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Corporate endeavours have to be consonant with expectations of democracy: Moily


August 12, 2011 - New Delhi

Union Corporate Affairs Minister Dr. M. Veerappa Moily has thrust upon a corporate culture that must be familiar to the universally accepted values of good governance - accountability, transparency, responsibility and responsiveness to stakeholders.

Inaugurating a corporate governance conclave organized by the Institute of Company Secretaries of India (ICSI) in New Delhi today, Moily said that as specialist in corporate governance, Company Secretaries need to continuously own the responsibility to ensure that the corporate sector creates a governance culture that is able to generate wealth in a sustainable, ethical and socially beneficial manner and fulfills its obligation to all the stakeholders.

"The corporate endeavours have to be consonant with the demands of eco system and the expectations of Indian democracy," Moily said.

"The economic reforms of the last two decades have opened up many new opportunities. But just as over bearing controls stifle initiative; dogmatic adherence to extreme models of non-regulation can also be disruptive to sustainable growth," he added.

Moily also said that his ministry has been working towards repositioning itself as a significant facilitator in creating a positive and healthy environment for doing business in India by offering an enlightened regulatory regime and efficient services so that the entrepreneurial energies are utilized in creating value for the stakeholders.

"The Ministry has taken number of creative initiatives on legislative, regulatory, service delivery and capacity building sides," he said.

ANI

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