“There is a dire need to seed socially responsible and aware entrepreneurs who are the future of an environmentally sound planet that will be able to provide equal resources and opportunities to everyone,” said Nesar Ahmad, Immediate Past President, The Institute of Company Secretaries of India.
Ahmad was addressing the students of Centre for Management Studies, Jamia Milia Islamiaa on ‘Sustainable Business Development’, a lecture organised by Business Line under BL Club in collaboration with Cairn India. He emphasised on the need to direct the focus of sustainable business development (SBD) from the conventional paradigm of economic progress and development.
Ahmad drew the attention of the students to sustainability reporting – its types and merits. Though many mistake this as a voluntary activity, he informed that it was mandatory for the top 100 listed companies of India, including the 30 blue chip companies as well. In fact it is mandated by Securities Exchange Board of India (SEBI) and companies are to follow the nine principles of National Voluntary Guidelines. The focus of the guidelines is on building and maintaining ethics, transparency in operation, promoting well being of the employees and consumers along with efforts to restore the environment. At present, companies like L&T, HUL, Tata Motors, ITC and ICICI Bank have submitted their first annual sustainability report along with their annual reports.
Ahmad dwelt on corporate social responsibility, its objectives while mentioning examples in his presentation. He motivated and encouraged the young entrepreneurs to follow SBD and related activities when they enter the corporate world. “By 2050, we can achieve untouched heights, provided the young lot together with each and everyone else works hard for it,’’ said Ahmad.