Social Media: New Challenges for Corporate Governance Anupam,

The popularity of social networking sites has rapidly increased over the past few years. Social networks provide many kinds of services and benefits to its users like helping them to connect with new people, share opinions with likeminded people, and stay in touch with old friends and colleagues. It allows users to connect and interact with likeminded people. While these tools were originally developed for individual use, the aspects of information sharing and instant responsiveness of social media lend itself well for corporate communications. Through social media platforms, companies can build and promote their brands, introduce new products, and learn about their customer base. Social media becomes an extension of real world communication strategies by allowing enhanced transparency and increasing interaction between companies and their stakeholders. In this paper an attempt has been made to define the role of social media in applying good corporate governance practices and problems arises due to social media and explained precautions can be taken by companies to use social media for the better corporate governance practices