Venkaiah gives a call to protect whistle-blowers

Hyderabad: Vice-president M Venkaiah Naidu on Monday suggested that all the corporates consciously encourage whistle-blowing mechanism and provide adequate safeguards for the protection of whistle blowers.

Delivering the convocation address at the Institute of Company Secretaries of India (ICSI), he stressed that it was important to ensure transparency and accountability in all matters of corporate governance to enhance the confidence of all stakeholders, including shareholders.

Stressing the need to protect public money, Naidu said that system has to be fool-proof to reduce the scope for any irregularity. Highlighting that the actions of a few have brought a bad name to Indian business, he urged young company secretaries to ensure ethics and accountability in corporate governance through their guidance and handholding. "This profession should be taken as a mission", he told them.

Expressing the hope that economy would rebound in the coming months, he urged India Inc to take the lead in making it robust.

Stating that the country has fared reasonably better than many others, including the developed ones, in the fight against the novel Coronavirus and in taking steps to revive the economy, he referred to the recent remarks of IMF chief Kristalina Georgieva, who had said that India took very decisive steps to deal with the pandemic and its economic consequences.

Calling for concerted efforts by all stakeholders in making the economy robust again, Naidu said that institutions like ICSI would play 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 transparency, integrity and honesty must be upheld at all times and must be reflected in every business activity. Observing that professionals like company secretaries will be playing a key role in reviving the economy, as India moves ahead in its journey of becoming 'Atmanirbhar' in various sectors, the VP urged them to always remain committed to upholding high moral values and ethics. "You should never swerve from the path of righteousness".

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.

Naidu said that professional bodies like ICSI must ensure that corporate entities were not only professionally competent but law-abiding too.

Observing that Company Secretaries hold a distinguished place in the Indian economic scenario, the Vice President advised them to ensure good corporate governance by adopting the best professional practices.

Noting that the Insolvency and Bankruptcy Code has opened up a new era in economic reforms, the VP said it was heartening that company secretaries are playing a pivotal role in the Corporate Insolvency Resolution Process.

Mohammed Mahmood Ali, Home Minister, Ashish Garg, ICSI president, Ashish Mohan, ICSI secretary, Ankur Yadav, ICSI joint secretary, were among those present.