governance, small corporations are still figuring out the same. The current paper discusses the various ways in which technology can provide better governance, the principles of corporate governance, that are transparency, accountability, efficiency, and expediency, the advantages as well as disadvantages of incorporating technology in corporate governance and provides a summary of what corporate governance is, how it came into existence in India and how it has evolved since then. Further, it provides examples of failed governance structures, the scams that came to light, and how one can learn from them and develop a better governance system.