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Wednesday, January 07, 2009

The press statement by Franklin Templeton on the Satyam announcement

By Mr. Sukumar Rajah, CIO - Equity, Franklin Templeton Investments, India

“While India continues to rank high in terms of corporate governance amongst its peers (GMI country rankings), recent developments will have an impact on the perception about corporate governance levels in India. However, we need to keep in mind that history has shown that boom/bust cycles tend to throw up such governance failures in various countries - Enron, Vivendi, Parmalat, Daewoo, Worldcom, Livedoor..etc.

Such incidents have led to strengthening of the regulatory framework and we could see the same happening in India. This unfortunate development will be a short term negative for market sentiment. However, further tightening of regulations and oversight mechanism for auditors emanating out of this incident should be a long term positive for India”.

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