The Centre was planning to change the nomenclature of Company Secretary to Governance Professional through an Act of Parliament, Union Minister of State for Corporate Affairs Sachin Pilot said here on Thursday.
Responding to the demand of the Institute of Company Secretaries of India for a change in the nomenclature, Mr. Pilot said he was also for it as the role of company secretaries had changed over the years. He was inaugurating a three-day national convention of company secretaries organised by the institute.
On the new Companies Bill 2012, he said: “With the passing of the Companies Bill, you [will] have greater power and responsibilities and play a key role in board meetings to ensure that the management complies with laws of the land,” he said.
Later talking to reporters, Mr. Pilot said once the Bill got the Presidential assent, the Centre would constitute National Financial Reporting Authority (NFRA). The proposed organisation would be a quasi-judicial body to enforce compliance with accounting and auditing standards in such a manner as prescribed under the Companies Act 2012.
During his talk, Mr. Pilot urged the private sector to work in tandem with the Centre to create wealth and more jobs as most of the workforce shifted to manufacturing from agriculture.
Union Additional Secretary for Corporate Affairs J. Joseph said it was the duty of the Secretaries to report on the fraud being committed or was committed by the companies.