Corporate Governance Practices of Changampally Ayurveda Vaidyasala - A Study from Employees’ Perspective

Abstract

Corporate governance is the arrangement in which companies are directed and controlled (OECD, 2004). Each stakeholder is important to every company and Corporate Governance is the driver of stakeholders' satisfaction (Rejeb, 2012). Among the stakeholders of a company, employees are the most critical stakeholders as they hold direct and long-term contact with the productivity of every company (Lynch Fannon, 2006). This study intended to understand employees' perceptions of Changampally Ayurveda Vaidyasala's corporate governance practices. The famous Changampally family was invited from Tulunadu to perform in the famous Mamanka festival in Thirunavaya, and later, they were forced to settle in Thirunavaya. (http://www.changampallyayurveda.com/ayurveda-medicine-manufacturing.php, n.d.). They are considered one of the oldest and most renowned Ayurveda practitioners specializing in AsthiMarma Chikilsa. It is an Ayurvedic manufacturing company with a GMP certification and is well-known for its employee maintenance system. This study went through their existing corporate governance practices like transparency, fairness, accountability, and responsibility of the company from the employees’ perspective. It is found that the company hasfavourable transparency, fairness, accountability, and responsibility policies towards employees and itsoverall corporate governance practices are found exemplary.