PRESIDENT OF INDIA GRACES 55TH FOUNDATION DAY CELEBRATIONS OF INSTITUTE OF COMPANY SECRETARIES OF INDIA

The President of India, Smt Droupadi Murmu graced the 55th foundation day celebrations of the Institute of Company Secretaries of India (ICSI) in New Delhi today (October 4, 2023).

Speaking on the occasion, the President 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 developmental journey. She emphasised that the role of the corporate world in managing resources should be that of trusteeship. She said that the spirit of service should be their basic mantra. 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 should be “prosperity with human dignity”.

The President said that three sins out of seven sins mentioned by Gandhiji are - wealth without work; knowledge without character; and commerce without ethics. She stated that the lessons related to these three sins should always be guiding lights for the Company Secretaries. She said that “Ethics in Business” is more important than “Business Ethics”. She stated that as a vigilant watchdog of corporate governance, Company Secretaries have to take care that the legal provisions meant to increase ease of doing business are not misused.

The President said that today, India is scaling new heights. Be it economic or social development, we are moving towards becoming a leading nation. In such scenario, it becomes more important that our professionals are not only qualified and competent, but also courageous and creative. She stated that the 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 of ‘Good Governance’.

The President said that the work of ICSI is not only to create such professionals in the country who are capable, competent and proficient in corporate functioning and laws, but also to create such boardrooms, society and culture where good governance, integrity and discipline are not just words or buzzwords. These should be the universal truth of every aspect of life, and should also be the yardstick for measuring any decision.

The President said that change is the law of nature. If we are not comfortable with change, or if we do not change our attitudes, methods and way of working with the times, our aspiration for good governance would not be fulfilled. Be it new technological inventions like AI, or changes in the regulatory environment, with all these changes we would have to change. She was happy to note that ICSI have not only updated their syllabus as per the need but have also encouraged research.