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February 2013

Volume. XVIII No. 02/2013

Lt. Gen J. S. Ahluwalia, PVSM (retd)

PRESIDENT, IODNesar Ahmad

PRESIDENT, ICSI

Signs

MOU with

Institute Of Directors

ICSI THE INSTITUTE OFCompany Secretaries of India

IODInstitute of Directors

Building

Tomorrow’s

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Now! Get Quality Times on our website

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CONTENTS

From The Editor

Quality in every walk of life is important. Business has moved on from quality of product to business excellence that calls for incorporating quality in every action of Board, management and employees. Turmoil has been witnessed in business because of business leaders working for their personal interests and exploiting every opportunity to their advantage. The year 2008 changed the globe in many ways and impacted larger number of people in the world than in any other year since the World War II. It is generally agreed that the situation emerged only due to lack of right kind of political and business leadership. It was a failure of the brightest people in the business world in most developed countries in the world. Sheer greed and reckless leadership took the world to economic collapse.

Experts believe that such a situation was witnessed because there was no accountability and decisions made and actions taken by the business leaders were not assessed. Regulators have also erred by not being sufficiently tough. The lure of the lucrative private sector jobs does not just siphon off talent from public service, it also breeds corrosive and ever-present conflicts of interest: why 'get tough' as a regulator, on a firm that could be your future employer. Thus, the 2008 situation was a reflection on leadership.

rd23 World Congress on Total Quality is being organized by IOD at Bengaluru in February 2013 where the discussions will centre around leadership required to sustain quality and excellence in an era of challenge and uncertainty. Ever since the Rio Conference of 1992 economic development has been directly correlated with actions on environment management and sustainability. As markets opened up in the last decade of the last century and companies competed for customers and resources, various issues like efficiency, effectiveness and relevance have been more important. Boards have to find new ways of enabling the people for whom they are responsible. Some Boards discuss issues of sustainability in their own context, but the smarter Boards also think in terms of issues relating to their customers, suppliers, business partners and employees and other stakeholders. Their responses can give rise to new business

opportunities and ways of forging closer and mutually rewarding relationships. Prof Colin Coulson Thomas observes that 'Ideal directors reflect on the implications of their actions and consider the interconnectedness of board decisions. They look for simpler and more flexible approaches that can deliver more quickly'.

The Global Reporting Initiative (GRI) has issued a call for institutional partners based in South Africa to conduct case studies that exemplify changes in sustainability performance and benefits deriving from sustainability reporting in application of the GRI Sustainability Reporting Framework. In order to measure and monitor the program success in South Africa, GRI and the institutional partner will conduct a baseline study on how activities conducted from January 2013 to June 2015 contribute to improvements in companies' sustainability reporting and performance. This study will be of relevance also to India in the light of Companies' Bill 2012. It will help India also consider the approach to corporate sustainability assessment.

Quality of thinking in the Board Rooms and the quality of Board Decisions are topics that need focus. As the businesses are going global the employees also become international and need quality in networking arrangements. Quality of corporate direction and new leadership and governance will be required. Effective and smart Boards will establish what they can do and what they cannot. That will call for effective leadership.

Business has to effectively follow the path of sustainability in operations. That will call for a qualitative change in Boardroom decision making and implementation: an approach that will bring maximum benefit to shareholders and to all stakeholders. WCTQ 2013 will be a platform to discuss various issues and arrive at possible solutions.

EDITORIAL BOARD

Lt Gen JS Ahluwalia, PVSM (Retd.)Pradeep ChaturvediManoj K. RautAshok Kapur, IAS (Retd.)

EditorPradeep Chaturvedi

Sub EditorReji Mathew

Manager DesignTeena Lejo

IOD (Head Office)M-52, Market Greater Kailash - II,New Delhi-110048Tel: 011-41636294,41636717Fax: 011-41008705E-mail: [email protected]: www.iodonline.com

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Published by J S Ahluwalia for the Institute of Directors

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Quality Leadership for

Sustainability

(Pradeep Chaturvedi)

Iod Signs MOU with ICSI 5

The Companies Bill 2012: A catalyst for the regeneration of corporate boards?(* Prof. Colin Coulson-Thomas)

7

Ethics in A Global and Contextual Business:

The Role of Education (*R.Bandyopadhyay)13

CSR – The Heart of Corporate Governance(*J Sundharesan )

19

Shifting The Policy Focus To Promote Innovative Responses For Sustainable Development (* Pradeep Chaturvedi)

24

News & Views 30

Programme* 36

28 Quality of Citizen-Centric Services in India (*Dr Manu N.Kulkarni,)

..........UPCOMING EVENTS……..rd• 23 World Congress on Total Quality

Also presentation of Golden Peacock Awards for Quality,Training & Innovative Product/ Service 8 - 9 February 2013, Bengaluru (India)

• Global Convention on BusinessExcellenceAlso presentation of Golden Peacock Awards forBusiness Excellence 01 - 02 May 2013, Dubai

• 15th World Congress on ENVIRONMENT MANAGEMENT Also presentation of Golden Peacock Awards for

Environment, Occupational Health & Safety and Eco-Innovation 19 - 20 July 2013, Delhi (India)

• Golden Peacock AwardsFor last date of submission of applications Visit: www.goldenpeacockawards.com

• London Global Convention 2013 Incorporating 13th International Conference on CORPORATE GOVERNANCE &

th4 Global Summit on Sustainability Also presentation of Golden Peacock Awards for Corporate

Governance, Sustainability, (both national & global) and HR Excellence 3-5 October 2013, London (UK)

• Delhi Global Convention 2013 Incorporating

th 8 International Conference on CORPORATE SOCIALRESPOSIBILITY

th 24 IOD Annual Day Also presentation of Golden Peacock Awards for Corporate Social Resposibility (both National & Global), Innovation Management &

IOD Distinguished Fellow Awards 6 – 7 December 2013, New Delhi (India)

• Masterclass For Directors leading to Certified Corporate Directorship for latest schedule pl visit web: www.iodonline.com

For Registration: INSTITUTE OF DIRECTORSM-52 (Market), Greater Kailash Part-II New Delhi – 110048, India Board Nos. : +91-11- 41636294 , 41636717, 41008704 Email: [email protected]

Building

Tomorrow’s

BoardsIODInstitute Of Directors

The Institute of Directors concluded a strategic MoU with the thThe Institute of Company Secretaries of India (ICSI on 15

January 2013.

ICSI is a professional body constituted under the Company Secretaries Act, 1980 (56 of 1980) for the regulation and development of the profession of Company Secretaries, and

IOD Signs MOU with ICSI

having its headquarters at New Delhi, India.

After detailed deliberations earlier, both ICSI and IOD have appreciated each others' activities in promoting excellence in Corporate Governance and Corporate Compliance Management through seminars and training programmes and have now entered into this MOU for mutual benefit and advantage.

The MOU was signed by Lt Gen J.S. Ahluwalia PVSM, (Retd) President, IOD and by Mr. Nesar Ahmed, President, The Institute of Company Secretaries of India, at the HQ of ICSI, in the presence of Mr. M.S. Sahoo, Secretary General, ICSI and other staff, and Mr. Manoj Raut, CEO, IOD.

The aim of the MoU is to facilitate mutual development, by sharing each other's research, knowledge and professional publications, covering board room practices and look into possibilities of collaboration for joint training of professionals, and other activities like national and international conference in the mutual interest of Corporate Directors and Company Secretaries. This will also enable members of both organizations to share all facilities available with both the organizations. There are no financial implications.

Pic: & Lt. Gen.J.S. Ahluwalia, President IOD, India.

Nesar Ahmad, President, ICSI

MOU Singning Ceremony at HQ- ICSI

Quality Time - February 2013 5

TO BE INTRODUCED IN PARLIAMENT

Bill No. 121 of 2011

THE COMPANIES BILL, 2011

————

ARRANGEMENT OF CLAUSES

————

CHAPTER I

PRELIMINARY

CLAUSES *


Building

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Boardswww.iodonline.com

leading to Certified Corporate DirectorshipA condensed program for

Company Directors

TMMasterclass for Directors Masterclass for Directors

149.(3) Every listed public company shall have at least one-third of

the total number of directors as independent directors and the

Central Government may prescribe the minimum number of

independent directors in case of any class or classes of public

companies.

150. (1) Subject to the provisions contained in sub-section (5) of

section 149, an independent director may be selected from a data

bank containing names, addresses and qualifications of persons

who are eligible and willing to act as independent directors,

maintained by any body, institute or association, as may by notifie

d

by the Central Government, having expertise in creation and

maintenance of such data bank and put on their website for the use

by the company making the appointment of such directors

**********

**********

**********

**

What Participants SayIt has been a privilege attending the Masterclass for Directors

program, IOD is doing a tremendous work in this field.

Shri S Krishna Kumar, former Union Minister

“Excellent Program”

Dr Christy Fernandez, IAS (retd) former Secy to the President of

India

“A very useful course”.

D.R. Kaarthikeyan, former Director, Central Bureau of

Investigation

“Excellent Program”

T.S. Vijayan, Chairman, LIC India

“Balanced Scorecard, Finance for Non Finance Directors, Duties &

Liabilities and Corporate Transformation are the best aspects”.

Sanjay Jain, Managing Director, Accenture

“One of the best and relevant program”

Yogesh Lohiya, CMD, General Insurance Corporation

“Sharing relevant knowledge is the best aspect of this course”.

