ICSI Vision Plan 2010

The Institute of Company Secretaries of India has been setup under the Company Secretaries Act, 1980 to regulate and develop the profession of Company Secretaries.

While moving the Company Secretaries Bill, 1980 for consideration by the Lok Sabha on 16th June, 1980, the Minister of Law, Justice and Company Affairs, Shri P Shiv Shankar had said, "An essential ingredient in the healthy growth of the corporate sector is the induction of professional management. The Government attaches special importance to the development of professional management, so that the corporate sector can evolve and function in tune with the changing needs of the times, and the social responsibilities that this important segment of the economy has to shoulder. The profession of Company Secretaries has an important part to play in the introduction of professionalism in the area of corporate management".

However due to plethora of laws applicable to corporates, the role of Company Secretaries got restricted to Corporate Laws. The factors of change - globalisation, technological advancements, Good Corporate Governance and private-public partnership have bearing on each constituent of the economy, be it individual, organisation, the community of professionals or the nation. These changes are bringing opportunities and also threats for the profession.

Therefore, a need has been felt to bring about a transformation in the profession. To initiate the change process at the Institute, the Council of the Institute has approved the Strategic Action Plan in February 2003 covering short and medium term strategies that needed immediate implementation. These strategies were based on SWOT analysis, extensive research on international developments, perspective planning group report and suggestions from members and students. In this direction the Institute has already taken various initiatives including extensive professional development programmes, brand building, extensive research projects, re-organisation and infrastructure development, study of future role of CS and globalisation profession.

The Council in its meeting also adopted new Vision and Mission Statements for the Institute.

Vision and mission require action. Accordingly, the Institute has decided to prepare a Vision Plan Year 2010, that will provide insight into the future and lists out long term strategies to be implemented for capitalising on opportunities and taking positively on challenges in long run i.e. year 2010.

A brief study was conducted to look into the critical developments that will determine the future of profession. Major developments that have bearing on the profession of company secretaries include inter-alia corporate governance, globalisation, technological advancements and public-private partnership. These are briefly discussed hereinunder:

Good Corporate Governance – Corporate Sector has realised that only best governed companies will be able to build lasting relationships with customers, investors and business partners. Hence in future companies will voluntarily comply with simplified laws, adhere to ethical behaviour and adopt best management practices for wealth creation, management and sharing. Company secretaries specialise in corporate governance and they are expected to enhance their skills with time.
Globalisation – Vasudev Kutumbhkam is becoming a reality. We are moving towards one world with thinnest political boundaries. Economic boundaries will soon vanish with opening of economies day by day. Hence knowledge of law, customs and culture of foreign countries will be essential requirement for company secretaries.
Technological Advancements – In fact Globalisation is facilitated by information, communication and transport technologies that send information, cash and material in every part of world in minimum possible time.

In future, e-governance will make is easy compliance and impossible non-compliance, thus creating a culture of better transparency and accountability. We may even see a Central Surveillance System of Government to monitor each and every transaction once e-governance infrastructure is in place.

ERP and Expert Systems have brought revolution and most of the business procedures are being handled by computers. In 2010, company secretaries will be required in the areas where technology cannot enter like entrepreneurship, complex decision making, contingency planning, human resource understanding and development, relationship building, etc.
Public-Private Partnership – Public-Private Partnership will develop into mutual trust between Government and the Industry that will lead to self-governance in industry in place of forced legal compliance by the year 2010. Thus bringing about a win-win situation for all. Hence demand for company secretaries will increase in non-corporate sector engaged in development planning, implementation and monitoring.

In the long run, it will be self-governance without government intervention on principles of global understanding. Consequently the role of professionals will change from external watchdog to Self-Governed Business Officers who are involved from concept to successful running of enterprise on ethical principles.

On the of study of developments having bearing on the profession a draft Vision Plan has been developed.

The Draft Vision Plan comprises following broad headings:
- Key Developments having bearing on the Profession.
- Vision and Mission Statements.
- Constitution of Strategic Team.
- Strategies for Excellence.
  - Good Corporate Governance in Institute’s Affairs.
  - Reengineering Organisational Processes.
  - Effective Human Resource Strategy.
  - Setting up Quality Management Framework.
  - Proactive Research and Development.
  - ICSI Parivar – Co-Creation of Value.
  - Repositioning Company Secretaries Profession – from Company Law Secretary to Corporate Leader.
  - Globalisation of Company Secretaries Profession.
  - C-Commerce – Encouraging Multi-disciplinary Partnerships.
  - Collaborations with Institutions of National Importance for Knowledge and Infrastructure.
  - Collaborations for Sustainable Development of World.
- Implementation Schedule.

VISION PLAN COMMITTEE

The Institute has also decided to constitute a committee comprising persons of eminence from trade, industry and academic including members of the profession with extensive exposure and occupying high positions to finalise the Vision Plan.

SUGGESTIONS FROM MEMBERS AND STUDENTS

Members are invited to send their suggestions, views and comments for the improvement of the Vision Plan which will be placed on the website of the Institute shortly.

VOLUNTEERS FOR IMPLEMENTATION OF VISION PLAN

Nominations are invited from members and students to volunteer in preparation of detailed reports covering implementation aspects of the Vision Plan. An illustrative list of topics for preparing reports is as under:

Members

Practising Company Secretaries.

Segment-wise Role of Company Secretaries.

Control And Discipline.

Placement Services.

Member Facilities And Benevolent Fund.

Member Services.

Students

Company Secretaries Syllabus.

Examinations.

Management Training.

SMTP

Student Services.

Institute

Corporate Governance.

Secretarial Standards.

Globalisation of Company Secretaries Profession.

Professional Development Programmes.

Chartered Secretary and Journals.

Publications.

ICSI - CCRT.

Information Technology.

E-Learning.

ICSI Website

Detailed formats for sending suggestion/ nominations are hosted on the Institute’s website:

Suggestions and Nominations may also be sent to:

BHUVNESH CHATURVEDI
'ICSI House',22 Institutional Area,Lodi Road, New Delhi-110003, India
Email: icons@icsi.edu