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Vice-President M Venkaiah Naidu has urged all Corporates (India Inc) to encourage whistle-blowing mechanism and provide adequate safeguards for the protection of whistleblowers.
Delivering his address at the Institute of Company Secretaries of India here on Monday, the Naidu said it was important to ensure transparency and accountability in all matters of corporate governance to enhance the confidence of all the stakeholders, including the shareholders.
Conveying his appreciation to the Institute of Company Secretaries of India (ICSI) for its commitment and completing 52 years as a pioneer institution, Naidu stressed the need to protect public money. “This profession should be taken as a mission,” he said.
Ensuring accountability
Mentioning that the actions of a few have brought bad name to Indian business, the Vice President urged young Company Secretaries to ensure ethics and accountability in corporate governance through their guidance and handholding.
Expressing the hope the economy would rebound in the coming months, he urged India Inc to take the lead in making it robust.
He referred to the recent remarks of IMF Chief Kristalina Georgieva, who had said India took very decisive steps to deal with the pandemic and its economic consequences.
Calling for concerted efforts by all the stakeholders in making the economy robust again, Naidu said that institutions like ICSI would be playing a key role in putting the economy back on rails with a focus on good corporate governance.
Stating that strong principles of corporate governance must be the driving force of any company, he said that transparency, integrity and honesty must be upheld and must be reflected in every business activity.
Describing company secretaries as the conscience-keepers of the corporate, he said it was imperative for them to be upright and not succumb to any pressure from the management.
Economic reforms
Naidu said professional bodies like ICSI must ensure that corporate entities were not only professionally competent but law-abiding too.
Noting that the Insolvency and Bankruptcy Code has opened up a new era in economic reforms, the Naidu said it was heartening that company secretaries are playing a pivotal role in the Corporate Insolvency Resolution Process.
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