T.R. Doongaji, MD TATA Group Services

“My greatest appreciation for the manner in which you presented

your material, rich in content, depth of experience and overall

expertise including international matters was mind boggling”.

Felix D’Souza, Head Corporate Governance, Abu Dhabi

“It was a great learning experience”

Prof. Gregorio Flores, Texas, USA

* Only relevant parts have been highlighted. Pl view details on www.iodonline.com or http://www.mca.gov.in/

• LIC Mumbai: 11-13 Feb 2013 - (In-House)

• Bangalore: 22 - 24 Feb 2013

• Mumbai: 01 - 03 March 2013

• New Delhi: 12-14 April 2013

thOn the 18 of December 2012 the Companies Bill was passed in the Lok Sabha or House of the People. A summary of its provisions was provided in the January issue of Quality Times. What are its implications for your company and what will it mean for the quality of governance and the value added by Indian boards? Will it be a catalyst for the regeneration of underperforming boards?

Boards exist and their continuing operation is assumed by corporate governance arrangements and codes. They do not need to be created or re-invented. However many boards could do with a fundamental reform or makeover. Others add so little value that they could do with being reconstituted or revived with a different focus and new priorities that might enable them to make a greater contribution.

In short, what is required is a regeneration of many boards. New life, purpose and confidence need to be instilled into meetings and other activities that may have become rituals. The process of regeneration may require a re-awakening of a willingness to think, question and challenge, and a re-birth of a sense of what is appropriate and right and wrong in relation to individual and corporate conduct.

Impact of the Bill

The full consequences of the Bill are difficult to predict. The impact of any measure depends upon how people behave and react, whether they do just enough to comply or whether they think through each area of change and determine to derive the maximum of benefit. Whether or not the impacts of measures are cosmetic and trivial or real and profound will reflect how they are implemented.

At minimum, one might expect that Indian companies will endeavour to comply with any new measures that are applicable. Beyond this, much will depend upon the importance that owners and investors attach to directors and boards, and the extent to which new provisions encourage discussion, challenge and debate. Could thinking through the implications of some of the provisions re-energise corporate boards?

Take the area of Corporate Social Responsibility (CSR). A committee could be established, a policy quickly established and an appropriate amount spent. Compliance could be reluctant, as if the expenditure is an additional cost of being in business. Alternatively a board could consider how behaving more responsibly towards certain groups and related activities

could improve relationships, enhance a reputation and build a corporate brand.

Some clues as to the attitude of a board towards the Bill may be found in how boards react to it. A minimalist approach might be to ask a Company Secretary to draw up a least cost and minimum disruption implementation plan. A more positive board that sees review as an opportunity could itself debate areas covered by the Bill with a view to improving governance and maximising the board's own contribution.

Independent Directors

Implementation of some provisions could have a profound impact upon the quality of corporate governance if and where new practices are introduced. A requirement for independent directors is an example. The Bill proposes that at least one-third of the total number of directors on listed public company boards should be independent directors. In practice their number as well as their proportion is important.

A single independent director who has concerns does not have any independent board colleagues to talk to. There needs to be enough of them to enable them to discuss any misgivings they may have about the policies or practices of executive colleagues, or indeed the conduct of the CEO or chairman of the board.

Much will depend upon the calibre of any new independent directors that are brought onto corporate boards. Will they just be 'rubber stamps'? Those who are not truly independent, such as tried and tested family friends who can be relied upon to support a CEO and board chairman and not to rock the boat may not provide the challenge that could save a company from disappointment, if not disaster.

Qualities sought in Directors

Executive and independent directors need to be selected wisely. Good managers do not always become effective directors, while individuals with limited management experience can sometimes make a significant contribution to a board as a result of their personal qualities. Many specialist professionals lack a balanced and holistic perspective, and have a 'departmental' view of corporate reality.

The role of the board and the duties and responsibilities of a company director are at the heart of the distinction between direction and management. In some countries the duties are so

* Prof. Colin Coulson-Thomas

The Companies Bill 2012: A catalyst for the regeneration of corporate boards?


onerous that candidates should examine opportunities with care. Many experienced directors of public companies have turned down a board position because of the risks involved.

Strategic awareness and personal qualities often dominate the criteria for director appointments if an effective board is sought. Formulating a distinctive and compelling vision and a realistic strategy requires business acumen and the abilities to look ahead, see a company as a whole and understand the context within which it operates.

Personal qualities sought can include integrity, determination, independence, objectivity, balance, commitment, individuality, sensitivity, strategic and ethical awareness, and a sense of accountability and responsibility. Integrity and alert antennae are especially important if the aim is to root out corruption.

Loyalty, team spirit and 'fitting in' are valued more highly by some chairmen than originality and creativity. A confident chairman might put more emphasis on the latter, while someone who is insecure and/or vulnerable might prefer board members 'who go with the flow'. Weak appointees may not increase challenge or reduce complacency.

In addition to internal monitoring and reporting past performance a board should be externally focused and looking ahead. Directors need energy and drive to move an organisation forward, certain legal and financial knowledge, and an awareness of boardroom issues and practice and relevant governance requirements.

Skills such as planning, delegating and appraising are especially relevant. Communication skills are important both within the boardroom and when building mutually beneficial relationships with stakeholders. The best candidate for financial director may be the person who is best able to explain financial forecasts and results.

Becoming and remaining effective

Good direction is often about thinking rather than doing. Aspiring directors should really understand the difference between being a professional, a manager, an owner or shareholder and a director. Each of these roles can involve a particular perspective and certain responsibilities. People need to be alert to potential conflicts of interest.

To be effective in the boardroom, a director must command the respect of colleagues. Being an effective team player helps. Development activities should focus upon honing and demonstrating strategic awareness and perception, thinking, decision making, communication and inter-personal skills.

Preparation for a particular boardroom requires an understanding of the business environment, the specific company's situation including how its directors are selected, appraised, remunerated and developed, how its board operates and the contribution a new director is expected to make.

Specific executive and independent director requirements will depend upon the corporate context and a board's ambitions. The nature, structure, composition and operation of a board

should reflect the challenges faced by a company and the opportunities available to it. Those seeking to join a particular board should aim to complement the experience, knowledge and skills of existing members.

The Effective Board

Finding individuals who have the potential to contribute may not be enough. A group of outstanding individuals does not necessarily constitute an effective board. Board performance depends upon the interaction of particular people and personalities in the boardroom context. Membership changes can alter the chemistry.

New directors tend to be selected to complement the qualities of existing board members and improve a board's operating dynamics. The preferred candidate might be the individual who best balances the team, rather than the person who is technically the most proficient.

One does not need to be 'good at everything' to be selected as a director. Standing out at something can be more important than being quite good at most things. The deficiencies of individual directors can often be compensated for by the contributions of other members of the boardroom team, allowing people to play to their strengths.

In some cases there may be an argument for widening the gene pool of potential directors and bringing new blood into the boardroom in both executive and non-executive roles. However, unless the focus of directors and their priorities change this could lead to further frustration and an even greater imbalance between the calibre of individual board members and what they collectively achieve.

Understanding the Drivers of the Bill

Some boards may have followed debates on the Bill and already made changes when persuaded of the advantages of certain measures. For example, they may have pre-empted the Bill as a result of already having grasped the value of a critical mass if not a majority of independent directors on a board. Certain companies may already have moved beyond provisions in the Bill.

The purpose of legislation can be to recognise changes and catch up, or to give a lead and make things happen. In some countries certain governance measures have been an acknowledgement and codification of what is already happening in terms of good practice, while in others codes and laws have been introduced to bring about changes to address identified deficiencies.

Company direction is about thinking as well as doing. Thoughtful directors will reflect on the principles and reasoning behind certain provisions. For example, how many directorships should a person hold at any one time? Clearly much will depend upon the individual, the time they have available and the nature of the appointments that are held. Thus a board or committee chair may expect a higher workload.

When appointments are made nomination committees and selection panels should reflect upon a person's availability,


ability and capability for being effective in the role concerned. Sometimes, less is more. A person whose diary is too full of other meetings may simply lack the time and space for thinking and coping with the unexpected.

The Bill's provisions relating to board committees are another example of where certain boards might benefit from first principles thinking. Audit, nomination and remuneration committees with independent directors are a feature of many corporate governance codes. Any board should regularly review its own structure and performance and whether it has the right committee structure and an appropriate scheme of delegation from the board.

In relation to structure we need to remember that conduct is also important. In practice, the value added by a board can largely depend upon the behaviours of directors and the quality of their decisions. The 'right' structure may not prevent board members from making the 'wrong' calls and adopting mistaken or in-appropriate policies.

Relationships with Stakeholders

The requirement for a Stakeholders Relationship Committee is an interesting one. Relationships with stakeholders can be critical, and balancing the contending interests of different stakeholder groups and building mutually beneficial relationships with stakeholders are hallmarks of the effective board.

Again minimum compliance would be to establish a committee and hope it does not get in the way or prove a distraction. More benefit might be derived from using such a provision as a catalyst to identify and/or reassess the nature, interests and priorities of different stakeholder groups, the current state of relationships with them and how these might be improved.

Direction should be seen as a separate but complementary activity to management, rather than as a route to elevated status and higher earnings. Directors need to look beyond functional considerations and work for the best interests of the company and its stakeholders. Their perspective should be strategic rather than departmental.

Directors must reconcile the concerns of various stakeholder groups, and respect views of colleagues who may have a different perspective. Non-financial considerations need to be taken into account.

