The
eighth National Conference on “Corporate Governance” (IIC 2013), the flagship
event of Jaipuria Institute of Management, Lucknow was inaugurated on Saturday,
21st December. The conference graced by eminent speakers from diverse industry
backgrounds continues successfully on the 2nd day of its
commencement.
SESSION 4
The
session for the day themed Technology and Corporate Governance was started by
Mr J N Gupta, Managing Director, Stakeholder Empowerment Services Pvt Ltd. He
highlighted the role technology plays in issues like insider trading,
surveillance, etc. and how advantageous it is in audit trailing. It serves as
the backbone to Corporate Governance and brings about radical reforms in
businesses. The participation of stakeholders has rocketed due to technology,
he said.
Delving
deeper into the discussion, Mr Pawan Kumar, Commissioner of Income Tax
elucidated on the manner technology brings about effective changes in Corporate
Governance. The advent and adaptation of technology has made India one of the
first countries to use 100% electronic registrations of companies. A piece of
statistics he shared was around 90% of the companies in India are private Limited
out of a total of 9 lakh registered. Also, he highlighted the amendments being
made to the existing company’s act to plug the loop holes, for instance, mandating the stay of a director for at least
182 days within the country.
The
third speaker for the day, Mr N.C. Bajpai, Chairman of State Planning
Commission, focussed on the applicability of technology in the running of the
state government. He mentioned as far as corporate governance is concerned
there is a structured internal accountability whereas in state government, we
have diffused multi point accountability. For him good governance coupled with
technology accelerates development, ensures equity and entitlement to people.
For instance, the UP state government’s initiative of laptop distribution to
students free of cost was followed by state governments of Pakistan and South
Africa.
Session 5
Throwing
light on the theme of Comparative Corporate Governance Practices the session
began with Mr Arun Balakrishnan, Ex CMD, HPCL, Chairman, Scientific Advisory
Committee on Hydro Carbons, Ministry of Petroleum & Natural Gas laid
emphasis on the synergy of the chairman and the board in governance. He said
governance is much beyond honesty, it is a combination of probity, being
visionary and right execution. In his conclusion he averred ethics and values
drive organisations, set exemplary standards.
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