CHIEF OF BUSINESS BUREAU October 12, 2011
ICSI PRESS CONFERENCE
PRESS RELEASE
Shri Anil Murarka, PRESIDENT of the Institute of Company Secretaries of India (ICSI) while addressing a PRESS CONFERENCE today at Agra stated that “Corporate dynamism has brought about sea change in the role and responsibilities of the Company Secretaries. Company Secretaries are expected to add value as full fledged corporate managers and guide the boards to take the right decisions that are in line with the ethical and moral standards, meet the norms of good corporate governance and are not in conflict with the laws of the land. Expectations from the profession would be growing with the passage of time, multitasking, value addition and versatile knowledge would be the required skills to reach the pinnacle. In this backdrop the Institute of Company Secretaries of India is organizing the 39th National Convention of Company Secretaries on the theme “Corporate Dynamism & Innovative Professionalism”, he said.
To analyse deeply the challenges and opportunities in line with this thought process an indepth analysis of the theme will be deliberated in five technical sessions:
- Dynamic Business Environment, Innovation and Risk Management
- Regulatory Convergence, Technology and Innovative Professionalism
- From Compliance to Creative Solutions-Vision 2020 Challenges
- Leveraging Globalisation for Trade in Professional Services
- Harmonisation of Companies Bill vis-à-vis other Corporate Laws.
H.E. Shri B L Joshi, Hon’ble Governor of Uttar Pradesh has very kindly consented to inaugurate the National Convention on October 13, 2011 at Agra. The Guest of Honour will be Shri K Rahman Khan, Hon’ble Dy. Chairman, Rajya Sabha. KEYNOTE ADDRESS to be delivered by Shri Manoj Gaur, Executive Chairman, Jaiprakash Associates Limited.
Shri Arun Jaitley, Member of Parliament will deliver the Valedictory Address. The Guest of Honour at the Valedictory Session will be Hon’ble Justice Shri Dilip Raosaheb Deshmukh Chairman, Company Law Board.
About 1200 delegates including Company Secretaries, Managing Directors, CEOs, Directors, Senior Executives and professionals from India and abroad are expected to participate in the National Convention at Agra. The three-day Convention will be addressed by Captains of trade and industry, eminent experts, academicians, senior civil servants and professionals.
ICSI Initiatives
Shri Anil Murarka, President ICSI said that the “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 and infrastructure development, VISION 2020 and globalisation of profession”.
The ICSI Vision 2020 envisions action plans to meet the expectations of various Stakeholders; Trade and Industry, Regulators, Members in Employment, Members in Practice, Students, Employees, Society and Environment etc., According to Shri Anil Murarka, ICSI is propagating the cause of good corporate governance amongst corporate India. The Institute has established ICSI National Award for excellence in corporate governance and last year we celebrated a decade of promoting excellence in corporate governance.
Secretarial Audit
President, ICSI informed that, “Secretarial Audit gives a necessary comfort to the investors that the affairs of the company are being conducted in accordance with the legal requirements and also protects the companies from the consequences of non compliance of the provisions of the Companies Act and other important corporate laws.”
He also stated that “The Institute of Company Secretaries of India constituted a Core Group for conceptualizing the wider perspective of Secretarial Audit and to bring out a definitive document on Secretarial Audit. Accordingly the Institute prepared a Referencer on Secretarial Audit.
Guidance Note on Non-Financial Disclosures
Shri Murarka also briefed about the Guidance Note on Non-Financial Disclosures. He said that, “Different stakeholder groups and interested parties have different needs and expectations about the nature of information relevant to their decision making, depending on the issues of particular concern to them”. He informed that “Recognising the relevance and inherent utility of the subject, the Institute formulated a Guidance Note on Non Financial Disclosures to enable companies to make appropriate non-financial disclosures that address the major concerns of various stakeholders in this regard.
The Ministry of Corporate Affairs, Government of India has also issued ‘Corporate Governance Voluntary Guidelines, 2009’ & ‘Corporate Social Responsibility Voluntary Guidelines, 2009’ for voluntary adoption by the corporate sector, herein the Government has recommended disclosure of certain non-financial aspects.