Direction is about providing leadership, formulating strategy, establishing policies and values, monitoring performance and being accountable at the level of the company as a whole. It involves activities such as visioning, delegating to management and ensuring appropriate capabilities and controls are in place.

Balancing Interests

Boards have to strike a balance between short term pressures and longer term considerations, and between stakeholder interests and a company's own requirements. Entrepreneurial drive has to be balanced with prudence and steps to monitor progress and manage risks. A director must be sufficiently alert

to specifics to be accountable, while not so engrossed in detail as to loose an overview perspective.

Few organisations can afford to take continuing interest, allegiance and relevance for granted. Valued employees can seek opportunities elsewhere or consider acting on their own account. Key customers may be lured away by alternative providers. Core suppliers could find it easier and more rewarding to work with competitors. Investors might seek higher returns elsewhere. Within each of these groups people may be at work evaluating their options.

Many boards need to re-engage with important groups of stakeholders and re-establish trust, mutual respect and mutually beneficial relationships. Simply recognising the need for change is not enough. Smart boards look for practical and cost effective ways of engaging and supporting stakeholders and simultaneously delivering multiple objectives.

Supporting Implementation

The Bill raises questions for individual corporate boards. It also creates issues for the system as a whole. Given that direction is different from management, where, for example, will the required number of independent directors come from? Who will train them? If one wants to be professional and look beyond 'family and friends', where should one go to find suitable candidates?

In relation to such questions and any new legislation relating to directors, boards and corporate governance, the Institute of Directors of India (IOD) will have an increasingly important role to play. Those interested in becoming an independent director and candidates for such roles would benefit from the Institute's Masterclass for Directors, while individuals who have been certified by the IOD could be considered for boardroom roles.

The Bill may encourage more people to consider becoming directors. Professional success, managerial progression and the demonstration of directorial potential can lead to a first appointment to a board. Governance experience can be broadened by serving on professional committees, joining the board of a hospital, school or subsidiary, or becoming a non-executive director of another company. IOD networking and support activities can be helpful throughout a directorial career.

Some people accumulate a portfolio of independent directorships. Accountants with appropriate financial or audit experience can be well placed to chair an audit committee. A director who is open to new ideas, stays current and continues to learn from boardroom experience can make an effective contribution long after managerial colleagues have voluntarily retired or been made redundant.

*Prof Dr Colin Coulson-Thomas, A member of the business school team at the University of Greenwich, U.K and an adjunct professor at Manipal University. He has held professorial appointments in Europe, North and South America, the Middle East, India and China, and national and local public appointments.


IOD

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tute

of D

irect

ors


Building

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Ethics in A Global and Contextual Business:

The Role of Education

Executives often feel that ethical issues and concerns facing global business entities are no longer limited to the contexts of national or even regional arenas. As operations of companies go global these issues assume global dimensions and as such require global solutions. Consensus on these questions is not easy to arrive at.

It is a difficult question to answer whether there should be one set of ethics for all situations or should these be contextual? However many important aspects of doing business - stakeholder concern, truthful disclosures, transparency, honesty and accountability are universally accepted values. Therefore much depends on the ethical framework adopted by the company and its management, explaining where they stand on these issues and the decisions that they make in the pursuit of their business objectives.

Therefore, it is appropriate that global organizations develop, announce and enforce their own codes of ethics, transparently and with full accountability, rather than avoid the issue by resorting to contextual interpretations. Operation in a multicultural, multinational business environment is all the more reason for a company to formulate and announce its ethical moorings clearly. But how can young managers, experienced executives and investors build these ethical frameworks for their own organizations?

One way to start the discussion is by identifying the root cause that lead to unethical behaviour. Practitioners and scholars have proposed many root causes for seemingly large scale white-collar anti-social behavior. I would like to pick out one of these underlying causes and propose that these can be controlled by furthering education of managers in ethical practices.

To build the context, I will first delve on the question of ethics itself. There are many theories, as you are aware, but in most simple terms, ethics boils down to knowing the difference between right and wrong and choosing to do what is right. The phrase 'business ethics' is generally used to refer to the actions of individuals within an organization, and the actions of the organization itself. Business ethics then define the value system of how you operate in the market place. Therefore, ethics are a modicum of behavior and mindset; and not something you can tick off in a table. With legal scandals, corporate frauds making the news, it is no wonder that there is increasing attention on the ethical conduct of businesses. It is also clear that unethical business behavior has huge costs and risks, manifesting into even the possibility of bankruptcy and

severely damaged company brand and image; decreased productivity; increased misconduct and conflict internally; decreased performance levels of employees; increased employee turnover and more challenging employee recruitment; decreased probability of reporting misconduct and unethical behavior of others; and finally decreased value of the company as a whole. Even though we have examples of businesses having to pay heavily on accounts mentioned above, managers do face challenges in day to day conduct of business which fall into the so called gray areas leading to 'ethical dilemmas'. It is here, in the realm of 'ethical dilemmas' and how you resolve them, where I think lie both the importance of the context within which the business operates and a requirement of teaching and training. In fact, there may not even be a "right" or "wrong" answer to the dilemma, but how you deal with it will say a lot about you and your business.

A Foundational Framework

I would like to refresh your memory with the three dimensions of sustainability in corporate governance that I have written about earlier. [Quality Times; October2012 Issue] Good corporate governance involves the commitment of a company to run its businesses in a legal, ethical and transparent manner - A dedication that must come from the very top and permeate throughout the organization. I further a three pillar structure for the top management teams who want to lead the road to sustainability in corporate governance. These pillars are economic sustainability, social sustainability and environmental sustainability. They are supported by transparent reporting both within and outside the boundary of the company.

That said, much of what constitutes good corporate governance has to be voluntary. Law and regulations can, at best, define the basic framework - boundary conditions that cannot be crossed.

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Transparency in Reporting


IOD and Golden Peacock Awards information now available on sarkaritel.com under MOU

I am always of the view that while law may need to be strengthened when the occasion demands, but there are fundamental limits to using legislative and regulatory instruments to enforce better corporate governance. Therefore, the thrust of the day should be voluntary adoption of good practices by the industry. This highlights the need of a sort of dynamic balance between what I call 'enlightened regulation' by government and voluntary action by businesses. The role of the civil society of course, remains extremely valuable.

However, to pursue the path of enlightened regulations, leaders must understand the root causes for deviant unethical behavior and in this article I would like to focus on one.

Short Term Goal Orientation of Manager

In a global hypercompetitive business environment, where firms now have to navigate through uncertainties like never experienced before, managers are often forced to think short term. While this has been called the new reality of business or the 'new normal', managerial behaviour towards this new reality has also taken a sharp turn. Forced to operate in such contexts, managers also seek short term goals more than before. The modus operandi has become 'quick profits' before the market dynamics change again.

In principle there is nothing wrong with short term goal orientation. In fact, I would say that short term goals are necessary towards day to day execution. However, when the overarching focus of the organization shifts towards meeting short term objectives often combined with the attitude 'at any cost' mangers may find themselves coerced into situations where they have to bend rules.

In recent times there has been a growing concern from many sections of business, government and civil society about the narrow focus on such short term goals to maximize shareholder's value. Let us take executive compensations plans as an example. Compensations plans that link executive pay to share prices has spurred some executives to manipulate their share prices by taking unwise risks to hit the target price in time for bonus payouts.

At the same time there are some business leaders who have recognized this market pressure to focus on delivering short term results often at the cost of long term sustainability, and have taken corrective action voluntarily. For example Paul Polman, the Chief Executive Officer of the Anglo-Dutch consumer goods company Unilever, since taking charge in 2009 has stopped the company from publishing full financial results every quarter. He has also stopped offering earnings guidance to equity analysts. In fact he has introduced a lengthy

Can 'enlightened regulation' by government and voluntary action by businesses come together to cure the problem from within? There is a growing number of examples where business leaders have taken corrective action and leading the way towards long term sustainability - ethically. I propose that this trend can be given momentum through suitable education of young managers, experienced executives and investors

Education provides the channels to understand and adopt enlightened regulation and voluntary action.

Education in Business Ethics

Can business ethics be taught? I do believe that value formation starts much earlier than at the B-school level, Though there is certainly a need for training, I would like to maintain that business ethics is a reflective discipline, and hence the need of innovative teaching methods, where students are actively engaged instead of being mere recipients of information. It cannot be stated better than in the following words

“I believe, indeed, that overemphasis on the purely intellectual attitude, ... in our education, has led directly to the impairment of ethical values“.

- Albert Einstein

Therefore while pursuing our education objective in the three channels that I mentioned (i.e. young managers, experienced executives and investors), we must focus on active engagement with the audience.

Education for Young Managers

To this extent, I think, there needs to be extensive compilation of thought provoking case studies that encourage students to look at instances from wider stakeholders' points of view, issues and conflicts; live cases on companies; case writing by students themselves and listening to peers; simulation games that put students into situations to make tough ethical decisions. I am of the view that good training can embed these values in daily decision-making by business managers. And, business schools are rightly the vehicles to ensure this.

They play the role of very effective multipliers in the system, and have the potential for greater long-term impact on behavioral change of corporate leaders and managers than do perhaps legislation and media coverage. In India, where there is a huge demand of business management professionals and as many as many as 100,000 business/management graduates are churned out every year by nearly 1500 B-schools, having business ethics integrated into curricula is likely to have a substantial impact on the young managers going to run small and big businesses. Talking of small businesses catering mainly to domestic markets; ethics, governance and CSR are likely to appear esoteric concepts let alone as business imperatives. How do we make the system work for small and big businesses alike? These are the questions we need to face together in India.

