Vilasrao Deshmukh underlines need for good corporate governance

NEW DELHI - Minister of Heavy Industries and Public Enterprises Vilasrao Deshmukh on Wednesday stressed the need for continued adherence to good corporate governance practices and increased sensitivity to social obligations.

Addressing at the MoU and SCOPE Excellence Awards ceremony here Vilasrao Deshmukh also called on the Central Public Sector Enterprises to enhance their technological edge and productivity for ensuring success in the present global arena.

While complementing the Department of Public Enterprises for taking initiatives in issuing comprehensive guidelines for the CPSEs, he appreciated the efforts of SCOPE for organizing programmes on issues of topical importance for the benefit of executives of CPSEs.

Deshmukh said that India would definitely lead the economic recovery and show the way out of the quagmire in which most economies around the globe find themselves.

He further said that, “One of the important reasons, for the excellent performances of CPSEs during the recent years, has been the empowerment of the Boards of profit making CPSEs by the Government.

“The conducive policy framework laid down by the Government has facilitated operational freedom to the CPSEs, enabling them to operate on commercial lines and enhance their performance. We will continue our march along with growth path and take appropriate initiatives for enhancing the competitive edge of our CPSEs,” he added.

Congratulating the Chief Executives and employees of award winning CPSEs, Deshmukh said:”The experience with the MoU system as a performance management tool at the Central level has been extremely useful.

“We have extended the MoU system to all Central Public Sector Enterprises and have made the system more objective,” he added. (ANI)