Vice President calls Company Secretaries as ‘custodians of corporate governance’

Vice President’s Secretariat

Posted On: 02 NOV 2023 7:05PM by PIB Delhi

The Vice President, Shri JagdeepDhankhar today emphasized the need for Company Secretaries to detach from management objectives and focus on statutory compliance. Drawing attention to the potential consequences of even a slight deviation, he cautioned, “If you slightly bend, the bending will never stop.” He also encouraged upholding the highest standards of professionalism and the Rule of Law to drive the nation forward.

The Vice President made these remarks while delivering an address at the51st National Convention of Company Secretaries on the theme – “India@G-20: Empowering sustainable future through governance &technology “, underlining that the fruitful deliberations in this convention will determine the future of India in 2047 and Company Secretaries have to play a “multifaceted and indispensable role in the realization of the vision”, he added.

DescribingVaranasi as the “spiritual heart of India,” the Vice-President said that this city has been a timeless source of wisdom in ethics, morality, and spirituality for the entire world. He also expressed happiness over the construction of Ram Mandirin Ayodhyathrough an efficient judicial process, noting that everyone looks forward to its inauguration in January 2024.The Vice-President also noted that the removal of Article 370 which is a significant achievement for Kashmir took place after the election of Prime-Minister from the city of Varanasi.

Commending the introduction of GST as ‘Tryst with modernity’, the Vice-President stressed India has come a long way from ‘Tryst with destiny’ and that affirmative government policies have led to Transparency, Accountability, and Efficient Governance becoming the new norm. He also noted that “Less Government, More Governance” has catalyzed our growth trajectory, which has now become exponential.“Our AmritKaal, on account of the vision, passion, and mission of our Prime Minister has become our Gaurav Kaal,” he added.

Reflecting on the evolution of the role of Company Secretaries from “mere record-keepers” to “custodians of corporate governance”, the Vice-President said that they have now transformed into, “key pillars of governance and compliance within organizations, upholding the principles of transparency, ethics and accountability in corporate India”.

Expressing happiness over the journey traversed by India from being in the “Fragile-Five” economies just a decade ago, to becoming the world’s fifth largest economy, VP asserted that India is on the way of becoming the third largest economy by 2030. He said that Bharat is on rise and this rise is unstoppable.

Recognizing effective governance forms the cornerstone of responsible wealth creation and equitable wealth distribution, the Vice President highlighted key initiatives such as toilet in every home, free gas connections, clean water, housing for the poor and women’s empowerment have delivered impressive results in fostering growth of the nation.

Acknowledging thisAmritkaal is a period when India has become the “Agenda Setter for the world,” the Vice-President laid emphasis on the critical role of economic nationalism in the nation’s progress. He underscored that adding value to raw materials is pivotal for economic growth, which, in turn, leads to taxation benefits and the generation of employment opportunities.

Talking about Corporate Social Responsibility fund’s utilization and channelization in the national interest, the Vice-President underlined the need for a development mechanism that makes it “absolutely accountable, directional, and totally neutralized of patronage and favoritism”.

Citing ‘Adversarial relationship’ as an impediment to the growth of trade and businesses, the Vice-President called for the development of ‘Amicable Dispute Resolution’ for the swift resolution of problems as an alternative to the existing ‘Alternative Dispute Redressal’ mechanism.

The Vice-President described ‘Capitalization of ignorance of the people’ by the intelligent and informed people as the ‘greatest dangers for the society’. He appealed to everyone not to remain silent and to suitably reply to such elements through utilization of power of the Social Media.

After ICSI convention, the Vice President visited holy Kashi Vishwanath Temple and prayed for the happiness and well-being of the entire nation.

Smt. Anandiben Patel, the Governor of Uttar Pradesh, Shri Sunil Kumar Gupta, Secretary to the Vice President, Dr. ManojGovil, Secretary, Ministry of Corporate Affairs, Govt. of India, Shri Manish Gupta, President, ICSI, Shri Ashish Mohan, Secretary, ICSI, Shri Dhananjay Shukla, Programme Director, ICSI 51st National Conventionand other dignitaries were present on the occasion.

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