Does corporate governance exist?

Corporate governance is the buzzword again.The overnight saga of Satyam's acquisition and retraction moves has put the spotlight back on this issue and raised many uncomfortable questions about the practices of India's big business houses. Not so long ago, Satyam's Ramalinga Raju was the on top of the charts of corporate governance awards, recognition for those who ensure their companies are run professionally. But behind the scenes, those who gave away such awards are more cautious.