The Hindu Business Line : ICSI bets on outsourcing — `Company secys geared up to meet corporate governance challenges'

THE Institute of Company Secretaries of India (ICSI) sees good scope for company secretaries to do work for foreign countries, the Institute's President, Mr R. Ravi, told Business Line.

"The institute has also represented to the Government of India for inclusion of separate service sectoral classification on corporate governance and secretarial services in terms of WTO framework relating to GATS," he said.

At present, the institute has signed an MoU with ICSA, London and is in the process of entering into similar MoUs with other institutes.

"Company secretaries are providing professional services to Indian corporates on their international ventures in the sphere of setting up of new companies, acquisitions and mergers and other related activities," Mr Ravi observed.

Answering a question, Mr Ravi said that company secretaries are fully equipped to meet the new challenges of corporate governance, particularly in the context of the Revised Clause 49.The institute had brought out a Guidance Note on Corporate Governance Certificate to enable members and corporates to follow uniform practices while complying with Clause 49.

"ICSI has taken the initiative in February 2005 to organise orientation programme for independent directors. ICSI also organised a series of programmes on Clause 49 and Effective Audit Committees," he said.

The setting up of Secretarial Standards Board and issuance of secretarial standards is a pioneering effort of the institute towards standardisation of secretarial practices. So far the institute has issued four secretarial standards.

"It is a matter of great satisfaction that the secretarial standards issued by the institute are getting wide recognition and acceptability among the corporates. There are various companies which have reported in their annual reports the adherence to secretarial standards issued by the institute," Mr Ravi said.

Asked about the curriculum of the course, Mr Ravi said that the existing syllabus, which was implemented in 2001, is further being revised by the syllabus review committee, constituted by the Council of the Institute to keep the syllabus dynamic.