Recognition to CS Professionals in Report of SEBI Committee on Corporate Governance submitted today i.e. 5th Oct., 2017.
Dear Professional Colleagues,
Subject: Report of the SEBI Committee on Corporate Governance
The Institute of Company Secretaries of India set its foot into its Golden Jubilee Year on 4th October, 2017 in the august presence of Shri Narendra Modi, Hon’ble Prime Minister of India.
We are delighted to share the recommendations made specifically pertaining to the CS Profession:
1. Secretarial Audit
The Committee recognizing that secretarial functions are critical to efficient board functioning recommended that Secretarial audit may be extended to all material unlisted Indian subsidiaries. This is in line with the theme of strengthening group oversight and improving compliance at a group level.
2. Disclosures Pertaining to Disqualification of Directors
The Committee felt that investors are often unaware whether the directors of the company have been debarred from acting as directors of a company. Therefore, the Committee recommended that in the annual report, a certificate from a company secretary in practice be included providing that none of the directors on the board of the company have been debarred or disqualified from being appointed or continuing as directors of companies by the SEBI/MCA or any such statutory authority.
This bears significance particularly in the context of some of the recent ongoing industry issues.
3. The Committee while defining senior management recommends that the term ‘senior management’ shall specifically include Company Secretary.
3. The Committee while defining senior management recommends that the term ‘senior management’ shall specifically include Company Secretary.
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