Trust and transparency key as AI reshapes the corporate landscape, says Vice President
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Corporate agility and evolved governance standards are needed as artificial intelligence, advanced data analytics, and complex business models reshape how enterprises function, Vice President CP Radhakrishnan said on Sunday.
Emphasising that trust, transparency and impeccable corporate governance sustain investors' confidence, he cautioned that if their confidence is lost, then progress is never possible.
He was addressing a function in the national capital to mark the 58th Foundation Day of the Institute of Company Secretaries of India (ICSI).
ICSI, the apex body for company secretaries, have more than 80,000 members and over 2.5 lakh students.
‘Nothing can replace human thinking’
Against the backdrop of rapid technological advances, the Vice President said what is important today might become outdated in the coming months or years, but everyone needs to adapt to the evolving situation.
"Artificial intelligence, advanced data analytics, digital platforms and increasingly complex business models are reshaping the way enterprises have to operate," Radhakrishnan said, adding that the role of company secretaries is becoming more important.
Company secretaries have a key role in ensuring regulatory compliance and in upholding corporate governance practices.
"The fast-paced evolution driven by artificial intelligence and advanced data analytics demands corporate agility and evolved governance standards," the Vice President said.
According to him, technology may transform the manner in which information is generated, and decisions are supported, but the values of integrity, accountability and transparency are the responsibilities of the company secretaries.
"Nothing can replace human thinking," Radhakrishnan said, as he mentioned that company secretaries work to uphold the legal, strategic and ethical foundation of India Inc.
Good governance at the Centre and states is a must to protect the interests of the people, he said.
While highlighting the importance of company secretaries, he also said that their corporate governance practices have a more direct impact on individuals.
As India aims to become a self-reliant and developed nation, Radhakrishnan also expressed hope that the country will become the world's single largest economy.
"I always insist why we want to become the single largest economy, that is not to dictate terms to others, but nobody should dictate unwanted terms to us... that is what the self-respect of a nation lies in," he said.