SCOPE Organizes Seminar on “Emerging Paradigms in Financial Communication & Investor Relations”
SCOPE organized a two-day Seminar on “Emerging Paradigms in Financial Communication and Investor Relations” which was inaugurated by Mr. Neeraj Kumar Gupta, IAS, Secretary, Department of Investment & Public Asset Management (DIPAM) in the presence of Mr. Ved Prakash, Chairman, SCOPE & CMD, MMTC, Dr. U.D. Choubey, Director General, SCOPE, Mr. Subhomoy Bhattacharjee, Consulting Editor, Business Standard, Mr. R.K. Singhal, ED (CA), SAIL and Professor Jaishri Jethwaney, Lead Resource Person.
While inaugurating, Mr. Neeraj Kumar Gupta, IAS, Secretary, DIPAM said that public sector enterprises are national wealth and they need to expand their economic activity and leverage their strength. He mentioned that the objective of disinvestment is to widespread of ownership in PSEs. The government will provide handholding to PSEs to reach out prospective investors both domestic and foreign, he added.
Mr. Ved Prakash, Chairman, SCOPE while delivering the presidential address, said that over the years, face of communication has changed drastically and is imperative in reinforcing positive stimuli for organization and hence, in fostering a strong relation with the investors and stakeholders. He said that most important thing in financial communication is transparency and readiness to share information with the investors.
Dr. U.D. Choubey, DG, SCOPE said that there has been changing concerns and perceptions in terms of financial communication and investor relations. PSEs have great responsibility of following the corporate governance, transparency, monitoring of strategy and its implementation, that will improve the relations with the investors and build up a better brand image of the company. DG, SCOPE highlighted the impressive performance of public sector.
Mr. Subhomoy Bhattacharjee, Consulting Editor, Business Standard said PSEs being a part of the Indian State and their action can have wide ranging impact on their shares. He complimented PSEs for creating infrastructure, raising productivity in building a strong nation. Professor Jaishri Jethwaney shared the Programme Perspective while Mr. R.K. Singhal, ED (CA), SAIL proposed vote of thanks.The Seminar was attended by a large number of senior executives of public sector enterprises
43rd AGM of SCOPE Held
The 43rd Annual General Meeting of the Governing Council of SCOPE (the apex body of PSEs) was held on 28th December 2016. Mr. Ved Prakash, Chairman, SCOPE & CMD, MMTC and Dr. U.D. Choubey, Director General, SCOPE addressed the Governing Council Members. Large many representatives of PSUs were present on the occasion.
Mr. Ved Prakash, Chairman, SCOPE in his address informed that SCOPE has transformed its role to become more proactive to enable the PSEs to compete in today’s highly dynamic global environment. He thanked Chief Executives of member PSEs for the support extended to SCOPE all these years for the sustained performance and growth of Public Sector Enterprises (PSEs) in India.
Chairman, SCOPE also welcomed the Indian Government’s move about demonetization of higher value currency notes. He said that SCOPE and Public Sector Enterprises welcome this key economic initiative of the Government of India, which is expected to improve the country’s economy.
Dr. U.D. Choubey, Director General, SCOPE gave details of account of various activities and initiatives of SCOPE. While highlighting the details, Dr. Choubey said today HR policies need to be in sync with the business strategies of the organization. Realizing the transformational change required to converge HR into a line function, SCOPE will be organizing the International HR Summit in February next year to share best HR practices adopted globally in both public and private sectors, Dr. Choubey informed.
SCOPE Organizes Awareness Program on GST
SCOPE organized a program on GST with theme “All you wanted to know” for senior finance executives of public sector enterprises.
While inaugurating the program, Dr. U.D. Choubey, Director General, SCOPE said that GST is one such move for convergence of taxation system which is otherwise highly complex and heterogeneous. Pointing out the benefits of GST, Dr. Choubey said that it would, besides making a full prove mechanism for taxation on goods & services, will further strengthen the federal structure of the country. GST would benefit everyone in the supply chain and a lot of indirect taxes will have smooth sailing, he added.
Dr. Choubey said that the economic recession of 2008 gave lesson that consolidation of Sovereign holding in the capital is a better option as compared to capital in the private hands. He further added that Public Sector Enterprises in India during the period of recession reflected 3.7% growth whereas world over the growth was negative. This was because Indian PSUs are based on the concept of mixed economy.
Besides Dr. Choubey, Mr. K.G. Somani, FCA, Managing Partner, KGS Advisors LLP and Mr. R.P. Tak, FCA, Partner, KGS Advisors LLP, also addressed the Program which was attended by a large number senior finance executives of public sector enterprises.
SCOPE to hold International Conference of SE Asian Countries on Occupational Safety & Health
SCOPE organized the 6th National Workshop on “Excellence in Occupational Safety & Health at Workplace” in collaboration with Ministry of Labour & Employment and International Labour Organization (ILO). Mrs. M. Sathiyavathy, IAS, Secretary, Ministry of Labour & Employment while inaugurating the workshop complimented SCOPE for organizing Workshop on OS&H. She emphasized the need for creating a centralized body drawn from select PSEs to address the issues of safety and health of workers in major industrial clusters. It will also provide a centralized data on all aspects of labour. She also advised that PSEs as principle employer should take up issues of health and safety of contract labour.
