At a convention organised by the Institute of Company Secretaries of India, stakeholders discussed corporate governance, compliance and the way forward
Praggya Guptaa | December 7, 2016
The need of good corporate governance and compliances, and demonetisation were some of the main discussion points at the three-day annual convention of the Institute of Company Secretaries of India (ICSI) held in Ahmedabad during November 17-19. With the theme of ‘Powering Governance – Empowering Stakeholders’, the 44th convention saw participation of more than 1,500 stakeholders from across the country including CSs, CAs, cost accounting professionals, corporate leaders and industry bodies.
Vijay Rupani, Gujarat chief minister, said in the inaugural session that the present government is working like a corporate body. Therefore, in future we will need company secretaries for villages to secretariat. He said that for true empowerment, our country needs a strategy to address the various challenges such as poverty, reforms in agriculture, cooperation between centre and states, transparency, delivery of services, job creation, development of infrastructure, ease of business and convenience, etc.
Mamta Binani, president, ICSI, while addressing the gathering, said, “Company secretaries have the necessary competence to handle all issues concerning governance and ensuring compliance.” People are now looking at company secretaries not only as compliance managers but also as strategic leaders for their organisations, she added.
MS Sahoo, chairman, Insolvency and Bankruptcy Board of India, highlighted that company secretaries in governance mechanism under institutions not only increase public trust with institution stability, but also create institutional capability to harness more business opportunities.
Mrugank Paranjape, MD & CEO, Multi Commodity Exchange of India (MCX), said that company secretaries are needed not only for good governance but they are also important for business growth and sustenance. “In the financial and commodity market, a robust governance structure can tremendously help market to unfold more opportunities for business sustainability and to create long-term economic impact,” said Paranjape.
MCX has signed an MoU with ICSI to realise the power of strong governance in nurturing institutions. “This will enable us in bringing transparency and governance in our nature of business,” Paranjape added.
Narrating how Siemens came out of bad times, its India managing director Sunil Mathur highlighted the importance and value of establishing good corporate governance in their organisation. He also mentioned that there should be a synergy among CSs, CEOs and CFOs. Rather than focusing on who is right we should focus on what is right, he said.
In her valedictory address, Smriti Irani, minister of textiles, urged, “Company secretaries should move forward from their compliance roles to a bigger role of powering governance.” She appreciated ICSI for organising a convention of this magnitude and reiterated that company secretaries should envisage and execute a much larger role in empowering governance.
The conference also witnessed a panel discussion on the emerging role of professionals by 2022. The panel talked about the role of technology for CS professionals for streamlining their work and for capacity building. Some deliberations that came out during the conference included merger of the institutes of CA, CS and cost accounts, and revision in curriculum of CS profession which must include role of technology and subjects for their larger roles in an organisation. It was also discussed that companies must involve CSs in business strategies while at the same time these professionals must equip themselves for the bigger role. Another important discussion point was that a target should be kept for CSs to have at least 10 percent share in the list of CEOs.
Governance Now was a media partner in this event.
(The article appears in the December 1-15, 2016 issue)
From Dependence to Self-Reliance: Mapping India’s Rise as a Global Superpower By Bimal Jalan Rupa Publications, 184 pages, Rs 695 Bimal Jalan, a former governor of the Reserve Bank of India (RBI), has been one of our finest commentators on econom
While many countries have been chasing to reach the carbon neutral status, only a few seem to be living up to their pledges as of now. The famous ’Paris Agreement’ of 2015 was glorified and celebrated that finally 196 countries have united with an intent to mitigate and reduce the greenhouse ga
The government this week announced the Tour of Duty or `Agnipath` scheme for the recruitment of soldiers in the armed forces. Under this scheme new soldiers will be recruited only for four years. This radical and far-reaching scheme has attracted mixed reactions from various quarters. While some officials
UPI has become an integral part of our daily lives now. We use it to buy groceries, we use it to send money to friends and family, we use it to purchase tickets, book shows, pay the cab driver, and a whole host of other things due to the ease and availability of such a platform at our fingertips. The best
Scorching Love: Letters from Mohandas Karamchand Gandhi to his son, Devadas By Gopalkrishna Gandhi and Tridip Suhrud Oxford University Press, 528 page, Rs 1495 Gandhi’s era happened to be an era when letter-writing was a primary mode of communica
Crediting the citizens of Mumbai for coming forward to help the police in combating the crisis situation due to Covid-19, Mumbai police commissioner Sanjay Pandey has said that Mumbai Police lost quite a few policemen during the pandemic but cumulative efforts, with citizens working hand in hand with the p