A Golden Chance to Learn about Corporate Governance

On 4th July 2017, first-year students were given a chance by the institute to attend the 7th Subir Raha Memorial Lecture. It was a great opportunity for the students to learn and experience a Corporate Seminar. The event is organized every year in the memory of late Mr. Subir Raha, the Ex-Chairman and M.D. of ONGC. Under his leadership, ONGC touched new heights as he led ONGC into aggressive exploration. He also led ONGC from a sectorial E & P company to become an integrated energy major on a global scale; acquiring many equity assets overseas. Mr. Subir Raha also served as the President of Global Compact Network India from 2003-2006.

Subir Raha

The topic of this lecture was Corporate Governance. Mr. Saraf started with the introduction of the Chief Guest, Mr. Meleveetil Damodaran. Mr. Damodaran is the Ex-Chairman of SEBI (Security and exchange board of India). He has also served as an officer of the Indian Administrative Service, Manipur-Tripura Cadre and as the Joint Secretary of the Banking Division of the Banking division in Ministry of Finance (India) for 5 years. His primary focus has been on simplification of laws for better understanding, as they should not be complicated. Usually, laws are written in a complex language which is not understood by all and many companies take advantages of this. Chartered accountants and lawyers should form the disclosures and disclaimers properly, including the key and major points. He further talked about how trust and verification are important in an organization. Stockholders should generate more trust amongst themselves and the employees for a smooth functioning.  He wrapped up the session by some conclusive points including future of corporate governance and the role of women representation in the BOD. Thereafter the session was open for queries.

Listening to Mr. Damodaran’s views on Corporate Governance was truly enlightening. I also understood the style of functioning of the Corporate sector, areas for improvement and the role of auditors. The disclaimers and laws should be written in a simple language for better understanding of common people. C.A & Lawyers should know their role and write the laws for the organization in a simple manner including the key points. Overall it was a good learning experience and I am looking forward to more such experiences.