In the wake of these corporate failures, basic principles and rules are being reviewed and strengthened in order to reinstall investor confidence. At the heart of these corporate governance reforms is the common interest in the effectiveness of boards of directors. Corporate governance codes, experts and activists have long advocated changes in the board structure. As a result of the successful implementation of corporate practice codes in the private sector corporations, the government has decided to implement the system in public/civil departments and government offices. The public offices are supposed to benefit the people who pay tax to the government on various assets and income earned by them. The government departments should exhibit transparency, and accountability to the various stakeholders including general public. These departments have a key role in a society where people's money is handled by government departments when they left with excess income allowed by tax authority. In this context, the present study s an attempt to examine the impact of corporate government practices implemented by revenue commission in the UK on the customers'/ tax payers' satisfaction.
Corporate governance is a conscious and sustained effort on the part of a corporate entity to strike a judicious balance between its own interest and that of its stakeholders. It is the relationship among various participants in determining the direction and performance of corporations. It is not merely enacting legislation; but instilling an environment of trust and confidence as ethical business behavior and fairness cannot be legislated. It aims at minimizing the chances of corruption, malpractices, financial frauds, and misconduct of management. It provides various codes and regulations to establish effective governance system and to monitor the performance of corporations in the context of transparency, advocacy, accountability and social contribution to the society. Governance is not just a pious platitude. It is the accumulated outcome of inspiration, influence, wisdom, guidance and control, which keeps a body or an organization not only moving but also moving on the right track and at the right speed. It is inherent in the very nature of cosmic as well as human systems. However, corporate governance is essentially a state of mind and a set of principles based on relationships. It can work only if the people entrusted with these responsibilities believe in and are committed to the principles that underline effective corporate governance, which in ultimate analysis, is a way of life and not a mere compliance with a set of rules. Ideals of corporate governance primarily need transparency, full disclosure, fairness to all stakeholders and effective monitoring of the state of corporate affairs. It is, thus, concerned with values, vision, and visibility. Sound corporate governance practices lead to greater management accountability, credibility, and enhanced public confidence.
Statement of the Problem
With the corporate scandals in the early 2000, corporations across the world are under pressure to convince and ensure that the various stakeholders are happy with the system of corporate governance. Many new standards/policies of Corporate Governance (CG) and changes in accounting and reporting