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Monday, 24 October 2011

Indian Overseas Bank (IOB) Platinum Jubilee Commemorative Oration - "Corporate Governance"

Live Blogging from Taj Coromandel, Chennai - 24th October 2011 - 5.55 pm
Live Blogging Team :  Mr D. Murugesan, A.R. Sridhar, Prasanna,(all from IOB) under the guidance of Mr Prime Point Srinivasan and Mr V. Rajendran of Cyber Society of India
The live blogging team welcomes you to the grand event of the Oration of Dr. M. Veerappa Moily, Union Minister of Corporate Affairs.
Please keep refreshing your browser for continuous updates.
Many eminent personalities of Chennai were present in the hall.  Prayer song was rendered by IOB's Amrithavarshini team.
Bank's CMD Mr M. Narendra presented a shawl and a bouquet of flowers to the Chief Guest.

Welcome by CMD of IOB
Mr M. Narendra CMD welcomed the gathering and the Chief Guest.  He explained  the development of Bank since its foundation in 1937. He stated that  the total business as of Sep 2011 had crossed Rs 2,91,000 crores.  The Bank had opened its 2,250th branch in the holy town of Sringeri. 
Corporate Governance has become an important aspect in Banking Industry.  Dr. Veerappa Moily is a very competent person to talk about the Corporate Governance. Dr. Moily's tenure as CM of Karnataka is hailed as one of the best.  He has contributed a lot in the education field.  Dr Moily Was Chairman of several commissions. 
Dr. Moily is an eminent lawyer.  His books prove his literary skills. 
After Mr Narendra's welcome speech, Dr Veerappa Moily made his presentation on 'Corporate Governance'.

Dr Veerappa Moily speech
Dr Moily appreciated the growth of IOB in the recent years and also appreciated the good work done by Mr Narendra, CMD. He was confident that IOB would move from the present 7th position to 2nd or 3rd position in an year or two.
He goes on to say what Corporate Governance is and what an important role it plays.  India should occupy 2nd or 3rd in terms of governance.
Corporate Governance has to be value based.  Senior leadership should have strong values.  A good governance is not just compliance but performance.  Business should be principle-based.
Though many circulars are issued, they are not practised effectively to bring in an ideal governance.
Cadbury Report in UK brought about many reviews in India.  Best Practices Code have been introduced.  Corporate Governance is an ethical attitude issue.  
Indian banking has undergone many transformations.  Performance and credibility and sustainability of the Indian banking system is the best.  But, despite this, we should not feel complacent.  Best practices have to be formulated.  Good governance is the most important characteristic of the banking system. 
Denationalisation was professed by some.  But nationalisation of the banks in India is a good thing which has happened and because of this only banks have stood the test of time.  Even in the nationalised stage, banks have shown their competitive spirit.
3 reasons for the need for good corporate governance in banks
1.  For retail depositors
2.  For loans and advances - opaque
3.  Contagion effect - if one bank fails in corporate governance it might affect the system.
By stipulating standards, regulators ensure corporate governance.
Objectives of Basel II are also in sync with the objectives of good corporate governance.  RBI has also come up with many standards.  European Commission has come out with good corporate governance standards. 
Each individual has a role to play in corporate governance.  The collective performance of the individuals make the corporate governance.
"Occupy Wall Street" is an example of the effect for ineffective corporate governance.  Banks and FIs should ensure good corporate governance because they are the pillars of an economy.
Some economists say that competition will ensure good corporate governance.  Banking industry may be exposed to less competition.  Hence, Banks have to take more efforts to ensure corporate governance.
Liberalisation policy has to be gradual.  Reforms needed to rebuild economic movement.  Success of the Indian economy depends upon the expansion.  India's economic reforms have contributed to the growth rate.
Present crisis in Europe is the most serious crisis in banking system in Europe since 1930.
In India, there is a need for infra spending.  Biggest challenge is to ensure that the current concerns regarding the present crony capitalism do not lead to do any damage to liberal capitalism. we use to tie you with red tape.  now you are welcomed with red carpet.
Country can march forward if economic and political freedom are ensured.  Banking sector should become the models for setting the standards of corporate governance.
IOB has been a pioneer in setting high standards and wish that the Bank gets the award for the best governance.
Minister ended his speech with thanks to IOB.
Mr Narendra and Mr Bansal, Executive Director presented a memento to Dr. Moily.
Mr Bansal, Executive Director, proposed the vote of thanks.
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