Indian Corporate Sector has to Reform, Perform and Transform to benefit country and people: Vice President presents Mints Corporate Strategy Awards
Corporate Social Responsibility norm is a laudable initiative
The Vice President of India, Shri M. Venkaiah Naidu has said that Indian corporates need to Reform, Perform and Transform so that they can open up new vistas of global opportunities which would in turn benefit our country and its people. He was addressing the gathering after giving away the Mint’s Corporate Strategy Awards, in Mumbai today. The Governor of Maharashtra, Shri C. Vidyasagar Rao, the Minister for Water Resources, Maharashtra, Prof. Ram Shankar Shinde and other dignitaries were present on the occasion.
The Vice President said that it is good to know that corporate and media are converging with the larger aim of furthering the cause of the drivers of the economy. He further said that Corporate Governance is one key element in improving economic efficiency and growth as well as enhancing investor’s confidence. From the Kautilya of the ancient Mauryan Kingdom to the modern corporate empires, the issues of governance have always engaged the attention of the rulers and other stakeholders, he added.
The Vice President said that in recent times, corporate governance in India has been in the news for reasons more negative than the positive ones. He further said that these episodes in his view are a kind of churning from which all the stakeholders of corporate governance need to draw right lessons for transforming our corporate governance norms at par with the best in the world. This is the need of the hour when we as a nation are keen to draw out the best of our economic might given its acknowledged potential.
The Vice President said that adherence to good corporate governance practices will help companies improve the confidence of domestic investors, reduce the cost of capital, enable good functioning of financial markets and ultimately induce more stable sources of finance. He further said that shareholders, Board of Directors and managements are the key constituents of corporate governance. The three major aspects of corporate governance are accountability, transparency and equal treatment of all shareholders, he added.