December 24, 2011

PRESS RELEASE

In continuance of its commitment to good corporate governance, the Institute of Company Secretaries of India (ICSI) bestows the ICSI National Award for Excellence in Corporate Governance every year on the Best-Governed Companies in India.

For the Eleventhconsecutive year, ICSI presented these Awards for promoting Good Governance Amongst Indian Corporates, on Friday, the 23rd December, 2011 at   Taj Krishna, Hyderabad  .

H.E Shri E.S.L Narasimhan ,Hon’ble Governor , Andhra Pradesh, graced the occasion as the Chief Guest and Dr. M VeerappaMoily , Hon’ble Union Minister for Corporate Affairs was the Guest of Honour.

ICSI National Award for Excellence in Corporate Governance – 2011

In pursuit of Excellence and to identify, foster and reward the culture of evolving globally acceptable standards of Corporate Governance among Indian Companies, the “ICSI National Award for Excellence in Corporate Governance” was instituted in the Year 2001.

The Award contributes to the NATIONAL LEVEL efforts in creating and establishing an atmosphere of good corporate citizenry.

H.E Shri E.S.L Narasimhan , Hon’ble, Governor, Andhra Pradesh  presented the ICSI National Award for Excellence in Corporate Governance 2011 to  “GAIL (INDIA) LIMITEDandHINDUSTAN UNILEVER LTDat Taj Krishna, Hyderabad, on   23rd  DECEMBER, 2011.

Shri B C Tripathi, CMD, GAIL (INDIA) LTD. and Shri R. A. Mashelkar, Independent Director, HINDUSTAN UNILEVER LTD. received the Awards.

The Company Secretaries of awardee companies, CS N K Nagpal, Company Secretary,GAIL (INDIA) LIMITED &CS DevBajpai, Company Secretary, HINDUSTAN UNILEVER LTD. were also honoured for their contribution in adhering to good corporate governance practices.

Certificate of Recognition for Excellence in Corporate Governance were presented to other Top Five Companies:

  1. CMC Limited
  2. HCL Technologies Limited
  3. Oil and Natural Gas Corporation Limited
  4. Persistent Systems Limited
  5. Union Bank of India

 ICSI Lifetime Achievement Award for Translating Excellence in Corporate Governance into Reality:

H.E Shri E.S.L Narasimhan , Governor, Andhra Pradesh also presented to ShriAzimHasham  Premji, Chairman, Wipro Limited, the Life Time Achievement Award for Translating Excellence in Corporate Governance into Reality .

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H.E Shri ESL Narasimhan, Hon’ble Governor, Andhra Pradesh while addressing the august gathering said that, “Strong and consistent economic growth for over a decade and a half has raised expectations and aspirations within the country. Managing these expectations and fulfilling the growing aspirations will determine the performance scorecard of all future policy and governance regimes. He expressed happiness that ICSI has given special importance to integration of corporate interests and their social responsibility and woven this into its corporate governance edifice.” He reiterated that,” Corporate Governance rests on the four fundamental cornerstones of Fairness, Transparency, Accountability, and Responsibility. When we say accountability, it is not in relation to a particular level of the business, but also at different levels of the business. Accountability is not just about market, about compliance, standards, processes and policies, but it is also stakeholders driven and looks at how they drive global solutions. Challenges to accountability and disclosure are internal for any company, and they need to be integrated with the business processes, he added.

Dr. M VeerappaMoily, Hon’ble Union Minister for Corporate Affairs in his address as the Guest of Honour, said, “I congratulate ICSI for successfully continuing its crusade towards imbibing the good Corporate Governance practices into the DNA of the Indian corporate sector through the professional competence of its members who are specialist in corporate governance and playing a leadership role in promoting corporate governance practices in India. He also said that,”Company Secretaries being governance professionals, are playing the important role of a business manager, adviser and value enhancer to board on good board practices, compliances, sustainability, business ethics, risk management etc., are also responsible to other stakeholders with respect to environmental aspects, shareholders democracy, compliance of law aspects relating to Corporate Social Responsibility etc. It is in this role play, that the Company Secretaries should help in maintaining high standards of accountability, transparency and ethics, in order to build an effective governance model for the corporates they are working for” he added.

Dr R A Mashelkar, CSIR Bhatnagar Fellow & President, Global Research Alliance, National Chemical Laboratory delivered the Key Note Address.

The Award Function was preceded by a Panel Discussion onAre Markets Indifferent to CSR/Sustainability Initiatives & Diversity in Boardrooms. The Panelists for the Debate included Ms.April W.Y. Chan, President, CSIA, The Hong Kong Institute of Chartered Secretaries., Mr. G V Prasad, Vice-Chairman & Chief Executive Officer, Dr. Reddy’s Laboratories Limited, Dr. Y R K Reddy, Founder & Head, Academy of Corporate Governance, Hyderabad,Mr. M Gopalkrishna,IAS (Retd.).

RELEASE OF ICSI PUBLICATIONS:

The following publications of the ICSI were released at the Presentation Ceremony:

  • ICSI Vision 2020
  • Corporate Governance & Beyond: Small Steps Traverse Long Distances.
  • Corporate Governance Beyond Letters
  • Beyond Clause 49
  • Board Committees

 Mr. Anil Murarka, President, The ICSI delivered the welcome address, and said that,ICSI being one of the first professional bodies in India to initiate discussion on “Corporate Governance” in the light of Cadbury Committee Report took upon itself the task of promoting Good Governance in Corporate India by taking a number of initiatives in this direction. “One of the important initiatives of the Institute to promote good corporate governance is the ICSI National Award for Excellence in Corporate Governance. The Award was instituted in the year 2001 to promote good governance practices amongst the corporates and to recognize those companies worthy of being exemplified. “he informed.

Shri N K Jain, Secretary & CEO, ICSI in his concluding remarks observed that, ”The standards of policies and practices of governance are palpably going up in the Indian corporate sector. This is evident from the responses of the participating companies that respond to our questionnaires. An year on year analysis of the top 10 companies in the last three years shows a significant improvement in the good governance practices being adopted by the Indian companies in areas such as clearly laid procedure for Induction of Independent Directors, attention towards directors’ development and training, Corporate Social Responsibility initiatives, engagement with investors, and Risk Management.

He also provided valuable feedback on the following areas which were identified during the evaluation process as challenges where companies still need to walk the extra mile:

¨      Formal framework for evaluation of board and individual directors;

¨      Sustainability Report;

¨      Gender Diversity – Women Directors on  Boards;

¨      Office of Chairperson and CEO by separate persons;

¨      Lead/ senior independent director;

¨      Separate meeting of independent directors

Dr. Amita Ahuja

Senior Director

(Public Relations & Corporate Communication)

The Institute of Company Secretaries of India

ICSI House, 22 Institutional Area

Lodi Road, New Delhi- 110 003

Telefax- 011 -24604756, Mob- 9717196255

Email: dprpp1@icsi.edu

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