At their definitional core, business ethics are a thematic area under Corporate Governance as much as they are within the realm CSR. While education institutions are one

‘Enlightened Regulation’

By Authorities

VoluntaryAction

Leadership Intervention

in adopting ethical frame work


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Organization for Non Executive Independent Directors (ONEID) INSTITUTE OF DIRECTORSM-52 (Market), Greater Kailash Part-II New Delhi – 110048, India Board Nos. : +91-11- 41636294 , 41636717, 41008704 Email: [email protected]

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Organization of Non-Executive Independent Directors (ONEID) is a wing of

Institute of Directors (IOD) to promote and maintain a panel of suitable

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which is likely to be cleared soon by the Parliament, will make it mandatory for

all registered companies, whether listed or unlisted, to have one-third of the

Board as Independent Directors. IOD has already started receiving requests for

suitable CV's by organizations in different sectors.

Initially, we proposed to panel all the professionals who have gone through and

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mainstreaming agent of responsible Corporate Governance and CSR, creating an enabling environment is another very important driver for these values to become integral to business. It is here, I'd like to draw your attention back to the 'dynamic balance' between 'enlightened regulations' and 'voluntary action', and the role of the government, I referred to earlier.

Education in business ethics: Can business ethics be taught? I do believe that value formation starts much earlier than at the B-school level, Though there is certainly a need for training, I would like to maintain that business ethics is a reflective discipline, and hence the need of innovative teaching methods, where students are actively engaged instead of being mere recipients of information. It cannot be stated better than in the following words

“I believe, indeed, that overemphasis on the purely intellectual attitude, ... in our education, has led directly to the impairment of ethical values“.

- Albert Einstein

Therefore while pursuing our education objective in the three channels that I mentioned (i.e. young managers, experienced executives and investors), we must focus on active engagement with the audience.

Education for Young Managers

To this extent, I think, there needs to be extensive compilation of thought provoking case studies that encourage students to look at instances from wider stakeholders' points of view, issues and conflicts; live cases on companies; case writing by students themselves and listening to peers; simulation games that put students into situations to make tough ethical decisions. I am of the view that good training can embed these values in daily decision-making by business managers. And, business schools are rightly the vehicles to ensure this.

They play the role of very effective multipliers in the system, and have the potential for greater long-term impact on behavioral change of corporate leaders and managers than do perhaps legislation and media coverage. In India, where there is a huge demand of business management professionals and as many as many as 100,000 business/management graduates are churned out every year by nearly 1500 B-schools, having business ethics integrated into curricula is likely to have a substantial impact on the young managers going to run small and big businesses. Talking of small businesses catering mainly to domestic markets; ethics, governance and CSR are likely to appear esoteric concepts let alone as business imperatives. How do we make the system work for small and big businesses alike? These are the questions we need to face together in India.

At their definitional core, business ethics are a thematic area under Corporate Governance as much as they are within the realm CSR. While education institutions are one mainstreaming agent of responsible Corporate Governance and CSR, creating an enabling environment is another very important driver for these values to become integral to business. It is here, I'd like to draw your attention back to the

'dynamic balance' between 'enlightened regulations' and 'voluntary action', and the role of the government, I referred to earlier.

With a view to providing an effective enabling environment for the corporate sector to not only grow but also contribute to the social and economic development of the country as a whole, the Ministry (Ministry of Corporate Affairs) has undertaken a number of initiatives related to corporate governance reforms. These initiatives address the legislative, enforcement, service delivery as well as capacity building aspects in the overall context of corporate governance and aim to take the Corporate Governance framework in India to the next higher level. While undertaking these initiatives the Ministry has also adopted the motto “Corporate Growth through Enlightened Regulation”.

Education for Experienced Executives

The Ministry has been promoting the adoption of good corporate governance practices by the corporate sector through advocacy for which it has established the National Foundation for Corporate Governance as an apex national convergence platform on Corporate Governance. Recognizing the need for up-scaling the voluntary efforts in this area, the ministry released the Voluntary Guidelines on Corporate Governance. These Guidelines, prepared through a stakeholder consultative process, focus on some of the complex issues related to independent directors, audit, managerial compensation etc. and are the first step in the direction of raising the bar in corporate governance standards in India.

You might have also heard of the Voluntary Guidelines on “Corporate Social Responsibility” that were released during the concluding function of the 'India Corporate Week' at Vigyan Bhawan, New Delhi. These guidelines, prepared in consultation with the stakeholders, represent a major step towards encouraging the India Inc in making its functioning socially and environmentally more responsible. Ethical functioning by companies is stated as a core element of the guidelines, and it states, “Their governance systems should be underpinned by Ethics, Transparency and Accountability. They should not engage in business practices that are abusive, unfair, corrupt or anti-competitive.” The Ministry sees these guidelines as the first step towards greater impetus for CSR as part of core-business for enterprises as distinct from philanthropy. The Ministry, through the Indian Institute of Corporate Affairs (IICA), is also engaging in the review process of the guidelines and is welcoming feedback that may strengthen the guidelines further.

In fact, the IICA itself is a forward looking innovation by the MCA. It has been created by the Ministry to become a leading think tank, knowledge partner, and capacity building and training institute in various subjects and matters relevant to corporate regulation and governance. The institute has been designed with an eye on the future to provide a platform for dialogue, interaction and partnership between governments, corporate, investors, civil society, professionals, academicians and other stake holders in the emerging 21st century corporate environment.

Another initiative in response to the Indian corporate sector becoming increasingly integrated with the global business


environment is the requirement that business reporting framework followed by the Indian corporate entities is at par with that followed in the rest of the world. Accordingly, the Ministry has chartered an ambitious programme for convergence of the Indian Accounting Standards with the International Financial Reporting Standards (IFRS) in a graded manner from 2011. This convergence requires a comprehensive and integrated legislative treatment across a number of statutes as well as a huge capacity building programme for the Indian accounting professionals. While work on these fronts is going on at a rapid pace under a multi-stakeholders, multi-agency Core Group, the Ministry has also decided to retain some of the crucial features in the accounting standards that are required in the national context in this convergence exercise.

Also, the Ministry had launched MCA 21 an e-Governance Project which has replaced the old manual system of company incorporation and statutory filings by a state-of-the-art e-Governance system. This has enabled faster incorporation of companies and efficient delivery of government services to the corporate sector and other stakeholders. E-Stamping has now been enabled under MCA 21 during last year which makes this e-Governance system completely paperless. This required a huge effort of working with the state governments and UT administrations to get the local laws amended for the purpose of e-Stamping and also suitably change the local treasury processes.

Education for Investors

In addition, investor education and protection is one of the primary responsibilities of the Ministry of Corporate Affairs. The efforts of the Ministry in this direction have been up-scaled during the last few years with more than 300 investor awareness camps organized throughout the country. These camps have been organized by the Ministry through the NGOs and the professional institutes by providing them financial and technical assistance. Recently an ambitious programme of organising more than 1200 such investor education programmes throughout the country. RBI, NSE, MCX SX, IGNOU and many other organisations have shown interest to join the ministry in this programme. Besides this, the Ministry has also been reaching out to the investors through undertaking media campaigns and by providing internet based educational content. These efforts, undertaken in English, Hindi as well as other regional languages, carry the twin messages of encouraging the investors to become a part of the corporate economy as well as enabling them to take investment decisions in an informed manner. The activities on this front are proposed to be further increased in the coming financial year.

The Ministry, works as facilitator and enabler to pave way for a healthy corporate sector that contributes to inclusive and responsible growth of the country as well as retains competitiveness both domestically and globally. With the release of the two voluntary guidelines, on CG and CSR, the MCA has started a discussion which can throw up interesting insights into making these guidelines increasingly mainstream.

Conclusion: In conclusion, it is paramount that business

leaders develop, announce and enforce their own codes of ethics, transparently and with full accountability, rather than avoid the issue by resorting to contextual interpretations. Institutional support from business schools and government agencies can help leaders define this framework themselves. A combination of enlightened regulation and voluntary action by business leaders can go a long way in building a robust ethical working environment for businesses.

*R.Bandyopadhyay Former Secretary Ministry of Corporate Affairs Government of India, (Email: [email protected] )

The lnternational Integrated Reporting Council (lIRe) -Intergrated Reporting Prototype Framework released

The IIRC released a Prototype of the International <IR>

Framework, a significant further step towards publication

of version 1.0 of the Framework in 2013. Release of the

Prototype Framework is an interim step intended to

demonstrate progress towards defining key concepts and

principles that underpin <IR>. The IIRC also announced

that a formal Consultation Draft of the Framework will be

published in April 2013, to be followed by the final

"version 1.0" in December 2013.

This Prototype framework shall help businesses and others

starting on their <IR> journey, by outlining the key

considerations that are critical to <IR>.

The Framework establishes Guiding Principles and

Content Elements that govern the overall content of an

integrated report, helping organizations determine how

best to disclose their unique value creation story in a

meaningful and transparent way.

Although this Prototype Framework is not a formal part of

the due process for developing the Framework, stakeholder

feedback would be appreciated. The IIRC has welcomed

feedback from stakeholders on the content of the Prototype

Framework to [email protected].

The details can be had at:

h t tp: / /www.thei t rc .crg/resources-2iframework-

development/prototvpe-of-the-intemRtinn8/-ir.fram£'\-

\'criF,,/


CSR – Is It Within Or Beyond The Mandate Of Law?

