ICSI National Award for Excellence in Corporate Governance

Updated on: Friday, April 12, 2013

Institute of Company Secretaries of India (ICSI) recently held the ICSI National Award for Excellence in Corporate Governance on the best governed companies in India. Initiated in 2001, the awards aim to identify, foster and reward the culture of evolving globally acceptable standards of corporate governance among Indian companies.

CS Ananthasubramanian, president, council of the ICSI while delivering the welcome address said, “Being one of the first bodies in India to initiate discussion on corporate governance, ICSI upon itself the task of promoting good governance in corporate India by taking a number of initiatives in this direction. In the new paradigm, company secretaries will play the role of chief governance officers and occupy the space effectively and efficiently as independent governance professionals.”

This year RS Butola, chairman, Indian Oil Corporation and Anil Chanana, CFO, HCL Technologies, were recognised by the award, along with company secretaries of their companies—Raju Ranganathan of Indian Oil Corporation and Manish Anand, HCL Technologies who were honoured for their contribution in adhering to good corporate governance practices.

Other companies to receive the Certificate of Recognition for Excellence in corporate governance were presented CMC, Engineers India, ONGC, Persistent systems and Powergrid Corporation of India.

The ICSI lifetime achievement award for translating excellence in corporate governance into reality was awarded to Deepak S Parekh, chairman, Housing and Development Corporation (HDFC) by Justice MN Venkatachaliah, former chief justice of India and chairman of the jury of this year’s awards. While addressing the august gathering, Justice Venkatachaliah, emphasised on the need for corporates to follow CSR in spirit and not in letter. He said, “In the next decade, corporates will face challenges towards sustainability of the environment, social development and corporate economy. All these factors depend upon good corporate governance so much so that sustainable development has become a part and parcel of good corporate governance. With the increase in population and technology becoming instrumental in vast changes, energy needs will increase exponentially, as well as pose new challenges. Corporates at a global level have to visualise and hone their culture to be able to meet these extreme challenges of the future.”

Chris Pierce, CEO, Global Governance Services, while delivering the key note address, said, “Company secretaries being governance professionals, are currently playing the important role of a business manager, adviser and value enhancer to board and by the next decade they will have to meet five major expectations of the stakeholders in a big way i.e. good board practices, compliances, sustainability, business ethics, and efficient risk management. In the next 5-10 years the boards will have to come up with articulate policies on how to deal with environment and resources, shareholders democracy, compliance of law aspects relating to corporate social responsibility etc.”

ICSI National Award for Excellence in Corporate Governance

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