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Friday, October 27, 2017

ICSI Vision 2022-my views

The usual practice of newly elected heads of professional bodies(ICAI, ICSI, ICWAI) is to host conventions in their home cities, go globe trotting, and try to leave their imprint on the institute in the short 1 yr tenure. However, the dynamic ICSI President Dr Shyam Lal Agarwal is an exception. He has updated the Vision 2020 document to Vision 2022. Here are my views on the salient points(do read it here https://www.icsi.edu/webmodules/Vision_New_ICSI_2022.pdf

Overall a motivational read.

The Good

  • Disruption Realization: Art of reading, interpreting and understanding the law is more important than studying a large number of laws;..It is expected that the routine and procedural matters will be automated with the support of technology. Therefore, focus should be on value- added areas, like advisory, advocacy and strategic management. 
  • Asset Light: More and more emphasis should be given to create IT and digital infrastructure instead of physical infrastructure;
  • Governance starts with Self: Performance evaluation of the Council and its Committees, President, Vice-President, Council Members and Secretary may be introduced;
  • Speakers for national convention:Speakers should be invited keeping in view their expertise and exposure to the subject(and not on their PR value :D)
  • Research Repository: Maintaining a data base of various research papers carried out including published and unpublished papers, project reports submitted by members and students during the course of their training. Secrecy of info would be a challenge but manageable via black out of information
  • Specially designed Refresher Courses may be organized for members to be undertaken every five years for updating their knowledge and skills.

Business as Usual/Expected

  • India focus: Research on origin of Corporate Governance from Indian ethos should be carried out, documented and given wide publicity
  • SMAC:There should be a standard format for obtaining feedback on every professional development programme. The possibility of obtaining instant feedback through Mobile App may be explored;
  • SME: The members should be encouraged to seek employment / practice opportunities in the SMEs and small cities also

The Bad

  • undertaking sponsored research: How does this ensure autonomy? 
  • The concept of ‘Senior Company Secretary’ may be introduced, on the lines of ‘Senior Advocate’ in the legal profession, to provide distinct status and recognition to the experienced members. The Senior Advocate concept is not a desirable one for clients and is an indirect advertisement. Is this really necessary for a self regulatory body?


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