When an institution goes through an inflection point, it has to institutionalise itself. That institutionalisation requires governance to be put in place, governance processes.

When you look at good governance, you also need to look at how you approach the subject.

Shareholder value gets lost when things are done illegally, when corporate governance is not adhered to, when cohesive action is not taken.

If wrong decisions, both from a governance perspective and ethics, happen, this is a slippery slope that we will go down. Unless and until you recognise this, you will not take the right decisions.

Let us look at international institutions and trusts. Trusts have a certain roles and unless you define what their roles are, what is it that they control? Are they controlling the day-to-day operations? If you do that, then what is Tata Sons for? What are the operative companies for? Effectively, you need to have clarity on the roles of different players inside a structure. That is the governance framework.

I think when you take decisions, you should take them not on the basis of what you believe is a convenient outcome, but what you believe is the right outcome. That's something that is important.

I am not looking for board positions, I am looking for good governance.