At first sight the interface between Corporate Social responsibility (CSR) and Law might seem like a contradiction in terms. The adoption of CSR policies is, after all, a routinely characterised as voluntary – a matter of business going the extra mile beyond what the law requires. Essentially CSR are the voluntary actions that businesses can take, over and above compliance with legal requirements. In India, with the amendments to important legislations in the form of Clause 55 to the Listing Agreement and Clause 135 in the Companies Bill, 2012 one needs to understand that the Government has adopted the inclusive growth strategy to implement CSR through corporate. While mandating CSR spends for corporate the Government has also ensured that such spends are monitored in the form of various reporting and disclosures.

Clause 135 Read With Schedule VII Of TheCompanies Bill 2012

Clause 135 of the Companies Bill 2012 is titled as "Corporate Social responsibility". It has 5 sub-sections containing provisions which mandate certain class of companies to take up CSR initiative as a statutory duty. A glossary of provisions of Clause 135 is given as under-

• Every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility Committee (CSR Committee) of the Board consisting of three or more directors, out of which at least one director shall be an independent director.

• The functions of the CSR Committee of the Board shall be to formulate & recommend a Corporate Social Responsibility Policy (CSR Policy) which shall indicate the activities to be undertaken by the company as specified in Schedule VII of the Companies Bill 2012. The CSR Committee shall also deliberate on the amount to be incurred on activities mentioned in the CSR Policy. It shall also monitor the CSR Policy from time to time.

· The duty of the Board, after receiving recommendations by the CSR Committee, is to adopt a CSR Policy and to ensure that the activities mentioned in the CSR Policy is undertaken.

The Board is obligated to disclose the details of such CSR

Policy adopted in its report and also to place the same on the company's website.

· The Board shall ensure that the company spends, in every financial year, at least two per cent of the average net profits of the company made during the three immediately preceding financial years, in pursuance of its CSR Policy. The company shall give preference to the local area and areas around it where it operates, for spending the amount earmarked for CSR activities. If the company fails to spend such amount, the Board shall, in its report specify the reasons for not spending the amount.

Intent Behind CSR

The need for CSR has its root in the fundamental thought – "what and how much has been given back over and above what you have taken from the society". This is said as thus for the simple reason that the company/corporate has its own identity and existence, i.e., it is an independent person co-existing in the society and using its benefits. Therefore, it is a moral responsibility/obligation of every person to contribute towards preserving and developing the society/environment they live in. The idea is to make every person environmentally & socially responsible in order to share responsibility of sustaining & developing the eco-space to co-exist in harmony without jeopardizing the immediate present & long term future needs.

Corporate Social responsibility (CSR) is also often referred to as Business Responsibility and an organization's action on environmental, ethical, social and economic issues. Realizing that promoting a responsible way of doing business actually improved the bottom line soon, received wider interest, and now demonstrating responsibility has become expected when bidding for major contracts.

Though the Companies Act, 1956 has mentioned about the Corporate Social Responsibility and the duties of Companies towards social, economical growth and environmental development, it was an optional activity. However Clause 135 read with Schedule VII of the Companies Bill, 2012 stipulates provisions that mandate CSR spends and has included activities like poverty, education, improving maternal health whereas CSR in Corporate Governance policy is based on the UN Global Compact and covers areas on the human rights, Labour standards, Environment and Anti Corruption.

*J Sundharesan

CSR – The Heart Of Corporate Governance


CORPORATE LEADERSHIP INDIA NEEDS

“I think Indian companies have to invest heavily in executive education as well as in absorbing the best corporate governance practices from within India and also internationally. The new Companies Bill provides a unique opportunity to the larger corporate to contribute to the society, especially the communities in which they operate by setting aside 2% of their net profit towards CSR. I have urged corporate India to embrace a few large consensual projects that could make the social commitments visible to all.”

*Shri Sachin Pilot, Minister of State (I/C), Ministry of Corporate Affairs, Government of India

Following table provides us a better understanding of CSR in Corporate Governance and its principles and its relevance to CSR in the Companies Bill, 2012.

CSR in Corporate Governance (Principles in UN Global Compact)

CSR in Companies Bill, 2012 (clause 135 read with schedule VII)

Principle 1: Support and respect the protection of internationally proclaimed human rights: Every business should support or respect the protection of international human rights. No doubt that the government of the country has the primary responsibility for human rights. However even the Companies/ business has important roles to play in supporting and respecting human rights.

E r a d i c a t i n g e x t r e m e h u n g e r a n d p o v e r t y. The CSR committee should ensure that their work should provide for eradicating/ eliminating the hunger and poverty of the people in the society by providing basic needs to the society.

Principle 2: Make sure that they are not complicit in human rights abuses.

The term Complicity means being implicated in human rights abuse that another company, government, individual, group etc is causing. Respecting human rights includes avoiding complicity. The risk of complicity in human rights abuse may be particularly high in areas with weak governance and/or where human rights abuse is widespread.

Promotion of Education: Education is a basic human right, vital to personal and societal development and well-being. As an integral part of its CSR practices, every Company should strongly focus on improving educational facilities in its areas of operation thereby increasing the literacy rates in these regions and by providing free education, supporting children for higher education, guiding and supporting research scholars in Educational Development

Principle 3: The freedom of association and the effective recognition of the right to collective bargaining means every Company should respect for the right of all employers and all workers to freely and should voluntarily establish and join organizations of their own choice and also make a Collective Bargaining meaning a voluntary process or activity through which employees and workers discuss and negotiate their relations, in particular terms and conditions of work and the regulation of relations between employers, workers and their organizations

Employment Enhancing Vocational Skills: The Company shall provide skills and knowledge for work, enhance employability and assist in learning throughout life. All forms and levels of the educational process involving, in addition to general knowledge, the study of technologies and related sciences, the acquisition of practical skills, know-how, attitudes and understanding relating to occupations in the various sectors of economic and social life training includes commercial, technical and professional development as well as transferable personal skills. And in our system, nothing stays still for long. That's because the skills needed by the economy are constantly evolving in line with global trends and technological advances. So the system ensures we can be responsive to these needs within a quality framework which ensures that standards are kept consistently high.

Principle 4: The elimination of all forms of forced and compulsory labor; every labourer and employee should be allowed to work freely in accordance with established rules. Providing wages or other compensation to a worker does not necessarily indicate that the labour should be forced to work other than in accordance to laws.

No equivalent clause


Principle 5: The effective abolition of child labor: Child labour is a form of exploitation that is a violation of a human right. It is the declared policy of the international community and of most governments to abolish child labour The term "child" covers all girls and boys less than 18 years of age, not all under-18 must be removed from work: the basic rules under international standards distinguish what constitutes acceptable or unacceptable work for children at different ages and stages of their development.

.

Reducing child mortality and improving maternal health : Every Company shall take necessary steps to reduce the child mortality meaning reduction of death of infants and children under the age of five due to acute respiratory infections, diarrhea, measles, malaria, malnutrition, etc and also the Company shall ensure that they improve maternal health which refers to the health of women during pregnancy, childbirth, and the postpartum period. It encompasses the health care dimensions of family , preconception, prenatal, and postnatal care in order to reduce maternal morbidity and mortality.

Principle 6 The elimination of discrimination in employment and occupation. Discrimination in employment and occupation means treating people differently or less favourably because of characteristics that are not related to their merit or the inherent requirements of the job. In national law, these characteristics commonly include: race, colour, sex, religion, political opinion, national extraction, social origin, age, disability, HIV/AIDS status, trade union membership, and sexual orientation. However, Principle 6 allows companies to consider additional grounds where discrimination in employment and occupation may occur. Discrimination can arise in a variety of work-related activities. These include access to employment, to particular occupations, promotions and to training and vocational guidance.

Promoting gender equality and empowering women; removing all obstacles to women's active participation in all spheres of public and private life through an equal share in economic, social, cultural and political decision making. Gender equality cuts across other Millennium Devolvement Goals (MDGs) and is not only a goal in its own right but plays a fundamental role in meeting all the other goals.

Principle 7: Support a precautionary approach to environmental challenges;

Precaution involves the systematic application of risk assessment (hazard identification, hazard characterization, appraisal of exposure and risk characterization), risk management and risk communication. When there is reasonable suspicion of harm and decision-makers need to apply precaution, they have to consider the degree of uncertainty that appears from scientific evaluation. Deciding on the "acceptable" level of risk involves not only scientific-technological evaluation and economic cost-benefit analysis, but also political considerations such as acceptability to the public. From a public policy view, precaution is applied as long as scientific information is incomplete or inconclusive and the associated risk is still considered too high to be imposed on society. The level of risk considered typically relates to standards of environment, health and safety.

Combating the human immunodeficiency virus, acquired immune deficiency syndrome, malaria and other diseases.

The funds that are proposed to be spent by the Company towards CSR, the Company shall ensure that they shall take into consideration combating the human immunodeficiency virus, acquired immune deficiency syndrome, malaria and other diseases.

Principle 8: Undertake initiatives to promote environmental responsibility; Business and industry should increase self regulation, guided by appropriate codes, charters and initiatives integrated into all elements of business planning and decision-making, and fostering openness and dialogue with employees and the public

Social Business Projects: The Company shall not only select that kind of project which earns profit for the Company, but also shall perform those projects that shall benefit society. Hence the objective of the Company shall include the performance that shall benefit the society.