Chairman, SCOPE Mr. Ved Prakash stressed on creating a safety culture in the organization(s) as new issues are emerging because of technological and social changes. Dr. U.D. Choubey, Director General, SCOPE while agreeing to form a Steering Committee of select PSEs in SCOPE, said that SCOPE proposes to organize a Two Day International Conference on OSH with the support of ILO & Ministry of Labour & Employment and WHO where South Asian countries will participate. The programme was attended by a large number of OSH professionals in public sector enterprises.
DG, SCOPE Participates in 9th OECD Asia Network on Corporate Governance in Seoul
The 9th meeting of the OECD-Asia Network on Corporate Governance of State Owned Enterprises was held on 6th and 7th December 2016 at Seoul, Korea where Dr. U.D. Choubey, Director General, SCOPE had been invited to speak on “Reforms in Public Sector Enterprises in India”.
Speaking on this occasion, Dr. U.D. Choubey, DG, SCOPE highlighted the achievements of public sector enterprises and said that Indian PSU model is best suited for the socio-economic development of the country. He told that Indian Constitution has envisioned mixed economy for socio and economic growth of the country and as such both public sector and private sectors are flourishing equally. Foreign Direct Investment has been encouraged and incentivized in various sectors of the economy, he informed.
Dr. Choubey mentioned that Indian public sector has played a role model by reflecting positive growth during and after the recession and economic melt down the world witnessed in 2008-09. This is the reason now consolidation of sovereign holding of the capital is being encouraged by most of the countries. As a role model, India has shown the way for better policy perspective for a welfare state, he added.
Dr. Choubey said it is now being realized that State capitalism is better than leaving the capital in the hands of private as State capitalism provides better welfare of the people as well as bridging the gap between rich and poor. The recent exercise of the demonetization in India introduced by Prime Minister Narendra Modi has been one of the giant step towards a people welfare state and will certainly take care of large many of the economically deprived class.
Public sector in India will continue to play major role of economic and social activity, said Dr. Choubey.
SCOPE Advocates Mandatory Orientation Programme for PSE Board Members
Speaking in the valedictory session of the two-day Programme on Corporate Governance, organized by SCOPE on 1st & 2nd December 2016, Ms. Seema Bahuguna, Secretary, Department of Public Enterprises (DPE) complimented SCOPE for undertaking very important programme on Corporate Governance outsourced from internationally known experts on Corporate Governance.
Ms. Bahuguna mentioned that community relations is an important aspect of governance, and therefore, public sector enterprises should undertake such responsibility in letter and spirit.
Dr. U.D. Choubey, Director General, SCOPE emphasized the need of mandatory orientation programme of Directors specially Independent Directors on the boards of PSEs. For that, SCOPE shall extend this module of two days programme in India to three days programme outside India for which SCOPE shall contact policy planning institutes and best known universities in the world. Given to SCOPE, such programme would definitely give better performance of board members on best practices in corporate governance, Dr. Choubey added.
SCOPE foresee large employment opportunity in Steel Sector
Speaking on the occasion of release of Special Issue of Kaleidoscope (a journal of SCOPE) on Steel Sector, Shri P.K. Singh, Chairman, Steel Authority of India Ltd (SAIL) expressed his optimism for large many employment opportunity in Steel Sector for young engineering and management graduates.
Dr. U.D. Choubey, Director General, SCOPE expressed his opinion that that India being the only market where there is scope for large consumption of steel in all the sectors, particularly because of the entire rural area need to have scope for infrastructure, construction, transporting, manufacturing, plant and machinery and packing.
Shri Nirmal Sinha,Chairman, SCOPE & CMD, HHEC and Shri Ved Prakash, Vice Chairman, SCOPE and CMD, MMTC complimented for the efforts taken by SCOPE in this regard. The function was attended by a large number of participants from various public sector enterprises.
SCOPE for extending the ambit of RTI to Non-Government Sectors
Speaking in the 11th Annual Convention of Central Information Commission (CIC) Dr. U.D. Choubey, Director General, SCOPE strongly pleaded for extending the provisions of RTI to non-government sectors by way of widening the definition of “public money”.
While reaffirming the commitment of Public Sector in implementing RTI in both letter and spirit, Dr. Choubey told that corruption is a common cancer for both public and private sector. Both are holding tax payers money, invested in plant, machinery and day to day working capital. As such, all account payee money is public money and unaccounted money nothing but black money. Therefore, by way of widening the definition of “public money”, all enterprises, public or private, could be brought under the ambit of RTI and CAG.
Dr. Choubey said disparities between public and private sectors with regard to applicability of RTI has always hampered the competitiveness of public sector enterprises because whereas private sector have right to get lot of information from public sector but for public sector, the vice versa is not true under the present legal framework.
Dr. Choubey appreciated and complimented for introducing RTI and empowering the people of India which in turn has promoted confidence of investors and brand of public sector enterprises not only in domestic but also in international market. The Annual Convention was inaugurated by Hon’ble Home Minister.