Mumbai: Maruti Suzuki India Ltd. and NTPC Ltd., the two best governed companies were presented the "ICSI National Award For Excellence in Corporate Governance 2009" at Mumbai by Vilasrao Deshmukh, Union Minister for Heavy Industries & Public Enterprises in the presence of Justice R.C. Lahoti, Former Chief Justice of India and Chairman of the Jury for the Award.

Shinzo Nakanishi, Managing Director & CEO of Maruti Suzuki India Limited and R S Sharma, Chairman and Managing Director, NTPC Limited received the awards.

The Company Secretaries of awardee companies, S. Ravi Aiyar, Maruti Suzuki India Ltd. & A.K.Rastogi, NTPC Ltd., were also honoured for their contribution in adhering to good corporate governance practices.

The ICSI Lifetime Achievement Award for translating excellence in corporate governance into reality was conferred upon Ms. Anu Aga, one of the most powerful business personalities in Asia and one of India's corporate leaders.

Vilasrao Deshmukh, in his addressing speech said that, "Corporate governance is related to maximization of shareholders value and at the same time ensuring equitable treatment to all stakeholders. The corporate governance is of particular relevance for developing countries like India as it is related to economic development as well as discharge of social responsibilities."

Appreciating the efforts made by the ICSI towards good corporate governance, he expressed that there is need for a multi pronged proactive effort in generating consciousness and systematic work towards social and environmental sustainability.

Justice Lahoti, in his address pointed out that the corporate governance has no more remained aloof from society’s interest. It now engulfs interests of the present and future generations.

"The corporate interests are so intertwined with environmental, ecological, societal and climatic interest that companies can no longer abdicate the responsibility for the effects of their actions on these vitals for the society and generations to come," he added.

Earlier, Datla Hanumanta Raju, President of the ICSI, while delivering the welcome address said that, "The issue of corporate governance should remain more at the forefront of the development agenda in hard times, than in good times."

He expressed that good corporate governance should be upper most in boardrooms to ensure rapid, sustained and inclusive growth and it should cover social and economic aspects of human endeavour.

N K Jain, Secretary & CEO, the ICSI while proposing a vote of thanks to the dignitaries informed about the various initiatives taken by the Institute towards good corporate governance and assured the minister that, "The ICSI will continue to work towards integrating social and environmental issues in the overall corporate governance standards."