Company Secretaries Should Focus on Statutory Compliance: Vice President

Varanasi: Vice President Jagdeep Dhankhar on Thursday said that company secretaries are custodians of corporate governance and they should detach themselves from management objectives and focus on statutory compliance.

Less Governance, More Governance

Addressing the 51st National Convention of company secretaries on the theme India@G-20: Empowering sustainable future through governance & technology here, he also said that less governance, more governance has catalysed the growth trajectory and that India is on the way of becoming the third largest economy by 2030.

Economic Nationalism

He mentioned about the critical role of economic nationalism in the nation's progress and underscored that adding value to raw materials is pivotal for economic growth, which, in turn, leads to taxation benefits and the generation of employment opportunities.

Evolution of the Role of Company Secretaries

Recalling the evolution of the role of company secretaries from mere record-keepers to custodians of corporate governance, Dhankhar said they have now transformed into key pillars of governance and compliance within organizations, upholding the principles of transparency, ethics and accountability in corporate India.

Need for Detachment from Management Objectives

The vice president stressed the need for company secretaries to detach themselves from management objectives and focus on statutory compliance.

GST as a Tryst with Modernity

Commending the introduction of GST as the tryst with modernity, Dhankhar said the country has come a long way from tryst with destiny and that affirmative government policies have led to transparency, accountability and efficient governance becoming the new norm.

Adversarial Relationship Impedes Growth

Further, he said that adversarial relationship is an impediment to the growth of trade and businesses.

Amicable Dispute Resolution Mechanism

According to him, an amicable dispute resolution mechanism should be developed for the swift resolution of problems as an alternative to the existing dispute redressal mechanism.

The Vice President's address to the company secretaries highlighted the importance of their role in ensuring corporate governance and compliance. He also emphasized the need for economic nationalism and the importance of adding value to raw materials for economic growth. The introduction of GST was commended as a step towards modernity, and the need for an amicable dispute resolution mechanism was stressed.