The Foundation Day of the Institute of Company Secretaries of India (ICSI) was celebrated on 9th Dec 2011. Minister of Corporate Affairs, India and other experienced personalities from ICSI expressed their views on shaping the Corporate Environment of India.

Mr. R P N Singh, Hon’ble Minister of State for Corporate Affairs, Government of India, while delivering the ICSI Foundation DAY Lecture, said, “The professionals like Company Secretaries have been playing an important role in shaping modern Corporate India.

He appreciated the efforts of the Institute of Company Secretaries of India and said that the ICSI and its members have earned a name for themselves in economic development of the country through evolving standards of corporate governance and compliances.

The Minister said that the ICSI is both and apex professional body and the guiding institution. He also commended the Institute for its conscious efforts in formulating its Vision Document after extensive research and conducting market survey among its stakeholders to know their perception about the profession and their expectations from the professionals.

While Speaking on the Theme: Game Changer for Corporate India: 2020, Mr. Singh emphasised that as regards Governance, if Indian corporates have to create a mark on the international horizon, it will have to establish a brand of its own in the areas of good governance and it is much important that the culture and ethos of the company be developed.

The Hon’ble Minister also stressed on various factors which will act as a Catalyst for Game Changer for Corporate India 2020 in the current decade like: Legal and Regulatory Environment, Emergence of New Forms of Corporate Entities like Limited Liability Partnership (LLP) and One Person Company (OPC).

These are new forms of corporate entities providing alternative forms of business entities to the entrepreneurs. LLP Act is already in place and over 5000 LLPs have been incorporated. These developments will enhance the corporatisation of the Indian business and Governance.

Mr. Singh, while speaking on the Companies Bill, which is proposed to be placed before the Parliament in the Winter Session, informed that once passed, the new Act will update the Company Law in line with the best global practices and introduce new ideas such as corporate social responsibility (CSR), class action suits and a fixed term for independent directors.

The Bill also proposes to tighten laws for raising money from the public besides prohibiting any insider trading by company directors or key managerial personnel by treating such activities as a criminal offence.

It will also make mandatory for companies to earmark 2 per cent of their average profit of the preceding three years for CSR activities and make a disclosure to shareholders about the policy adopted in the process”.

Mr. Anil Murarka , President ,The ICSI ,while addressing the audience during the Foundation day Lecture, appreciated the initiatives of MCA which are commendable in moulding the corporate India and the professionals, especially the initiatives relating to e-governance, green initiatives etc.

He emphasized that the Company Secretaries should have the thorough understanding of not only domestic and international regulatory regimes, but also other areas such as effective risk management, adoption of corporate governance practices in such a manner that helps in maintaining high standards of accountability, transparency and ethics.

Mr. Murarka said, “As for professionals like us, a variety of forces influence our sustainability, which arose from fierce competition and globalization of business processes and technology.

Professional firms are expected to deliver cost-effective, diversified services under one roof that saves time and money of the corporates that avail their services. To succeed in this environment, professionals must continually improve their service delivery methods.

Innovative professionals can differentiate themselves in a crowded marketplace, get effective clientele and use internal and external resources more profitably and so on.

In an environment of increasingly sophisticated clients market, globalization, and evolving technology, professionals must evaluate their business models to ensure that they can deliver the greatest value to every client on every project.

This can be achieved only through performing business functions beyond the usual way and Company Secretaries are the vital participants of game changing phase of corporate India, by acting as a global manager as the business travels beyond territories, He added.

Shri Nesar Ahmad , Vice -President , the ICSI Informed that The Institute of Company Secretaries of India – the youngest of the professional bodies was set up on 4th October, 1968 and converted into a statutory body under an Act of the Parliament, the Company Secretaries Act,1980.

During these years the Institute and the profession have made steady advances in terms of recognition, multidisciplinary expertise, professional excellence and expanse in the nook and corner of the country, finally to participate in the march towards globalization.

Mr. Ahmad, reiterated the fact that in the present era of globalization with zooming technology and changing expectations of stakeholders in terms of governance and sustainability, our aim is to reposition ourselves as responsible corporate managers and advisors.

Mr. N K Jain, Secretary & CEO, the ICSI while delivering the concluding remarks thanked all the dignitaries present on the occasion. He informed that the Institute of Company Secretaries of India (ICSI) is the world’s largest institute for Company Secretaries.

Mr Jain emphasised that we being the prime movers of Good Corporate Governance have to rethink and focus on information driven corporate governance for long-term stakeholder value as opposed to focusing solely on short-term maximization of shareholder value and price appreciation.

Concluding the ICSI Foundation Day celebrations, he reiterated the fact that Foundation Days are celebrated not only to exchange pleasantries, but also to re-dedicate ourselves to professional values, share our achievements and prepare ourselves for the future challenges.

Now it is our responsibility to pass on the rich tradition of professionalism to our next generation. We need to set in motion a ripple of action that travels far. This is our privilege to guide the businesses to become good corporate citizens contributing to the nation’s development and well being of society.

Source: http://www.indiaedunews.net/Delhi/ICSI_celebrates_Foundation_Day_14964/