14th National Conference of
Practising Company Secretaries on the theme “Integrating Growth, Governance and
Challenges Beyond”, Inaugurated at Kolkata
Shri Somnath Chatterjee , Former Hon’ble Speaker
of Lok Sabha Inaugurated the 14th National Conference of Practising Company Secretaries,
on the theme “Integrating Growth, Governance and Challenges Beyond” at Kolkata
today.
In his Inaugural Address, Shri Somnath
Chatterjee, congratulated the ICSI on selecting the theme and sub-themes of the
Conference. He said that Company Secretaries have been recognised for
appointment to various posts in government departments. Company Secretaries are
important contributors to the national wheel, he added. He apprised the
participants of the multifarious challenges being faced by the country today
and the need for company secretaries to adopt strategies for combating the same
and ensure balanced development of the Indian economy.
The nation as a whole should deal with the
problems of poverty, unemployment and under-employment, and in doing so ethics
and morality would be the guiding principles, he added.
Shri M. Damodaran, Former Chairman of Securities
and Exchange Board of India (SEBI) in his Key Note Address said that Company Secretaries are the custodians of
the faith, in whose heart the best interests of stakeholders reside.
He said that now is the time to shift the
focus from corporate governance to governance of the country. He said that the
books on Corporate Governance make us believe that corporate governance was the
gift of the western world to the developed nations, but, long before the Adrian
Committee, Mahatma Gandhi made a statement that, “Businesses are trusts and
businessmen are trustees”. Which clearly brings the Indian belief in Corporate
Governance. He said that the companies must be run in a manner in which the
interests of the stakeholders can be safeguarded to the best.
He added that colonisation of territory
can be dealt with, but colonisation of mind is much more difficult to deal with.
We have paid the price of adopting the models which have failed overseas. We
are now prisoners of process. We believe that compliance is governance. There
is a need to look beyond the tick box exercise. Company Secretaries have the
duty to work in the best interests of the stakeholders.
The need of governance is better
regulation and not more regulations. Better enforcement of laws is the need of
the hour. India has a huge youth power and we as company secretaries need to rise to the occasion and work beyond
the prescriptions under the Companies Act, and lead the corporate sector
towards adoption of good governance practices for overall growth of the nation,
he added.
CS S.N.
Ananthasubramanian , President ,Council of the ICSI, in his Special Address expressed that, “Global economies are
witnessing a sea change in the economic, political and technological
environment. Financial deregulation and liberalization of both trade and
capital markets have removed many barriers within and across countries,
allowing firms to pursue business opportunities worldwide. Globalization is
shaping a new system of international economic relations – be it in the fields
of investment, production, trade, finance or technology”.
President, Council of the ICSI stressed upon
Inclusive Growth which refers both to the pace and pattern of growth, which are
interlinked and must be addressed together and said “Ecology and Economy must
go hand in hand and the developmental process should be more holistic in its
approach”.
He said, “The Company Secretaries are the guardians of
not only huge funds invested in the corporates but also of the stakeholder
trust, and they need to ensure that such trust is not breached hence they have
to ensure that these are used in the best interests or ensuring the sustainable
prosperity and as sustaining the posterity and reiterated the fact that,
“governance is the prime mover of growth, and we company secretaries as
governance professionals are the drivers of good governance practices in a
corporate”.
Speaking about the The Companies Bill, 2012, he informed that, the bill substantially
enhances and elevates the Role of Company Secretary as it includes them as a
“Key Managerial Personnel” in a company. The position of company secretary has
been equated to the position of Chief executive officer, whole time director
and Chief financial officer. The role can be envisioned as strategist with far
more wide responsibilities and the potential to calibrate on the needs of the
stakeholders, said CS S.N.Anathasubramanian. He said that, ”The Bill provides
'substantive oversight' role to Company Secretaries as against a traditional
compliance role. Need of the hour is that the Company Secretaries adopt
'responsible compliance' as a mantra while being assertive and taking advantage
of the enhanced role. The profession is now in a crucial phase of transformation towards
being Chief Governance Officer. The CGO needs to understand the intricacies of
business- stakeholder relationship and have some extraordinary skills to ensure
and protect the trust of the company yet not surpassing the interest of the
stakeholders including the regulators.