Principle 9 Encourage the development and diffusion of environmentally friendly technologies. Environmentally sound technologies, as defined in Agenda 21, should protect the environment, are less polluting, use all resources in a more sustainable manner, recycle more of their wastes and products and handle residual wastes in a more acceptable manner than the technologies for which they were substitutes. They include a variety of cleaner production process and pollution prevention technologies as well as end-of-pipe and monitoring technologies. Moreover, they can be considered total systems including know-how, procedures, goods and services and equipment as well as organizational and managerial procedures. Where production processes that do not use resources efficiently generate residues and discharge wastes, environmentally sound technologies can be applied to reduce day-to-day operating inefficiencies, emissions of environmental contaminants, worker exposure to hazardous materials and risks of technological disasters.

Ensuring Environmental Sustainability: The Company shall ensure Long-term maintenance of ecosystem components and functions for future generations and ensure the quality of a policy or proposal of having an impact on the environment that is positive or, if adverse, that is at least within the limits of acceptability and meet the needs of the present without compromising the ability of future generations to meet their needs.

No equivalent clause

Contribution to the Prime Minister's National Relief Fund or any other fund set up by the Central Government or the State Governments for socio economic development and relief and funds for the welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women. :

The Company shall voluntary give donation in cash and kind for promotion of National Defence Effort, and decide on their utilization. The fund shall also be utilized for the welfare of the members of the armed force (including para military forces) and their dependent.

• The National Defence Fund set up by the Central Government

• The Jawahar l a l Nehru Memor ia l Fund The Prime Minister's Drought Relief Fund, etc

It includes the funds towards

CSR – The Heart Of Corporate Governance

The importance and significance of CSR can be broadly classified and understood under Corporate Governance (CG) and "Corporate Governance is about promoting corporate Fairness, Transparency and Accountability". "Corporate Governance is about commitment to values, about ethical business conduct and about making a distinction between personal and corporate funds in the management of the company". In order to ensure there is proper Corporate Governance in an organization, it is important to instill values among the management of the company with awareness towards CSR and its initiatives. It is then that an ideal management is created that is functioning on sensitized values, the goal is CSR oriented and the efforts are driven by the sheer will & intention to do good on one's own merits.

Current Position Of CSR- Is It A Mandatory?

With the importance of CSR as discussed and understood above, it becomes highly relevant to ensure that there are statutory laws governing the CSR initiatives. The only intention behind enacting pro-CSR legislations is to make these initiatives a statutory/legal status whereby it obligates every person to own up on the task of corporate governance and social responsibility. In India, there are basic laws mandating and promoting CSR initiatives that are regulated under specific legislations, as stated below-

Labour Laws: (Ministry of Human Resource Development)

Environmental Laws: (Ministry of Environment and Forest & Central Pollution Control Board)




Other Laws:

• Public Liability Insurance Act, 1991

• Prevention of Cruelty to Animals Act, 1960

India enacted a few of the above legislations in order to give effect to certain international conventions to which India is a party by way of being a member to the United Nations. Since most of the legislations statutorily mandate government agencies and bodies to abide by the CSR activities, there is a need for some serious voluntary contribution from the common public- be it individuals, corporate or any other person using the ecosystem. In order to materialize the intentions and expectations, the Ministry of Corporate Affairs has published guidelines with respect to CSR, titled "Corporate Social Responsibility Voluntary Guidelines 2009" (Voluntary Guidelines). The guidelines are voluntary and not prepared in the nature of a prescriptive road-map used for regulatory purposes. The core elements of the Voluntary Guidelines are as follows-

• Care for all stakeholders

• Ethical functioning

• Respect for workers' rights and welfare

• Respect for human rights

• Respect for environment

• Activities for social and inclusive development.

Conclusion:

Is such corporate governance prevalent in India today? Socially responsible businesses have existed in the past and many exist today. What is of utmost importance to the CSR discourse in India is to help raise this motto to a level so that it becomes the guiding light for all business enterprises. Will the synergy of CSR and Law really help is a debatable topic and only remains to be seen. However, for India Inc., it is time it explored new avenues within the mandate of law or for that matter beyond the mandate of law to make its presence felt in a more profound and positive way.

*J Sundharesan, Compliance Advisor & Principal Faculty at IOD’s Masterclass

onventional wisdom and the bulk of academic literature lead many executives to believe that financial crises are difficult to predict. Conventional wisdom also argues that strategies for survival are hard to pre-plan, since the reasons for these financial meltdowns are specific to a nation, its culture, and its politics. Those

C

MANAGING IN FINANCIAL CRISES

SPENT ?END EXHAUSTION AND FEEL GREAT AGAIN

O

conclusions would lead managers to believe that the elements of a financial storm are impossible to understand, prevent, and manage until the storm aetuallyhits. We disagree. Based on our experience, we believethat the warning signs of trouble are common from nation to nation. To be sure, there are some regional annational variations. Yet, there are also common patterns of buildup and meltdown. For this reason, we also believe that financial crises can be foreseen, their magnitude can be estimated, precautionary steps can be taken to prevent crises, strategic options can be devised and implemented, and corrective measures can be taken to lessen the storm's ultimate impact. Managers need to know whether their own firms and the industries in which they compete are destroying shareholder value. They need to understand crisis warning signs better than most currendy do and take the necessary precautions such as aggressively managing their cash position, shoring up their distribution systems, leveraging their intangible assets, shedding non-core physical assets, and enhancing needed risk management and other skills.

* DominicBarton

ne of the most influential ideas 1have come acrossin my research is the concept of a person's total load. It is the total amount of physical psychological andenvironmental stress on his or her body. In the last 30 years. this total load on the human body has quadrupled. Our bodies were not genetically designed for this modem life load, making it much more difficult for us to stay healthy and avoid being Spent. On a daily basis, most of us don't get enough vital nutrients, sleep or appropriate exercise. We sit too much, watch too much TV and eat too much... In an endless variety of ways, we are distorting our natural genetic blueprint for living. Some factors that add to our total load are within our control (diet. lifestyle choices), while some are ubiquitous and out of our sphere of influence (plastics in our environment, the air we breathe, the stimuli we encounter daily)... Actually, the fact that we are not all Spent is really a testament to how extraordinary our bodies are - their capacity to adapt and evolve. My philosophy is, if our bodies can, adapt to this kind of toxic environment and survive, what would happen if we gave our bodies a garden to flourish in? Because there are so many factors that contribute to our total load and therefore our health and well-being. My programme for healing Spent takes the gardeners approach: create an environment in and around the body that will foster abundant health and growth. I look at the earth, the roots, trunk, limbs, encroaching weeds, lack of nutrients, potential poisons, water, light and air.

* Frank Lipman


Rio+20 identified a selection of internationally agreed goals and targets that address the need to improve human well being throughout the world, while protecting and using life supporting environmental processes. Achieving these goals and targets for sustainable development requires further innovative responses at all levels, as replicating and up-scaling current policies will not suffice existing sustainability. Scenario studies show that both short-term policy solutions and long-term structural measures are needed to meet established targets.

Shifting the Policy Focus

There are compelling reasons to consider policies and programmes that focused on the underlying drivers that contribute to increased pressure on environmental conditions, rather than concentrating only on reducing environmental pressures of symptoms. Drivers include, inter alia, the negative aspects of population growth, consumption and production, urbanization and globalization.

Often these drivers combine and interact. Concerns about the effects of climate change, for example, including crop vulnerability and food insecurity, give rise to climate policy that included mandate to increase biofuel production.

Some direct and indirect drivers can be controlled through action that brings direct benefits to human well being. For example, increasing energy efficiency to reduce GHG emissions also reduced air pollution and its risks to human health, while reducing consumer energy costs and increasing energy security. Because of the rapid growth in drivers, the complexity of their pattern and dynamics, and their ability to generate unexpected impacts, improved efforts in surveillance and monitoring the drivers may produce tangible benefits.

Scaling up Promising Policies, Practices from the Regions

UNEP in its Global Environment Outlook 5, submitted to Rio+20, presented regional assessments that identified policy responses/instruments based on best practice adopted successfully in one or more regions that would speed up the achievement of internationally agreed goals. These include

the following:

Freshwater: Integrated water resource management; conservation and sustainable use of wetlands; promotion of water-use efficiency; water metering and volumetric-based tariffs implemented at a national or sub-national level; recognizing safe drinking water and sanitation as a basic human right/need; effluent charges.

Biodiversity: Market-based instruments for ecosystem services, including payment for Ecosystems Services (PES) and Reducing Emissions from Deforestation and Forest Degradation (REDD+); increasing the extent of protected areas; sustainable management of protected areas; transboundary, biodiversity and wildlife corridors; community-based participation and management; sustainable agricultural practices.

Climate Change: Removing perverse/environmentally harmful subsidies, especially on fossil fuels; forestry incentives for carbon sequestration; emission trading schemes; climate insurance; capacity building and financing; climate change preparedness and adaptation such as climate proofing infrastructure.

Land: Integrated watershed (catchment) management; smart growth in cities; protecting prime agricultural land and open space; no till and integrated pest management and/or organic agriculture; improved forest management; PES and REDD+; agroforestry and silvo-pastoral practices.

Chemicals/Waste: Registration of chemicals; extended producer responsibility; product redesign (design for the environment); life cycle analysis; reduce, reuse and recycle (3Rs) and cleaner production; national and regional hazardous waste treatment systems; control of inappropriate export and import of hazardous chemicals and waste.

