The Hindu Business Line : `Company secretaries must create value in organisation, society'

A COMPANY Secretary today plays a pro-active role and not a reactive role in the corporate sector, said Mr Pavan Kumar Vijay, past-President, Institute of Company Secretaries of India (ICSI).

Speaking to Business Line soon after laying office, Mr Vijay said, "The role of a company secretary is no longer confined to just the functioning of the company, but to create value in the organisation and society."

Sharing his views on what he expects from the newly constituted Council of the Institute, he stated, "Till now the Institute's work has been more President oriented - each year a new President takes over who has certain ideas which are taken up. But today, we have a vision and mission statement. It clearly indicates what the Institute should achieve and how the concept of the profession has changed - from compliance officer to that of a corporate manager. The parameters outlined in the vision statement need to be carried forward."

Elaborating further, Mr Vijay said, this was done with a view to providing a focussed approach in policy formulations of ICSI and its implementation. "However, the realisation of the vision largely depends on the missionary zeal of all the stakeholders of the Institute. So being major stakeholders as members, the onus is on us as to how we implement the same."

As part of its proactive approach towards good corporate governance, the Institute has formulated a definition of corporate governance.

This includes application of best management practices, compliance of law and adherence to ethical standards, distribution of wealth and discharge of social responsibility.

"The Institute has established itself as the crusader for good governance in corporate India," he said.

Commenting on the globalisation of the profession, Mr Vijay said, "the process of globalisation of the profession has been expedited.

Besides the initiatives taken to popularise one brand of Company Secretaries all over the world and issues pertaining to corporate secretarial services under GATS (General Agreement on Trade in Services), the Institute has initiated a consultative process with the Institute of Certified Public Secretaries of Kenya for reciprocal recognition of the membership of the ICSI."

This is on the lines of a memorandum of understanding signed with the Institute of Chartered Secretaries and Administrators , London.

Further, the process to constitute the South Asian Association of Company Secretaries Institutes and the International Federation of Company Secretaries Institutes is also underway, he said.

"In fact, these initiatives will provide members the opportunity to expand their areas of services to other parts of the world and also help the ICSI to establish dialogue with similar Institutes abroad," he stated.