PRESS RELEASE                                                                                                                               

May 12, 2008

 

The Chief Business Bureau

 

 

ICSI ORGANISES INTERNATIONAL CONFERENCE AT HONG KONG

 

The Institute of Company Secretaries of India organises International Conference on International Economics and Corporate Governance in Emerging Economies at Regal Oriental Hotel, Hong Kong on May 12, 2008. Fianna Jesover, Senior Policy Manager, Corporate Affairs Division, DAF, OECD was the keynote speaker and Natalia Seng, President, The Hongkong Institute of Chartered Secretaries was the Guest of Honour. Keyoor Bakshi, President, the ICSI delivered welcome address and N K Jain, Secretary & CEO, the ICSI made concluding remarks and proposed Vote of Thanks

 

Fiana Jesover while delivering the key note address informed that OECD is an intergovernmental organisation with 30 developed democracies and its Membership include Mid-income countries like Turkey and Mexico to higher income countries like Japan, Australia and Europe. Speaking on the globalisation of capital markets, corporate governance and importance of Asia, Jesover informed that emerging markets expected to account for more than half of world economic growth in 2007-2008 and companies in BRIC countries accounted for 39% of money raised worldwide.  She explained that four of the 12 largest exchanges are in the emerging markets, all of them in Asia but only received 10% of global total capital flows.

 

As emerging markets still influenced by global developments, opined Jesover and explained that  improving corporate governance, that is meant to under-pin economic growth in increasingly competitive markets,  continues to be a priority. Abusive related party transactions, remained one of most serious breaches of corporate governance in Asia and around the world, she added.  While concluding she referred to OECD Principles of Corporate Governance relating to the role of Company Secretaries and quoted Allison Dillon as “the corporate secretaries plays a key role to inform the board….. a board with its own secretariat will be in stronger position to demand information…”

 

Natalia Seng while addressing the gathering informed about the Hong Kong Institute of Company Secretaries and its representatives office at Beijing.  Speaking about recognitions, Seng informed that members are recognised by Hong Kong Exchange and Clearing Limited : Listing Rules, they have direct excess to Hong Kong Bar Association, they are authorised to act as trustee in bankruptcy, authorised by HKMA to certify banking documents etc.  She informed the gathering about Beijing Representative Office, its structure and functions.

 

Earlier, Keyoor Bakshi, President the ICSI while delivering Welcome Address said that this visit of the ICSI delegation to Chinese territories signifies a big beginning for Company Secretaries profession.  As true governance professionals Company Secretaries role in the global economy is going to acquire prominence in the coming years, opined Keyoor Bakshi and explained that with importance of India and China and the economic and business collaboration between the two countries growing fast, Company Secretaries could be looked upon as shapers of governance values in the two countries. The Company Secretaries profession’s in the two countries have therefore, to find and develop common interests and work together to build governance leadership in the two economies and thus work to further global leadership position of the profession, added Keyoor Bakshi.

 

Today’s Conference is an opportunity for Company Secretaries to imbibe a deep understanding of economic, financial and capital flows and currents that move across the globe, expressed Keyoor Bakshi and explained that Company Secretaries, as governance professionals have to understand intricacies of international capital markets, money markets, exchange rate floats, international banking, and expectations of cross border investors and stakeholders and many other issues.  By doing this they can broaden the spectrum of specialization in corporate governance. 

 

Governance is an ethical way of satisfying the interests of different stakeholders converging in the corporation and international investors and cross-border stakeholders enjoy a distinct weightage in the corporate amalgam, opined Keyoor Bakshi and observed that Conferences such as this and the international exposure that Company Secretaries get through such professional programs will help Company Secretaries garner precious knowledge and experience and will keep their professional skills sharp and delivery-prone, their learning-curve smooth, and creativity at peak, concluded Keyoor Bakshi.

 

N K Jain, Secretary and CEO, the ICSI while making concluding remarks and proposing a vote of thanks informed that since 2005, the Institute has been organizing Professional Fellowship Programs in different parts of the world.  This not only strengthens fellowship chemistry among Indian Company Secretaries, it also creates bondages with Institutes in other parts of the world, with capital and stock markets and Government authorities.  It is afterall these linkages and networks that help Company Secretaries grow their skills, expertise and value adding capabilities. 

 

Referring to steps the Institute has taken to strengthen corporate governance and to internationalize the Company Secretaries profession as that of specialized governance professionals, N K Jain apprised that through the Institute’s ultramodern Center for Corporate Research and Training, the ICSI was engaged in serious research in corporate governance and particularly in international best practices in finance and governance.  The Centre was not only equipped to publish high quality research of utmost use to corporates, it also engaged in relevant training needed for corporate directors and corporate professionals.  He also informed about the MOUs signed by the ICSI with various universities, management institutes, chambers of commerce, stock exchanges to strengthen the profession in the sphere of corporate governance, corporate compliance management, legal research, business networking and national and international capital markets.

 

Sino-Indian collaboration is the call of the times and this conference and coming together offer a great opportunity to know and understand each other, opined N K Jain and concluded that it is not only about global economics and global corporate governance, it is the golden gate towards building a brighter future and international bonding for the profession to rise on a grand scale at the global level, that too in a self-sustaining manner. 

 

Technical Sessions

 

First Technical Session on Governance issues in cross-border mergers and takeovers was addressed by Mahesh Anant Athavale (Past President, The ICSI), Partner, Kanj & Associates, Company Secretaries

 

Second Technical Session on Creating solutions for effective performance in slowing global economy was addressed by G Gehani, Whole-Time Director, PSL Ltd. and Balwant Kulkarni, Director, The Institute of Company Secretaries of India

 

Third Technical Session on Satisfying interests of international investors and stakeholders was chaired by Phillip Baldwin, CEO, The Hong Kong Institute of Chartered Secretaries and addressed by Jamie Allen, Secretary General, Asian Corporate Governance Association and Davy Lee, Past President, The Hong Kong Institute of Chartered   Secretaries.

 

N K Jain, Secretary & CEO proposed a vote of thanks.

 

 

Sd/-

( DR. AMITA AHUJA )

SENIOR DIRECTOR

PUBLIC RELATIONS &

CORPORATE COMMUNICATION

PHONE : 24604756