| ICSI to submit suggestions on good governance | |
| BS Reporter / Chennai/ Hyderabad November 05, 2009, 0:14 IST | |
The Institute of Company Secretaries of India (ICSI), the regulator for company secretary profession, would submit its recommendations for better corporate governance to the government at the 37th National Convention of Company Secretaries that begins here tomorrow.
These relate to defining the role of independent directors in companies, the need to extend special incentives, like reduction in tax rates or in interest rates, to companies that have a consistent corporate governance record and measures to strengthen transparency and disclosure norms.
Speaking to the media on Wednesday, ICSI president D Hanumanta Raju said the regulator had come out with ten secretarial standards for good governance. These specify timelines that were not prescribed by the Company Law and aims at bringing clarity in areas where the law is either silent or ambiguous apart from interpreting it for stakeholders' reference. The standards on board reports would be released at the convention.
He said company secretaries were equipped to be part of the early warning system that the Centre is evolving to stop frauds. ICSI is also working with the National Stock Exchange for corporate governance certification programmes.
The three-day convention based on the theme ‘Lead corporate India- Role of company secretary’, will deliberate on managing growth in turbulent times, integrity and ethics in governance, best practices in financial and nonfinancial disclosures and the Companies Bill, 2009.
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