ISCI plans formal presentation to WTO summit in Geneva
ISCI announced its plans of making a formal presentation to the World Trade Organization (WTO) summit in Geneva for opening corporate governance and compliances.
The presentation will be made in Geneva on June 25 before a meeting of 140 members. This will be followed by the ISCI president taking over the leadership of the Company Secretaries International Association in July.
"There has been resistance to this move for a long time," ISCI president Nesar Ahmad told a news conference. "But the WTO has finally invoked the fourth mode (falling under its business rules) under which physical movement of natural persons is permitted." In the presentation, Ahmad said the ISCI will make a case that movement of the professionals will increase corporate transparency throughout the world.
"If it is agreed to, a new world will open for the company secretaries now being internationally known as KMPs (key managerial persons) given their access and influence over the decision making boards," Ahmad said.
ISCI has around 31 thousand members as 32500 are at different stages of education. "It will change the world and the way the corporate governance is managed," he said. He said India is pushing the reforms in WTO because it has the requisite soft power to intervene and make a turnaround.
Come July and Ahmad in his capacity as ISCI president will takeover the leadership of Company Secretaries International Association, a London based group that came into being barely two years back with only 18 members, so far.
Ahmad and most of ISCIs office bearers are in Srinagar to organize the two-day yearly conclave that would discuss various issues related to corporate governance in India. Apart from the chief minister of host state Omar Abdullah, union corporate affairs minister Veerappa Moily are presiding over the inaugural function that would be attended by 150 company secretaries and their families from across India.
Flanked by his colleagues N K Jain and Umesh Ved, Ahmad said countless opportunities are opening up as the world markets are desperately trying to adopt transparency and ethical practices with emphasis on sustainability. "There is lot of emphasis on sustainability reporting which is major leap and will open many windows for the professionals," Ahmad said.
The ICSI officials said the new insolvency law coupled with the XBRL (eXtensible business reporting language) already in vogue will otherwise boost the systems in place and open up new opportunities in making corporate India more transparent.