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.

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

At the end of the day, everybody has to take the right decisions for the right reasons.

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.

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.

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