Sustainability—is a big question for companies in today's world of uncertainty caused by economic slowdown, downgradation of environment, world food crisis, corporate rivalry and unethical practices. Better corporate governance practices can lead a firm towards sustainability. Sustainability is the winning mantra and it facilitates involvement of stakeholders within the corporate ecosystem. Firm's endeavor towards sustainability enables it to redefine its business strategies. This article discusses the concept of corporate governance and its linkages with firm's sustainability in the context of the Indian corporate sector.

Corporate Governance (CG) is about doing things right for the good of the greater whole. Practicing CG helps the company to become more accountable and transparent to its shareholders and other stakeholders, such as creditors, customers, employees and society at large. It helps the company to fulfill its social and environmental responsibilities, and contributes to long-term growth and sustainability. The Securities and Exchange Board of India (Sebi) defines CG as: "The acceptance by management of the inalienable rights of shareholders as the true owners of the corporation and of their own role as trustees on behalf of the shareholders. It is about commitment to values, about ethical business conduct and about making a distinction between personal and corporate funds in the management of a company. The definition is drawn from the Gandhian principle of trusteeship and the Directive Principles of the Indian Constitution."

On the other hand, sustainability means use the resources judiciously, not to harm the environment and life and make the world a better place to live. In 1989, the World Commission on Environment and Development (Brundtland Commission) articulated what has now become a widely accepted definition of sustainability: "[To meet] the needs of the present without compromising the ability of future generations to meet their own needs."

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