Bangalore, Dec 14(UNI) Infosys Technologies Limited Co-Founder and COO S D Shibulal said company secretaries had vital role to play in building Corporate Sector.
Delivering the keynote address at the two-day VIII National Conference of Practising Company Secretaries here, Mr Shibulal said ''company secretaries have important role in building Corporate Sector which is thriving in developing countries.'' For any business, there were three main principles-- fairness, transparency and accountability.
''This will apply even to company secretaries. In Infosys, these principles are strictly adhered and many a time, the company has come out openly to be fair to the society and maintain transparency in the business and above all, to place accountability before the shareholders.'' Company secretaries should play greater role both in production and regulatory processes. ''With globalisation opening up the flood gates, you have greater role to play in corporate governance.
''Infosys is functioning in 32 countries and is strictly following the law of each country it is operating,''he claimed.
National Law School of India University Vice Chancellor A Jayagovind said ''it has become necessary for the company secretaries to become aware of developments taking place in the world and incorporate them for betterment of the companies.
The new Company Bill is aimed at improving Corporate Sector.
'' However, the Company Secretaries should study the Bill thoroughly after it was introduced and also the changes made for the betterment of the sector,'' he added.
Dr Jayagovind said the corporate sector also has a role in social sector.
''Public expects the Corporate Sector to serve the Social Sector.
Corporate Sector should consider society as a part of shareholders,'' he added.
He also said ''competition may be good, but too much may harm the society.'' Dr Jayagovind said ''we have to develop legal and organisational structure to meet competition from globalisation. We have to equip ourself to face the challenges.