Rajnish Kumar, Chairman of Mastercard India graced as the Chief Guest. Addressing the 100-plus gathering he said leaders of the business shape society. ESG which stands for Environmental, Social, and Governance is the framework that evaluates a company’s sustainability and ethical impact by considering non-financial factors. ESG is the buzzword, a hot topic across the globe now.
India is working hard to become a global power. Like any other country, we too have many challenges such as Global Warming, Climate Change etc. The ambitious growth also brings many challenges. In 1970 the New York Times article titled “A Friedman Doctrine–The Social Responsibility Of Business Is to Increase Its Profits” by Nobel laureate Milton Friedman argued that a company’s only responsibility is to its shareholders. Until now it is perceived that the primary responsibility of the businesses to the shareholder is to maximise profitability for their investments. Benefit society by creating jobs and driving the economy. But over the years that has changed.
Since the year 1990, there has been an increased awareness of the impact on the stakeholders. From shareholders now the focus is also on stakeholders who are comprised of employees, the government, suppliers, communities, activists and others. Besides the focus on shareholders, it has also shifted to stakeholders, Rajnish Kumar, who is also a Chairman of BharatPe, MDI and former Chairman of SBI said
Sustainable growth cannot be achieved without the economic growth Rajnish Kumar observed.
You can’t do business in isolation. You must take stakeholders along with you. So business organisations must adopt the most socially responsible practices. The companies must maximise the stakeholder’s value.
Recalling what Prime Minister Narendra Mode observed At the UN Sustainable Development Summit in 2015, he said “Sustainable development of one-sixth of humanity will be of great consequence to the world and our beautiful planet. It will be a world of fewer challenges and greater hope; and, more confident of its success”
Environmental, Social, and Governance (ESG) principles are no longer just buzzwords; they have become central to how businesses define their purpose and assess their impact. Today’s program brings together distinguished leaders and experts who will share invaluable insights on integrating ESG into corporate strategies.
Shujath Bin Ali, Global General Counsel and Chief Compliance Officer of Re Sustainability Limited Addressed Environmental Stewardship in Business Strategy. Dr Rashmi Ainapur, Partner, ESG Services Laminawas & Co, Chartered Accountants, spoke on Social Responsibility Beyond Compliance and Mr George Kalliath, Partner Risk Consulting, Ernst & Young LLP on Governance for a Better Tomorrow.
“Net-zero emissions are essential for aligning environmental goals with global sustainability and climate resilience. CS Shujath Bin Ali
ESG is going to be a game changer for the long-term growth of every organization. Companies should look at sustainable decision-making as a way of life. The need of the hour is for organizations to have a Vision, strategy governance and reporting model around sustainability said George Kalliath
Dr. Rashmi explored how companies can go beyond basic regulatory requirements and create meaningful social impact through ethical business practices and sustainable development initiatives.
CS Tasneem Shariff, Co-Chair, Corporate Laws, IBC & ADR Committee, FTCCI gave introductory remarks