Moily confident of passing companies’ bill this monsoon

Says the bill is nothing short of corporate governance

jasleen

Jasleen Kaur | June 27, 2012



Corporate affairs minister Veerappa Moily on Wednesday said that he is confident of passing the Companies Bill 2011 in the monsoon session.
“The bill is a product of company body and corporate ethics and it is nothing short of corporate governance,” Moily said on the sidelines of a conclave organised by the industry body Assocham.

He also ensured the economy will come out of the recession very soon with the help of the government policies.

The conclave focused on governance, risk management and compliance – enhancing brand value. Moily said the government can no long afford to ignore governance aspect of business.

“Governance has become an important element on all aspects of economy and the role of government is not confined to only making policies. Apart from government, there is a bigger area of governance adopted and followed by corporate in the economy,” he said.

He said it is important to ensure that governance risk management and compliance are appropriately dealt with and are seen from a holistic approach.

Ashok Chawla, chairperson of the Competition Commission of India said corporates have over the years put together institutions which put them in forefront for better governance, risk management and compliance. He said these issues are critical but it tends to get less importance and are occasionally discussed in the board meeting, whereas they need to be built into the management structure.

“Experts have for decades tried to analyse what makes some countries more successful than others in terms of quality of life. They have found that most important reason is the manmade political and economic institution,” he said.

Bhasker Chatterjee, DG and CEO of the Indian Institute of Corporate Governance discussed why risk management has become timely. He said, “The last few years have shown us what can happen to the so-called best governed companies. They have collapsed because they were blinded by compliance.”

He said, “We did not fall prey to all the examples around us as we have much better economy because of careful economic policies. We are not blind to the obvious threats.”

He added that many countries are building risk standards for different sectors of the economy to ensure that sector understands they have something as a  benchmark and thus can take a calculated risk. He concluded saying, “We need to develop such standards for our country too.”

Comments

 

Other News

Why is Lanka in flames: the making of a crisis

This time it was not Lord Hanuman, but the poor decision-making of the political leaders combined with several global economic factors that set Sri Lanka in flames. A state of emergency was declared in Sri Lanka. This month, after the Prime Minister of Sri Lanka resigned from his post, the

Growing Up as a Multilinguist

Being and Becoming Multilingual: Some Narratives Edited by Rajesh Sachdeva and Rama Kant Agnihotri

Mumbai civil body refutes allegations of scam in tenement scheme

The BrihanMumbai municipal corporation (BMC) has rejected the Congress accusations of financial irregularities worth Rs 8,000 crore—9,000 croe in awarding contracts for getting project-affected people (PAP) tenements on private land.    BMC has said that it implements vital p

Sedition law: Can it have a place in democracy?

Does the concept of sedition have a place in modern democracies? This question became more relevant when the apex court recently put the country`s colonial-era sedition law on abeyance stating that there is a “requirement to balance… security interests and integrity of the State… and th

Not just another Manto anthology

The Collected Stories of Saadat Hasan Manto: Volume 1: Bombay and Poona Translated by Nasreen Rehman Aleph Book Company, 548 pages, Rs 999 There are writers, there are writers’ writers, and then there are readers’ writers. Saadat Hasan Mant

These tribal women may be illiterate but are successful entrepreneurs

Meet Promila Krishna, 39, Lalita Nayak, 40, Parbati Gadba, 42, Sanadei Dhuruwa, 39, and Nabita Barika, 41, of Kundra block in Odisha’s Koraput district. Except for Promila who is a matriculate, others haven’t attended school beyond the elementary level. However, while introducing themselves to

Visionary Talk: Arvind Sawant, Member of Parliament with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter