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A Report on IOD Evening Workshop & Members’ Meet - Chennai
The Institute of Directors (IOD), Chennai Region, organised a Special Evening Workshop and Members' Meet on August 24, 2024. The venue of the Conference was the Savera Hotel, Mylapore, Chennai. The theme of the workshop was 'Robust Internal Controls for Effective Corporate Governance - Role of Technology and Human Capital.' The workshop was attended by around 150 participants, comprising industry and business leaders, board members, directors, policymakers, educationalists, and private as well as public sector institutions. All delegates were united by a shared commitment to discussing the essential role of technology and human capital in fortifying internal controls and enhancing corporate governance. IOD members were shown a video presentation that featured the year's most significant moments. This captivating overview highlighted the organization's significant accomplishments and turning points, offering an engrossing look at its development and influence over the past year.
The 'Welcome Address' was delivered by:
Mr. G. Srinivasan
Regional Chairman - Chennai
Institute of Directors
CEO, Galaxy Health Insurance Company Ltd.
former CMD, The New India Assurance Co. Ltd.
Mr. Srinivasan in his virtual address warmly welcomed all IOD members to the evening workshop and highlighted the importance of the event's theme. He emphasized the crucial role of the Board in making strategic decisions that benefit both stakeholders and shareholders. He also underscored the necessity of integrating human capital and technology to achieve optimal results.
The introduction of the guests was graciously facilitated by:
Dr. Sundari Suresh
Regional Manager - Chennai
Institute of Directors
Dr. Suresh introduced the workshop's esteemed guests, underscoring their professional backgrounds and contributions to corporate governance, setting the tone for the evening's discussions. She emphasized the critical role of advanced technology and skilled human resources in strengthening corporate governance. She highlighted that while 'technology' enhances internal controls through automation, data analytics, and cybersecurity; 'human expertise' ensures ethical oversight and strategic implementation. By integrating both, organizations can build a resilient governance framework for sustainable success.
The 'Guest of Honour Address' was delivered by:
Mr. Hans Raj Verma, IAS (Retd.)
Director General
The Council of State Industrial Development and Investment Corporations of India (COSIDICI)
Mr. Verma highlighted the crucial role of MSMEs in India's industry and the challenge of aligning job opportunities with youth aspirations. He stressed the importance of cyber resilience for boards, as cyber threats can lead to significant financial and reputational risks. Addressing emerging technologies like AI and Quantum Computing, he advocated for India's participation in Industry 4.0 to optimize resource usage. He called for greater awareness and implementation of government schemes, and emphasized the inclusion of vendors on boards to enhance technology use. Mr. Verma noted that every energy-saving initiative helps reduce carbon footprints and urged boards to focus on energy transitions. He concluded by stressing the need for technology and financial support to tackle climate change and empower MSMEs to provide meaningful employment for youth.
The 'Keynote Address' was delivered by:
Mr. Santhanakrishnan S.
Independent Director on Multiple Boards
ICICI Home Finance Company Ltd.
Formerly served as ID on multiple Tata Group Companies
Address Theme: Employee well-being in Corporate Governance
Mr. Santhanakrishnan emphasized the role of employee well-being in corporate governance, drawing from his experience at Tata, Infosys, and Reliance. He highlighted Tata Group's social initiatives, such as schools for handicapped children and cancer hospitals, as examples of corporate contributions to societal causes. Stressing that employee well-being should be a priority for boards, he noted that governments often support companies with social objectives. He advocated for integrating technology with human capital and emphasized the importance of Independent Directors' judgment, diversity on boards, and focusing on mental health and CSR initiatives to foster alignment and effective decision making
The 'Special Address' was delivered by:
Mr. Ram Ramasundaram, IAS (Retd.)
President of Corporate Affairs
Hero Future Energies, Chennai
Address Theme: Development Alternatives for India and the role of Corporate Governance
Mr. Ramasundaram discussed India's demographic changes since independence, with the population growing from INR 35 crore to INR 140 crore. Despite improvements in food production and life expectancy, significant disparities remain, with 11% of the population still in poverty. He highlighted the need to create 140 million jobs across agriculture, manufacturing, and services, and pointed out the price gap between Indian and Chinese products, especially in solar panels. Emphasizing infrastructure improvements in Niti Aayog's 112 Aspirational Districts Programme (ADP), he warned that without progress, many could remain in low-paying jobs. He concluded by urging continued focus on these critical issues.
The 'Special Address' was delivered by:
Mr. Sivaram Athmakuri
Founder & Director, LeaderGains Pte. Ltd.
Managing Director, V-PMO
Vice President - Delivery, Affnetz
Address Theme: Digital Transformation - The New Era of Opportunities
Mr. Athmakuri discussed the transformation journeys of industries like food, transport, and education, highlighting how small innovations can create new business lines. He emphasized the need for continuous improvement and digital investments that influence a customer's decision making, marking the shift from ‘Moment of Truth’ (MOT) to ‘Zero Moment of Truth’ (ZMOT). He noted that over 50% of customers prefer digital experiences and stressed the importance of engaging customers throughout their journey. He advocated for data-driven dashboards for decision-making, leadership by exception, and compliance integration. He concluded by urging attendees to view digital transformation as an ongoing journey to effectively serve customers anytime, anywhere. discussed the transformation journeys of industries like food, transport, and education, highlighting how small innovations can create new business lines. He emphasized the need for continuous improvement and digital investments that influence a customer's decision making, marking the shift from ‘Moment of Truth’ (MOT) to ‘Zero Moment of Truth’ (ZMOT). He noted that over 50% of customers prefer digital experiences and stressed the importance of engaging customers throughout their journey. He advocated for data-driven dashboards for decision-making, leadership by exception, and compliance integration. He concluded by urging attendees to view digital transformation as an ongoing journey to effectively serve customers anytime, anywhere.
This was followed by an interactive Q&A session with the audience.
The 'Vote of Thanks' was proposed by:
Mr. R. Srinivasan
Regional Director - Chennai
Institute of Directors
Mr. Srinivas expressed gratitude to Surana & Surana, International Attorneys, Chennai & New Delhi, for their support as a partner for the event. Mr. Srinivasan also thanked and appreciated all the distinguished speakers, who contributed to making the IOD Evening Members' Meet 2024 both enlightening and rewarding for attendees.
The report is compiled by:
Dr. Sundari Suresh
Regional Manager - Chennai
Institute of Directors
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Institute of Directors India
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Institute of Directors (IOD) is an apex national association of Corporate Directors under the India's 'Societies Registration Act XXI of 1860'. Currently it is associated with over 30,000 senior executives from Govt, PSU and Private organizations of India and abroad.
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Disclaimer: The opinions expressed in the articles/ stories are the personal opinions of the author. IOD/ Editor is not responsible for the accuracy, completeness, suitability, or validity of any information in those articles. The information, facts or opinions expressed in the articles/ speeches do not reflect the views of IOD/ Editor and IOD/ Editor does not assume any responsibility or liability for the same.
