Financial Daily from THE HINDU group of publications
Saturday, Aug 28, 2004
Financial Daily from THE HINDU group of publications Saturday, Aug 28, 2004 |
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Corporate
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Corporate Governance Need to improve corporate, political governance stressed Our Bureau
Mr K. Rehman Khan, Rajya Sabha Deputy Chairman (left), with Mr P.C. Gupta, Minister for Company Affairs, at the South Asian Federation of Accountants' conference in the Capital on Friday. - Ramesh Sharma
New Delhi , Aug. 27 CORPORATE governance and the role of the accountancy profession came in for debate at the inaugural session of the SAFA (South Asian Federation of Accountants) Conference on `Integrated Financial Sector in the SAARC Region.' The SAFA President, Mr Badruddin Fakhri, made it clear that the accountancy profession cannot be asked to encourage good corporate governance unless governance as a whole improves in other sections of the society. But the Company Affairs Minister, Mr Prem Chand Gupta, did not subscribe to this opinion. "I partially agree with the SAFA President on his view that governments should practice good governance and then only can the professionals ensure good corporate governance. But there are problems that political systems have to take care of. We must recognise this aspect," Mr Gupta said at the conference, organised by the Institute of Chartered Accountants of India (ICAI). He held that accountancy professionals are expected to do whatever they can to ensure good corporate governance in any given environment. Mr Gupta asked professionals from the SAARC region to not only respond to the changes arising out of globalisation, but also have a re-look at the appropriateness of the standards in the context of economies being dominated by knowledge-based industries. "Perhaps, the profession itself has to reorient to make itself competent for developing adequate systems for the knowledge-based sector," he said. Later speaking to newspersons, the Minister said the Union Cabinet would again take up the three Bills relating to amendments to the three professional Acts.
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