Vice Prez suggests corporates to encourage whistle-blowing mechanism

Vice President M VenkaiahNaidu on Monday suggested all corporates to encouragewhistle-blowing mechanism and provide adequate safeguards forthe protection of whistle-blowers.

''I would like to suggest all corporates toconsciously encourage whistle-blowing mechanism and provideadequate safeguards for the protection of the whistle-blowers,'' he said.

Naidu, who was delivering the Convocation address atthe Institute of Company Secretaries of India (ICSI), stressedon upholding the principles of transparency, integrity andhonesty at all times and reflecting them in every businessactivity.

The modern day company secretary is a true guide ofthe corporates, protecting the interests of all stakeholders,and more importantly, ensuring adherence to the laws of theland in letter and spirit, he said.

''This profession should be taken as a mission,'' hesaid.

Public money, the money the company takes from thebank and the shareholders or even the partners should beprotected and their interests need to be served, he said.

''Because of the actions of a few blacksheep,business got bad name.Some people try to cheat the banks,cheat the system and then they run away from the country.'' Why such situation has come? Why it was allowed tocome to such a stage...I am not talking politics, thisgovernment, that government.System was there.So, we must havefoolproof system. We must have accountability,'' he said.

India has fared reasonably better than many othernations, including the developed countries, in the fightagainst COVID-19 and taking steps to revive its economy, hesaid.

After gradually relaxing the lockdown, the focusmust now be on reviving the livelihood of the people, Naidusaid.

Pointing out that the IMF has recently appreciatedthe country's efforts, the vice president said IMF ChiefKristalina Georgieva stated India took decisive steps to dealwith the COVID-19 pandemic and its economic consequences.

While the economy is expected to rebound in thecoming months, it is important to sustain the momentum, hesaid.

''Hence, there has to be a concerted effort by allthe stakeholders in making the economy robust again and I urgeIndia inc.to take the lead in this regard,'' he said.

Institutions like the ICSI would be playing a keyrole in putting the economy back on the rails with a focus ongood corporate governance, the vice president added.PTI SJRBNWELCOME SJRBNWELCOME