I was with top CEOs in 2009, and they were clearly shaken. Top leaders of Wall Street and elsewhere, shaken. The ones at the top did get by because if they are seeing a decline somewhere, there is also growth elsewhere, like in emerging economies.

To us, the definition of philanthropy is what we spend. A P&L account means expenditure, lines of revenue. There is a surplus; it goes to the balance sheet. A transparent foundation should disclose this.

What happens to a private company that comes out with a quarterly report and an annual report? It gives transparency. It talks of basic issues of governance and transactions with related parties.

Shiv Nadar Quotes