ICSI to Introduce International Sustainability Standards, Establishes New Centre in Kolkata, and Initiates Partnerships for MSMEs and Defence Personnel

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Key Takeaways:

1. ICSI is proactively involved in shaping international sustainability standards, in line with the global trend of prioritizing environmental, social, and governance (ESG) reporting.
2. The institute has inaugurated its third centre for corporate governance, research, and training in Kolkata, with a focus on becoming a hub for education, research, and training for company secretaries and professionals in the region.
3. ICSI has entered into a Memorandum of Understanding (MoU) with the West Bengal government to establish a dedicated desk supporting Micro, Small, and Medium Enterprises (MSMEs) in the state, facilitating their registration, compliance, and fundraising activities.
4. The institute has decided to implement a 100% fee waiver scheme for defence personnel, Agniveers, and the families of martyrs, with plans to sign an MoU with the government for this initiative.

Synopsis:

The detailed information from the news article. Based on the information you’ve shared, I’ll further elaborate on the key points and initiatives announced by the president of the Institute of Company Secretaries of India (ICSI), Manish Gupta.

Key Initiatives and Announcements by ICSI:

1. Introduction of International Sustainability Standards:

• ICSI, under the leadership of President Manish Gupta, has taken a proactive role in shaping international sustainability standards. This strategic move aligns with the global trend of prioritizing environmental, social, and governance (ESG) reporting.
• The comprehensive standards currently in development will cover reporting and audit aspects, with plans to complete this process within approximately six months.
• Discussions are scheduled with regulators and government bodies regarding ESG reporting, reflecting ICSI’s commitment to aligning with global standards and sustainability.

2. Inauguration of ICSI’s Third Centre in Kolkata:

• The inauguration of ICSI’s third centre for corporate governance, research, and training in Kolkata signifies a significant investment in the region’s professional development.
• The new centre, built at a cost of Rs 35 crore, is located in New Town and aims to become a focal point for education, research, and training for company secretaries and professionals in the region.

3. Partnership with the West Bengal Government for MSME Support:

• ICSI has entered into a Memorandum of Understanding (MoU) with the West Bengal government to establish a dedicated desk supporting Micro, Small, and Medium Enterprises (MSMEs) in the state.
• The partnership aims to facilitate the registration, compliance, and fundraising activities of MSMEs, reflecting ICSI’s commitment to fostering regional development and supporting small and medium-sized businesses.

4. 100% Fee Waiver Scheme for Defence Personnel and Families of Martyrs:

• In a notable initiative, ICSI has decided to implement a 100% fee waiver scheme for defence personnel, Agniveers, and the families of martyrs.
• An MoU with the government for this initiative will be signed soon, demonstrating ICSI’s commitment to recognizing and supporting individuals and entities through strategic initiatives.

5. SEBI Mandate for Business Reporting and Sustainability Reporting (BRSR) Framework:

• President Manish Gupta drew attention to the recent mandate from the Securities and Exchange Board of India (SEBI), requiring filings under the Business Reporting and Sustainability Reporting (BRSR) framework.
• This framework is applicable to the top 1,000 listed companies by market capitalization from the financial year 2022-23, indicating the evolving regulatory landscape and the importance of sustainability reporting.

6. ICSI’s Membership and Global Presence:

• ICSI, self-proclaimed as the largest professional body of company secretaries globally, boasts a membership of over 1.05 lakh professionals, highlighting its significant presence and influence in the corporate governance and professional community.

Significance of the Announcements:

The initiatives and announcements made by ICSI reflect a commitment to aligning with global standards, fostering regional development, and recognizing and supporting individuals and entities through strategic initiatives and partnerships. These efforts demonstrate ICSI’s proactive approach in addressing evolving regulatory requirements, promoting sustainability reporting, and supporting the professional development of company secretaries and MSMEs.

FAQ:

Q1: What are the key areas of focus for ICSI’s strategic initiatives?

A1: ICSI’s strategic initiatives focus on shaping international sustainability standards, establishing a new centre in Kolkata, and supporting Micro, Small, and Medium Enterprises (MSMEs) through partnerships with the West Bengal government.

Q2: What is the significance of ICSI’s involvement in shaping international sustainability standards?

A2: ICSI’s involvement aligns with the global trend of prioritizing environmental, social, and governance (ESG) reporting, reflecting a commitment to global standards and sustainability.

Q3: How does ICSI plan to support defence personnel and their families?

A3: ICSI has announced a 100% fee waiver scheme for defence personnel, Agniveers, and the families of martyrs, with plans to sign a Memorandum of Understanding (MoU) with the government for this initiative.