Energy: Increased international cooperation in the area of transfer and application of energy saving technologies; promotion of energy efficiency; increased use of renewable energy; feed-in-tariffs; restriction on fossil fuels subsidies; low emission zones within cities; research and development, especially on batteries and other forms of energy storage.

* Pradeep Chaturvedi

Shifting the Policy Focus to Promote

Innovative Responses For Sustainable Development


Oceans and Seas: Integrated coastal zone management (ridge-to-reef); marine protected areas; economic instruments such as user fees.

Environmental Governance: Multi-level/multi-stakeholder participation; increased introduction of the principle of subsidiarity; governance at local levels; policy synergy and removal of conflict; strategic environmental assessment; accounting systems that value natural capital and ecosystem services; improved access to information, public participation and environmental justice; capacity strengthening of all actors; improved goal setting and monitoring systems.

Each region found, however, that even where such apparently successful policies were more widely implemented, there is little confidence that some of the current global environmentally adverse trends would be reversed – innovative approaches are definitely needed. Furthermore, alongside the wise selection of policies, there is an increasing need to shift away from dealing with the impacts of environmental degradation and tackle the underlying drivers. Regulatory, market – and information-based policies that actually change human and corporate behavior can become true levers of transformative change. In addition, many of the policies examined were successful, in part, due to the enabling environment or local context. It follows, therefore, that the transfer and replication of policies, although a commonly observed approach, always requires careful examination of the local context and a full sustainability assessment before proceeding.

Innovative Responses

Responses at the local, national and international level interact and generate incremental, structural and transformational change. As there is no universal solution to environmental degradation , a range of tailored responses is required to reflect the diversity regional needs. In areas of common global concern, however, coordination, participation and cooperation are critical for jointly meeting internationally agreed goals and targets, while also addressing the capacity deficits in a range of countries.

In order to be effective, action at the sub-global level can make use of the following four strategic insights derived from recent scientific understanding of transition processes in complex socio-ecological systems:

• A compelling vision of sustainability – building on goals and targets and informed by science. Society at all levels needs to be engaged to define visions of a sustainable future and what is required to get on to the pathway of a successful transition;

• Reversing what is unsustainable – the introduction of innovative measures consistent with a vision of and pathways of sustainability must be accompanied by

identifying and redirecting or reversing policies that are unsustainable;

• Applying leverage – a successful transition will require a diverse array of measures that:

? Strengthen a sustainability mindset in society through education and awareness raising;

? Change the rules and incentives to advance sustainable practices; and

? Create feedback and make adjustments in the physicalprocesses and structure of organizations to keepenvironmental pressures at acceptable levels;

? Adaptive management and governance – governments and other entities need improved capacity to manage complex transition processes through continuous monitoring, learning and course correction to reduce the costs of not meeting the internationally agreed goals.

Delivering results requires a combination of technology investment, governance and management measures, together with sustainable consumption and production patterns. A low carbon and resource efficient green economy in the context of sustainable development and poverty eradication, with adequate support for the development of environmental innovation, offers great environmental and economic opportunities for the preservation of the environment, the creation of new jobs, lowering production costs and the strengthening of competitiveness. New measures will only succeed if accompanies by a reversal or redirection of policies that have generated unsustainable outcomes. Transformations of such complexity require a gradual but steady transition process. During such a process, the impact of responses needs to be properly monitored so that if required, corrective measures can be taken to keep progress towards internationally agreed goals and targets on track. At the same time, it is important to strengthen the structural conditions – providing support for capacity building and creating an enabling environment consistent with the vision of a sustainable world.

As result-based approach to advancing human wellbeing and sustainability involves:

i) Framing environmental goals and monitoring environmental outcomes within the context of settingsustainable development goals.

Building on the lessons of the MDGs is critical to the possible development of any sustainable development goals. Metrics should track sustainability progress, strengthen accountability and facilitate learning. Such goals could also guide a public and private sector investment roadmap to a green and inclusive economy to stimulate economic development and job creation by the sustainable use of ecosystems and natural resources, as


well as infrastructural investments and technologies. New goals, related to the critical drivers including the consumption and production of food, energy and water, could be explored. Systematic monitoring and periodic reviews of progress on the agreed universal goals would promote continuous improvement and social learning as well as institutional and individual accountability.

ii) Investing in enhanced capacities and mechanisms at local, national and international levels to achieve sustainability, including through a green economy in the context of sustainable development and poverty eradication.

This may involve mechanisms to circulate critical policy lessons, based on the priorities identified earlier and inputs from governments and other stakeholders across the world and strengthened accountability through data collection and assessment including financial tracking and regular reviews. A stable policy environment, partnerships and development of an enabling environment are key to unleashing the creativity of the private sector, together with innovation and enhanced technological cooperation through collaborative research and development and knowledge-sharing platforms. Deliver erring results will also require strengthened national capacities to develop, deliver and implement strategies to combat environmental degradation.

ii) Enhancing the effectiveness of global institutions to fulfill human needs while avoiding environmental degradation.

Across the world, entities within the international environmental system need to transform their operational approach by improving efforts to mainstream environmental concerns into the development of economic policies, plans and programmes, deliver results at sub-regional, regional, national and local levels, and improve coordination and communication. A United Nations system-wide strategy on environmental protection, within the context of sustainable development, could be explored to improve the alignment of its broad range of instruments, activities and capacity, and support efforts by member states to implement the environmental agenda, including multilateral environmental agreements. Other enabling factors are the enhanced delivery of science-policy capacity development needs across the world, strengthened monitoring systems and data gathering, as well as the targeted communication of scientific findings to various audiences. In the future, the Intergovernmental Platform on Biodiversity and Ecosystem Services (IPBES) is expected to make an important contribution to the science-policy interface. In addition, the synergies process for the chemical and waste conventions –Basel, Rotterdam and Stockholm – provides an opportunity to enhance awareness raising, knowledge transfer, capacity building and national implementation that should be further explored.

iii) Consistent time series, accessible data collection and

assessments.

The valuation of natural capital and ecosystem services and the development of evidence-driven environmental policies require timely, reliable, consistent accessible and relevant official and environmental data that re regularly collected. Furthermore, it is impossible to judge the effectiveness of policies or programmes without regular and repeated data collection and assessment. The derived environmental information should be integrated with social and economic data for possible inclusion in national accounts. Furthermore, the information is needed to demonstrate to decision makers and other stakeholders how budgets are allocated, as well as for the better understanding and use. Financial resources and capacity building are critical for reliable and consistent data collection, including in developing countries. Development of technical capacity, as well as institutional capacity to embed regular data collection, monitoring and use within the policy and planning process at the national level, is also a high priority.

iv) Strengthening environmental education for and raising awareness of sustainability issues.

To facilitate the implementation of internationally agreed goals and objectives, achieve tangible results at the national, regional and international level, align environmental policy and programmes with sustainable development goals by strengthening education for and raising awareness of sustainability issues as one of the major driving forces is essential.

vi) Strengthening access to information, public participation in decision making and access to justice in environmental matters.

To enhance engagement and develop capacity at national and international levels, the substantive involvement of civil society, the private sector and other relevant actors in policy-making processes is critical. The international community and government at all levels could improve access to information, enhance engagement of and develop capacity for stakeholders to participate in decision making and improve access to justice in environmental matters in order to met environmental and development challenges.

Notwithstanding the enormous challenges, moving on to a pathway that leads to meeting internationally agreed environmental goals and targets is possible and the transition is already under way. There are, today great opportunities to scale up policies that can help to reverse negative environmental trends and address inequalities and inadequate institutional frameworks within which human society currently operates. It is also imperative for the international community to invest in structural solutions, from fundamental shifts in the values, design and structure of institutions to innovative policy frameworks, that will help tackle the root


causes, rather than merely the symptoms, of environmental degradation. Solutions are within reach, but urgent, ambitious and cooperative action is imperative to meet internationally agreed goals and targets and to avoid irreversible changes to the life-support functions of the planet and further escalating economic, environmental and human well-being costs.

* Pradeep Chaturvedi, Vice President, Institute of Directors

hat the business enterprise needs is p r inc ipa l of management that will give full scope to individual strength and responsibility, and, at the same time, give common direction of vision and effort, establish teamwork and harmonise goals of the individual with the commonweal.

The only principle that can do this is management by objectives and self-control. It makes the common weal the aim of every manager. It substitutes for control from the outside the stricter, more exacting and more effective control from the inside, It motivates the manager to action not because somebody tells him to do something or talks him into doing it, but because the objective needs onus task demand it. He acts not because somebody wants him to but because he himself decides that he has to - he acts, in other words, as a free man.

The word philosophy is tossed around with happy abandon these days in management circles..." management by objectives and self control may legitimately be called a philosophy of management. It rests on the concept of the job of management. It rests on the analysis of the specific needs of the management group and the obstacles it faces. It rests ona concept of human action, human behaviour and human motivation. Finally, it applies to every manager, whatever his level and function, and to any business enterprise whether large or small. It insures performance by converting objective needs into personal goals. And this is genuine freedom, freedom under the law.

W

Indian chief executive officers (CEOs) have emerged as the most optimistic globally as far as improvement in the global economy this year and long-term revenue prospects of their own businesses are concerned.

However, the growing Indian market is “decelerating,” a survey of 1,330 CEOs across 68 countries by Pricewaterhouse Coopers' (PwC) has found.

