ICSI formulates ‘Code for Charity Governance’
Charitable entities, in their varied forms and formats, being governed by a variety of legislations have played a key role in the growth and development of the nation. However, the recent allegations and revelations in terms of the misuse of these entities have been eye-openers.
The Institute of Company Secretaries of India while realising the gap in governance and understanding the need for transparency and full disclosure in such form of organisations has with the help of a dedicated core group, developed a code titled, the Code for Charity Governance. The intent behind formulation of such a code comprising principles, covering almost all areas of governance of such entities is to, while strengthening accountability and internal control systems in such entities, support the higher goals of national governance.
The Code for Charity Governance was recently released during the Golden Jubilee Year – 45th National Convention of Company Secretaries by Sadhguru, founder Isha foundation. It comprises a total of nine guiding principles. Each principle includes a set of guidelines which shall support the achievement of the core principle.
CS (Dr) Shyam Agrawal, President, of the Institute of Company Secretaries of India (ICSI) while entrusting significance upon the role of various organisations in national governance stated that, “At ICSI, our efforts have always been to redefine the way our corporate practices are undertaken, specifically with stress on improving corporate governance norms. The expectations of the Prime Minister Narendra Modi include ICSI playing a significant role in establishing an honest business culture in the country by 2022. Developing Code for Charity Governance is a step ahead in this regard. Though voluntary in nature, the Institute shall propagate the adoption of the code by sending it to all the charitable entities across the nation.
While being applicable to all registered entities receiving grants and donations for carrying out charitable activities for the benefit of the public at large, the objectives of forming the code include the following:
- To provide for a set of guiding principles and standards for the entities established for charitable purposes irrespective of their format of establishment.
- To provide a set of principles to streamline the existing systems and procedures in place thereby bringing about discipline in the functioning of charitable entities.
- To strengthen transparency, accountability and the internal control systems in these entities.
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