Financial Daily from THE HINDU group of publications
Saturday, Apr 10, 2004
Financial Daily from THE HINDU group of publications Saturday, Apr 10, 2004 |
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Politics Government - Politics Corporate - Corporate Governance India Inc for transparent funding of polls — 86% favour disclosures in annual reports, 63% for tax benefit Our Bureau
Kolkata , April 9 Linking the theme of corporate governance to election funding, a sizeable section of Indian corporate honchos, in a recent quick survey on Indian Elections 2004 carried out by the Indian Chamber of Commerce (ICC), Kolkata, has voted in favour of disclosures of election funding in annual reports of companies. About 63 per cent of those buttonholed, the survey findings reveal, has stated that corporates contributing funds to political parties must be made eligible for tax concessions. The main deterrent for corporates, for election funding, seems to be the fear of discrimination after the party not funded is voted to power. According to Mr Nazeeb Arif, Secretary General of ICC, the quick survey on India Inc's poll perceptions involved filling up of questionnaires personally on the forthcoming elections and the electoral environment in India, in general, by a cross-section of about 100 captains of industry, corporate CEOs and opinion-makers. The survey has sought to feel the pulse of corporate India and reflect on the opinions of captains of industry on the electoral process in the country, which may provide valuable inputs to future legislations on corporate funding of elections The questions ranged from "will use of film and TV personalities for campaigning make a difference" to "what is the main intention behind corporate funding of elections". The results of the survey, according to ICC, also mirror the corporate sector's disillusionment with the criteria for a candidate's competency to contest elections, and calls for more deserving candidates with cleaner backgrounds. About 98 per cent of the respondents felt that the nation needs competent leadership, and they have also agreed that personal dossiers of the candidates verified by a competent authority must be made available to the political parties in order to enable them to make an informed choice. The opinions reflected showed that the reason for low voter turnout in the educated, middle class category was primarily owing to general disinterest in the political system, it is pointed out. Nearly 65 per cent of the respondents are said to be in favour of the option of Internet voting in order to stop rigging and get a better turnout. Asked what are the main factors that may turn the vote in Elections 2004, around 40 per cent of the CEOs said socio-economic development indicators, while 20 per cent put their choice on the `feel good' factor in the economy. On why the youth in India do not look at politics as a sought-after career option (most join politics as a last resort), some 38 per cent of the respondents said key contributing factors were "field is overwhelmed with `muscle over mind' syndrome", "does not have the requisite respectability for a large cross-section of the populace" and "career prospects fraught with uncertainties". On corporate funding of elections, a good 44 per cent of the industry captains preferred direct contributions to political parties, while 35 per cent called for creation of a corporate Fund or Trust from which a large percentage of the collected funds would go to the party with whose manifesto the company identifies itself best. Around 21 per cent favoured creation of a common corporate fund so that money collected could flow to all parties equally. On glitz and glamour of film stars and TV personalities, 53 per cent felt campaigning by these people would make no difference to voting pattern, while 47 per cent said it could work. The general feeling, however, is that corporates should fund elections only after rules are laid down for doing so and measures are introduced to strictly monitor this.
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