Strong Governance in PSEs could be further strengthened through autonomy: Panel at CII Summit
Thursday, June 10, 2010
Strong Governance in PSEs could be further strengthened through autonomy: Panel at CII Summit

New Delhi: Mr R.Bandyopadhyay, Secretary Ministry of Corporate Affairs, Government of India began the session on the Governance Perspective in PSEs by giving a comprehensive definition of PSEs, explaining how these enterprises are a combination of both enterprises which come under the purview of the Centre and enterprises which come under the purview of the States.

Mr Arup Roy Choudhury, Chairman, Standing Committee on Public Enterprises & CMD, National Building Construction Corporation Limited (NBCC) said, “Today the PSEs are seen as symbols of management excellence.” Further added Mr Roy, “PSEs have been under constant scrutiny and have proved to be wealth creators.” He also said that good corporate governance is major factor in making our economy the second fastest growing economy in the world today.

Mr. Sunil Verma, Chairman, Audit Board and Deputy CAG (Commercial) Government of India opined that “within the government system, we need to see each other as allies.”

Mr Shakeel Ahmed, CMD, Hindustan Copper Ltd said that under governance could well be corrected and especially in the case of public sector enterprises, over governance could also well be corrected. He said that “the issue is not what the PSEs have done, they have been excellent undoubtedly but the issue is what could have they done.” He concluded by saying that we must give due importance to both performance and delivery.

Mr. M K Venu, Editor, The Financial Express began by defining capitalism as creation of capital, which is common to both the public sector and the private sector. The only difference is that one may create it more than the other at a given point in time. “The stock of PSEs has increased 68% on the bourses since the global economic crisis,” stated Mr Venu. A suggestion that has been offered is for the government to have a holding company which could have some Government Ministers on its board and there should be a clear separation between “Ownership & Management.”

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