HYDERABAD, JANUARY 18, 2021
Vice President M Venkaiah Naidu has suggested to the corporates to consciously encourage whistle-blowing mechanism and provide adequate safeguards for the protection of whistleblowers as it was important to ensure transparency and accountability in all matters of corporate governance to enhance the confidence of all the stakeholders, including the shareholders.
“We need to protect public money and systems have to be made foolproof to reduce any scope for any irregularity. Strong principles of corporate governance must be the driving force of any company. Transparency, integrity, and honesty must be upheld at all times and must be reflected in every business activity,” he advised, the Company Secretaries at the convocation address of the Institute of Company Secretaries of India (ICSI) in Hyderabad on Monday.
Calling for concerted efforts by all the stakeholders in making the economy robust again, Naidu said that institutions like ICSI would be playing a key role in putting the economy back on rails with a focus on good corporate governance.
Reminding the students about India’s glorious past, the Vice President said that there was no dearth of talent in the country. The need of the hour is to identify and promote talent. He said that India, the world’s largest parliamentary democracy of over 130 crore people, has the potential to become a self-reliant nation.
Observing that professionals like Company Secretaries will be playing a key role in reviving the economy as India moves ahead in its journey of becoming Atmanirbhar in various sectors, the Vice President urged them to always remain committed to upholding high moral values and ethics. “You should never swerve from the path of righteousness,” he added.
Describing Company Secretaries as the conscience-keepers of the corporate, he said it was imperative for them to be upright and not succumb to any pressure from the management.
Naidu said that professional bodies like ICSI must ensure that corporate entities were not only professionally competent but law-abiding too.
Observing that Company Secretaries hold a distinguished place in the Indian economic scenario, the Vice President advised them to ensure good corporate governance by adopting the best professional practices.
Noting that the Insolvency and Bankruptcy Code has opened up a new era in economic reforms, the Vice President said it was heartening that company secretaries are playing a pivotal role in the Corporate Insolvency Resolution Process.
The Vice President expressed happiness that ICSI’s Model Codes of Governance of Gram Panchayat and Charity Governance have been translated into 12 regional languages and called it a testament to the Institute’s commitment towards strengthening governance frameworks at the village or gram level.
Telangana Home Minister Mohammed Mahmood Ali, ICSI President Ashish Garg, Secretary Asish Mohan and Joint Secretary Ankur Yadav were among those present on the occasion.