Finance Minister Nirmala Sitharaman on Wednesday urged company secretaries to commit themselves to develop a “very well governed and managed corporate domain” in the next 25 years so as to help India realise its aspiration of becoming a developed country by 2047.

Addressing the 55th Foundation day event of the Institute of Company Secretaries of India (ICSI) in the capital, Sitharaman asserted  that “opportunities galore” for company secretaries especially given the robust flow of foreign direct investments (FDI) into India in recent years.

In the last three years, India has received $230 billion FDI, she said, adding that this is a clear reflection of foreign companies’ increased interest in doing business in India.

“Corporate governance can make a difference. Most of the FDI are coming as investments in physical infrastructure linked for removing logistical bottlenecks, improving regional connectivity, increasing port and air capacities and other areas. These are the areas which can make a big difference in projecting India’s efficiency quotient,” Sitharaman said.

To showcase this efficiency quotient, there has to be continued focus on maintaining a strong corporate governance system in the country and it is here that company secretaries would have to play crucial role.

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She also said that government does recognise ICSI as a global leader in promoting good governance, which actually is a vision it had set for itself. “This Vision is what the institute has been working for and has achieved. Now you also are strong enough and have the capability to expand globally”, Sitharaman said.

Role model

Speaking on the occasion, President of India, Droupadi Murmu, said that Company Secretaries should remember that their loyalty is not only to perform the legal work as an officer or professional of a company, but their duty is also towards every citizen of the country who has been left behind in the development journey.

Murmu emphasised that the role of the corporate world in managing resources should be that of trusteeship. 

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She urged them to move forward on the path of good corporate governance while remembering Gandhiji’s talisman “Remember the face of the poorest and most helpless man”. She said that their goal must be “prosperity with human dignity”.

Murmu highlighted that future of India’s corporate governance depends on willpower and actions of company secretaries. They can make India a role model of “good corporate governance” as well as “good governance”, she added.

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