Company secretaries nomenclature to be changed to governance professionals soon

Chennai:

The Union Corporate Affairs Ministry may  change nomenclature of Company secretaries to ‘governance professionals’ through an act of parliament if the Institute of Company Secretaries of India push for an amendment.

Delivering the inaugural address of 41st National Convention of Company secretaries here on Thursday, minister of state for corporate affairs Sachin Pilot said that he is for changing the nomenclature of the company secretary to governance professional.

“If the proposal is put forward, I assure you my full support to change it through an act in parliament,” the minister added.

A council member of the Institute of Company Secretaries of India R Sridhar told Express that the change in nomenclature was decided after Pilot held discussions with officials of The Institute of  Company Secretaries of India.

Pilot also said the Companies Act 2013 gives more powers to the company secretaries as such they have to ensure the company complies with the law of the land. “with power comes responsibility and the company secretaries should give their views without any bias.

He also said that the government will soon set up National Financial Reporting Authority (NFRA), a quasi judicial body for accounting and auditing standards that will have It would have the responsibility of monitoring, compliance review and overseeing quality of service, enforcement and standard setting with regard to accounting and auditing standards.