ICSI introduces Code for Charity Governance
Published: Dec 11, 2017
By TIOLCORPLAWS News Service
NEW DELHI, DEC 11, 2017: THE Institute of Company Secretaries of India (ICSI) realizing the gap in governance and understanding the need for transparency and full disclosure in Charitable Entities 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 45th National Convention of Company Secretaries by the Sadhguru, Founder Isha Foundation. It comprises a total of nine (9) guiding principles. Each principle includes a set of guidelines which shall support the achievement of the core principle. While being applicable to all registered entities receiving grants, donations for carrying out charitable activities for the benefit of the public at large, the objectives of forming the Code include the following:
1. To provide for a set of guiding principles and standards for the entities established for charitable purposes irrespective of their format of establishment.
2. 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.
3. To strengthen transparency, accountability and the internal control systems in these entities.
4. To develop a level of comfort and enhance trust for various stakeholders dealing with the charitable entities including corporates and regulatory authorities.
5. To urge the Regulators to make appropriate arrangements to facilitate effective monitoring through online filing and digitisation.
