Corporates told to look beyond four walls

Speakers at FICCI conclave.

Indian industry has been urged to look at sustainable development issues relevant to different regions in the country and avoid a ‘one size fits all’ approach to meet the growing requirements of building robust companies and an inclusive and responsive society.

Good corporate governance was not just a means of enhancing long term value for companies but also to provide lasting benefits tot consumers and other stakeholders, said PP Chaudhary, Minister of State for Law & Justice and Corporate Affairs.

Corporates, therefore, need to look beyond the four walls of their companies and strive to match the drive to become responsible and accountable entities with the benevolent impact of their actions on the environment and society, he emphasised.

Chaudhary made the call in his address to FICCI’s ‘India Sustainability Conclave 2018’ on theme Balancing business goals in a sustainable paradigm.

The role of corporates in CSR and delivery of SDGs was important as the amount spent by them on CSR activity was much higher than government spending on development, stressed Chaudhry.

Chaudhry launched a compilation titled ‘Corporates for Change’ by Federation of Indian Chambers of Commerce and Industry (FICCI) which organized the conclave in New Delhi on 6 March 2018.

Speaking at the conclave, Ashok Chawla, Chairman, National Stock Exchange of India Ltd, underlined the need for a full-time Chief Sustainability Officer who could push the sustainability agenda of a company.

He affirmed that the global corporate community had realised that resources were finite and they needed to be used efficiently.

He said the delivery mechanism and implementation needed to be strengthened, else valuable resources would be lost.

While acknowledging that multilateral and bilateral funds had dried up as they were being diverted to countries like Africa, there were funds available which focused on green issues and those could be tapped by the Indian corporates, said Chawla.

Lorenzo Pavone, Deputy Head, Partnerships and Networks Unit, OECD Development Centre, in his presentation, spelt out the opportunities and challenges for corporates in building better businesses for 2030 with SDGs at the core.

He said companies that are more sustainable are more competitive, sustainability increases access to markets, leads to technological innovations and attracts talent. fii-news.com