Company Secretaries required for corporate laws formulation: LS Speaker

Company secretaries have a major role to play in the country's corporate governance structure in the country and their expertise is required for better formulation of corporate laws, Lok Sabha Speaker Om Birla said on Friday.

He was speaking at the Institute of Company Secretaries of India (ICSI) national awards for excellence in corporate governance function in the national capital.

"The ICSI and its members have a major role to play in the formulation of Corporate Governance Structure of the country as the wisdom and expertise of company secretaries is required for the better formulation of corporate laws," Birla was quoted as saying in a release issued by the ICSI.

Birla mentioned about the complexities in the processes of corporate governance and the amendments that are made therein, and urged industry experts to help in capacity building.

According to him, the excellence of corporate governance depends on company secretaries, as through their work they ensure transparency in the system for the benefit of consumers and shareholders alike.

ICSI President Manish Gupta said with governance moving beyond the confines of board rooms, corporate stewardship and corporate citizenship have become the focal areas for businesses the world over.

Birla unveiled seven publications at the function.

ICSI has more than 70,000 practising company secretaries and over 2.5 lakh students.