“Company Secretaries have to seize opportunities
and achieve competitive breakthrough to position for leadership as a Company
Secretary is instrumental in establishing good corporate governance practices
and robust systems, necessary for sustainability and a prosperous economy and
we as Company Secretaries need to be prepared to shoulder the responsibilities
of future Corporate Governance Professionals, said President, Council of the
ICSI.
CS Ashok Pareek, Council Member ,The ICSI and
Programme Director, 14th National Conference of Practising Company
Secretaries in his Welcome Address , said that, Company Secretaries as
governance professionals have proven their knowledge and skills at various
levels and a Company secretary is recognised in the corporate hierarchy as a
crucial key link between management and the stakeholders.
He stressed upon the fact that , “As governance
professionals, company secretaries need to prove their onerous potential in
guiding boards on governance and strategic inclusion. He informed that ,”to
meet this challenging environment governance professionals are expected to
speed up the knowledge updation, assimilate and articulate the same to respond
to rising expectations of the stakeholders. Further professionals need to
develop a right attitude to ensure that the services are rendered in a
professional manner, adhering to the professional standards and the tenets of
professionalism, he added.
CS R. Sridharan, Council Member ,The ICSI and
Chairman, Practising Company Secretaries Committee, while introducing the Theme of the 14th
NATIONAL CONFERENCE of PRACTISING COMPANY SECRETARIES- ‘Integrating Growth,
Governance and Challenges Beyond’, informed that the that the two day
Conference will be deliberating on the aspects such as :
Ø Emerging Areas of Practice in Governance;
Ø Quality of Service; and
Ø Professionals’ Accountability, Responsibility
& Regulation
CS R.Sridharan expressed that, “the conference
would be an opportunity for the participants to express their creative and innovative
ideas to the growth of our profession coupled with business ethics”.
“Regulators across the Board are adopting the policy of ‘growth–enhancing
governance’. ‘Growth’ and ‘Good Governance’ being strongly correlated have
opened up new vistas of practice for Governance Professionals coupled with
Challenges of ever changing dynamics of growth and governance.”
CS Sutanu Sinha, Chief Executive, The ICSI, while addressing the august gathering informed
about the ‘Initiatives’ of the Institute of Company Secretaries of
India. He informed that,ICSI has taken various initiatives towards growth and
development of the members, students and the profession by undertaking
extensive career orientation, professional development programmes, brand
building, extensive research, re-organisation , infrastructure development as
well as globalisation of profession”.
CS Sutanu Sinha informed that, the Council of
the institute had detailed deliberations and brainstorming to formulate the Top
Ten Goals and that the Council Members
were conscious of their responsibilities and committed to provide best of the
services in all spheres. He said that, after detailed discussions, the Council
has formulated following Goals:
ØDevelop a cadre of competent professionals;
Ø Improve infrastructure with special attention on
Regional Offices and Chapters;
Ø Make ICSI the best institute to deal with;
Ø Provide best training to the students;
Ø Continuous interaction with regulators and
industry;
Ø Enhance placement opportunities;
Ø Improve visibility of the profession;
Ø Increase membership strength;
Ø Enhance financial resources; and
Ø Provide leadership on global map.
Signing of MoU between ICSI and New India
Assurance Company Limited
The Institute also signed a MoU with the New India
Assurance Company Limited, under which the members, students and employees of
the Institute would be able to take the following insurance covers –
1.
Professional Indemnity Policy
2.
Office Protection Shield Policy
3.
Mediclaim
4.
Personal Accident Cover
5.
Motor Vehicles Insurance
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