In today’s business environment in India, there is an adding emphasis on adherence to norms of good corporate governance, leading to jacked attention on the professionals who support and guide the management team. These professionals play a critical role in generating long-term added value for shareholders and society while being responsible to shareholders for the company’s long-term performance, also regulatory compliance has a direct impact on the ease of doing business in India, as well as parameters relating to government initiatives such as “Make in India.”
According to the World Bank’s Ease of Doing Business Index, India has made significant advancement and is now ranked 63rd, a major improvement from its former years. In this context, Company Secretaries (CS) have emerged as highly valued professionals who are members of the Institute of Company Secretaries of India (ICSI), a statutory professional body in India with the objective of promoting, regulating, and developing the profession of company secretaries in India.
CS professionals are honored as Key Managerial Personnel (KMP) under the provisions of the Companies Act, 2013, occupying a senior-level position in management and serving as an integral part of the board of any company. They are subject to a strong code of conduct and are viewed by regulators as ethical and trustworthy professionals, whose professional judgment and competence have made a significant impact in the corporate sector, operating in a self-regulated environment.
Over the last three decades, the function of a CS has evolved in response to a rapidly changing economy, industrial environment, and the growing demand for corporate governance and ethical business practices. As stakeholders become more aware of compliance issues, professionals in this field have a primary responsibility to meet their expectations at all times.