ICSI MOUs
President ICSI, informed that, with National Stock Exchange, the Institute is working for corporate governance certification programmes. ICSI also signed MOU with BTI-BSE towards conducting joint training programmes on capital market. Under this MOU, ICSI & BSE have jointly organised short term course in Capital Market and seminars on Fundamental analysis.
ICSI has also collaborated with NALSAR, NISIET from Hyderabad and National Law School of India University in Bangalore for mutual research and collaborative programmes. By developing such relationships, ICSI is spreading a network of opportunities for its members and students, he added.
President, ICSI also informed that the Institute has signed MOU’s with MCX-SX, Symbiosis International University, IPE Hyderabad, ASSOCHAM, Federation of Andhra Pradesh Chamber of Commerce & Industry & Merchants Chamber of Commerce and Industry, Kolkata and also with various Chambers of Commerce and Industry.
Corporate Secretaries International Association (CSIA)
The President, ICSI stated that ICSI is a founder member of Corporate Secretaries International Association, which is a global body registered in Geneva, Switzerland alongwith other member institutes - The Chartered Secretaries Institutes of Australia, Hong Kong, Malaysia, Singapore, South Africa, UK and Zimbabwe. CSIA was launched in March 2010.
The President, ICSI and Vice-President Corporate Secretaries International Association (CSIA) informed that CSIA is represented by 70,000 governance professionals spread over 70 countries, and is supported by OECD (Organization for Economic Cooperation & Development) & GCGF (Global Corporate Governance Forum).
The purpose of CSIA is to improve professional standards, the quality of governance practices and to ultimately improve organizational performance. Developing and improving the services and professionalism of members of these organizations as well as working with International multilateral organizations and global business community to improve global business standards and establish universally acceptable principles of good governance are the main objectives of CSIA.
MOU with The Capital Markets and Corporate Governance Institute (CMCGI)
The Institute has entered into an MOU with The Capital Markets and Corporate Governance Institute (CMCGI) of Capital Markets Development Authority (CMDA) of Maldives.
MOU with CISI, London
The President, ICSI informed that The Institute of Company Secretaries of India (ICSI) and Chartered Institute for Securities and Investment (CISI), London, have a Memorandum of Understanding (MOU) which provides opportunities to Company Secretaries to enhance their Career progression in various specialized areas like capital markets, commodity markets, fund management, wealth management and investment banking.
MOU with United Stock Exchange of India Ltd.
The President, ICSI disclosed that recently, the Institute of Company Secretaries of India (ICSI) and United Stock Exchange of India Limited (USE) signed an MOU for exchange of information, consultation and cooperation. The MOU entails sharing research material, publications, educational literature, demonstration material and information and include the organization of joint conferences, exhibitions and seminars and joint research programmes on financial markets and corporate governance to empower its members. As part of the ongoing MOU, USE will conduct awareness programmes for members of ICSI across India.
WTO
The President, ICSI stated that to globalise the profession, ICSI has approached the Commerce Ministry for inclusion of a new Head for Corporate Governance and Company Secretarial Services under the Services Sectoral Classification List of the WTO. The Institute has also sought support from parallel Institutes in various countries of the world. The responses received from parallel institutes abroad have been encouraging, he added.
MCA XBRL initiatives
The president spoke about the initiatives of MCA in mandating all companies listed in India and their subsidiaries, all companies having a paid up capital of 5 crores or above, all companies having a turnover of100 crores or above, excluding Banking companies, insurance companies, power companies and non-banking financial companies to file to their Balance Sheets and Profit & Loss Account and other documents required under section 220 of the Companies Act, 1956 with the Registrar using XBRL taxonomy for the financial year ending on or after 31st March, 2011 with e-form no. 23 AC-XBRL & 23ACA-XBRL.The Institute has taken several initiatives in order to apprise and educate the members about the methodology towards filing document in XBRL Mode. Institute also held several Web seminars under aegis of Ministry of Corporate Affairs for the benefit of members as well as trade and industry.
Dr. Amita Ahuja
Senior Director
(Public Relations & Corporate Communication)
Telefax- 011-024604756, Mob- 9717196255
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39th National Convention of Company Secretaries: ICSI PRESS CONFERENCE
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