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Corporate governance becomes even more important in the current context of environmental crisis, global pandemic, looming recession, and social unrest, according to PS Yadapadithaya, Vice-Chancellor of Mangalore University.
He inaugurated the workshop-cum-conference on ‘corporate governance and financial management’, organised by the Commerce Department of Mangalore University on Monday.
Yadapadithaya said corporate governance helps the organisation to identify and respond to the right risks. That there is a need to use the lessons that the pandemic has taught to the world and start looking at the right risks such as climate, biodiversity loss, natural disasters and human made environmental disasters. Whether Covid is an inflexion point for corporate governance is yet to be seen. However, the pandemic has challenged core premises of governance in ways that have important implications for boards, he said.
Stating that poor financial management has seen the downfall of many non-profit and commercial organisations, he said a board of directors must ensure that it has the capacity and capability to understand and monitor the organisation’s performance, and thereby fulfil the most important aspect of corporate governance. Vigilance and adherence to financial management will lead to good governance practices.
On the impact of Covid on education, he said now there is a new pedagogical atmosphere. Under this, one-third is normal online teaching-learning and evaluation process on e-learning mechanism. Another one-third is the traditional, face-to-face classroom atmosphere, where one could come across the interaction between the teacher and the student. The remaining one-third is the experiential learning process. This will enhance confidence, conviction of the learner, Yadapadithaya said.
Talking about NEP (National Education Policy) 2020, he said it talks about locally relevant and globally competitive knowledge, skills and attitudes. Students must be able to imagine, create and innovate. The holistic development of the personality is occupying importance in NEP 2020, he added.
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