India is decelerating in comparison with Brazil, Indonesia and South Africa, the PwC survey released here last night on the sidelines of the World Economic Forum’s (WEF’s) annual meeting showed. The survey identified China, Mexico, Russia, Saudi Arabia, South Korea and Turkey as decelerating along with India.

In the long term, 97% of Indian CEOs were found to be “somewhat or very confident” of revenue growth over the next three years, out of which 85% said they are very confident, making them the most optimistic in the world.

About global economy, 38% of Indian CEOs anticipate improvement in the global economy in 2013, making them the most optimistic across the world.

Globally, 36% of CEOs surveyed said they were “very confident” of their company’s growth prospects in 2013, down from 40% last year.

About the overall economic scenario, 28% expect further downtrend in the global economy this year, while only 18% expect an improvement and more than 50% expect it to remain same. However, the confidence level has improved on this front, as 48% of CEOs expected a decline in the global economic scenario last year.

“CEOs remain cautious about their short-term prospects

and the outlook for the global economy. However, given the high levels of concern among CEOs about issues such as over-regulation, government debt, capital market instability, it is no surprise that CEO confidence has declined in the last 12 months,” said Debbus M Nally, chairman, PwC International.

The CEO confidence level is very high in India also in terms of hiring people for their firms, while the percentage of CEOs having overseen job cuts in companies during the past year is the lowest in India, it said.

Finding the right talent for businesses, lack of stability in the markets and growing regulatory and tax burdens are some of the problems faced by CEOs, the report said.

THE PRACTICE OF MANAGEMENT

* Peter Drucker

Indian CEOS most optimistic: PWC survey


Quality of Citizen-Centric Services

in India.*Dr Manu N.Kulkarni,

With rapid urbanization India's public services are in shambles and the City Governance strategies are assuming critical importance in improving the quality of our public services. Whether it is WASH (water, sanitation and health) factor or garbage handling or roads and infrastructure management our policy makers and managers who manage them have failed miserably in the last several decades. Many hospitals and pharmaceutical companies are trying to get their ISO certification to bring their brand images , but very few City Municipal Corporations can claim to have applied for ISO certification. The first rallying cry was corruption and now is the safety of women. Our public services include police, justice, administration and they need good governance and good governance need management skills including efficient use of resources and keeping deadlines.

For the purpose of this article this author confines to a few of the public services which affect the citizens almost daily and not many others like cash transfer to the poor, public distribution of food grains to the poor, migrant labour relations in infrastructure companies etc . WASH -as a public service - is one of the major and critical area which affects the citizens in a big way around the country 24x7x365 days. India is now emerging as a nation with many adventures in capitalism , but lagging behind in WASH – a critical sector for human development. Indian rivers according to many tests, are rife with diarrheal diseases and human feces are everywhere in hundreds of our villages. Thousands of men, women, and children in the country defecate in the open – all along the highways, railway lines , airport routes , open grounds/spaces. In the villages the situation gets worse during the rainy seasons .When the fields are muddy, people come out to defecate by the roadside. Women getting up each time a vehicle passes by is a common site in the countryside. Once when Prince Charles visited Madhya Pradesh, he was escorted by a young Collector on way to the rest house. It was getting dark .All along the route

the Prince saw women getting up when his car passes through. He asked the Collector why these women are getting up. The Collector replied “ Sir they were all waiting to see you since morning and when they saw your car they got up to get a glimpse of you” The Prince replied “I am so sorry I kept hem waiting. Please convey my apologies to them” .This is how we are fooling others and ourselves . This WASH factor has been well analyzed by the Down to Earth Publication in its classic report “ Excreta Matters” and yes it matters because it spreads diarrheal diseases and according to WHO 2.6 billion around the world defecate outdoors because they have no toilets and face the threat of diseases . A majority of men defecate and

walk away and women at least adopt “cat methods” i.e cover the shit with sand, mud or soil !

Protected toilet for every family is the answer in India. The Bill and Melinda Gates Foundation Plans to spend $ 266 Million over the next five years on toilet initiatives. According to Frank Rijesberman who heads the sanitation efforts in the Gates Foundation, toilets can save many lives than any other health device. Some 22 universities around the world are working with Gates Foundation to design a toilet that is robust, easy to clean, water and energy self sufficient and costs a user less than five cents a day. Unfortunately none of the Indian IITians or water focused NGOs have ever cared to work on such WASH issues , except voluntary agencies like Sulabh Shauchalya and Safai Vidyalaya in Gujarat who have done remarkable work in establishing household and community toilets in many cities of India. WASH alone will wipe out the tears of many poor families struggling with their livelihoods. Ramakrishna Mission in the Midnapore District of West Bengal did commendable work with the help of UNICEF in popularizing household toilets for many poor families. But unfortunately these were used by the families, as storage and Pooja rooms! God was confined to the toilets !!

Indian Railways need better toilets so that they stop spreading the human shit all along the railway lines across the country. Why not the Indian Railways adopt toilets as in Aircrafts –vacuum-based ? The first reform of the Indian Railways should be about its WASH factor and not about luxury coaches, hikes in fares without providing sanitary toilets . The New York Times has reported that the bathroom fixtures expert Kohler has now designed an expensive toilet with heated seat, music, a lid that automatically raises and lowers, a remote control and lots of other features . What Indian poor families in villages need is leach pit pour flush (PF) toilet technology which just consumes 1 or 2 liters of water. These have been popularized in states like Gujarat by Safai Vidyalaya and they have to be scaled up around the country and marketed aggressively by the State.

The next in importance under Citizen-centric service is the quality of waste disposal around the country both in urban and rural areas. Take the case of Bangalore city with 8 million population , where as many as 30,000 stray dogs pick up the left over's and when shooed away, bite the kids going to school. Once known as a green city is now stinking . The biggest stink story is the lakes , and drains and garbage –its segregation at source and its disposal - how ,where and when .The city is now sitting on a huge stock of garbage and as per rough estimate


4000 tons of garbage is generated daily and the contractors have used the now famous Mandur village for dumping waste .The villagers have been protesting because people are dying of respiratory infections as a result of polluted and infested air and water. Boston city in the US is generating energy with the city garbage . The Bangalore Brihat Mahanagar Palika (BBMP) deserves to develop a full-fledged case study on “Mis-

thgovernance of a City”. Despite the 74 Constitutional amendment to empower the cities, the Mayor of Bangalore is just elected for a year and how can we expect a Mayor to show results ? We hear a lot about the Mayor of London and New York. The success of London Olympics was all due to the Mayor of London. How active are our Mayors in Mumbai, Kolkatta Delhi ,Chennai ? Years back there was Bangalore Agenda Task Force , where the corporate leaders were thinking of making Bangalore not just a technology hub, but also a livable city and the Ministers were looking towards the corporate sector for help and support.

Look at the IBM smarter cities project in Rio De Janeiro,

Berlin, Beijing , Dublin , Singapore and New York , where they have used the knowledge of technology for crime detection and road safety issues. The IBM Tech Guru Gurudath Banaver says “ The IBM Real time crime centre in New York has brought down the crimes in the city of New York to a great extent (Read Scott Anthony ,The New Corporate Garage , Harvard Business Review Sept 2012) Why not the BBMP leaders invite the global tech leaders already in the electronics city of Bangalore to come out and thrash out solutions for the garbage problems of the city. Bangalore is now to move from IT to garbage technology to keep the city livable.

There are many citizen services like the public health issues, potable water issues and shelter issues for the migrant and slum dwellers etc. This needs a separate analysis and dialogue .

* Dr Manu N. Kulkarni, Ph.D, Visiting Faculty in NITTE School of Management Bangalore

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here are, of course, differences in management between different organisations - mission defines

strategy, after all and strategy defines structure. But me differences are mainly in application rather than in principles. Whether you are managing a software company, a hospital. or a bank the differences apply to only about 10% of your work. The executives of all these organisations spend for instance, about the same amount of their time on people problems. This 10% is determined by the organisation's specific mission, its specific culture, its specific history and its specific vocabulary. The rest is pretty much interchangeable. The differences with respect to the last 10% are no greater between businesses and non-businesses man they are between businesses in different

T industries, e.g., between a multinational bank and a toy manufacturer.

Why is it important to break down the artificialdistinction between business and non-business organisation? Because the growth sector of a developed society in the 21st century is most unlikely to be business - in fact, business has not even been the growth sector of the 20th century in developed societies. A far smaller proportion of the working population in every developed country is now engaged in business than it was a hundred years ago.

* Peter F Drucker

Management's New Paradigms

The Global Reporting Initiative (GRI) has issued a call for institutional partners based in South Africa to conduct case studies that exemplify changes in sustainability performance and benefits deriving from sustainability reporting in application of the GRI Sustainability Reporting Framework.

In cooperation with the UN Global Compact and funding from the Swiss State Secretariat of Economic Affairs (SECO), GRI seeks to carry out a project to improve the sustainability performance and reporting of local businesses in targeted developing countries, which includes setting up a GRI Focal Point in South Africa.

The Call follows the adoption of paragraph 47 of the UN Conference on Sustainable Development (UNCSD or Rio+20)

GRI Calls for Partners for Sustainability Performance of Local Businesses Study in South Africa

Outcome Document, recognizing the importance of corporate sustainability, and the need for capacity building in this area for developing countries.

In order to measure and monitor the program success in South Africa, GRI and the institutional partner will conduct a baseline study on how activities conducted from January 2013 to June 2015 contribute to improvements in companies' sustainability reporting and performance. The baseline study will include case studies highlighting changes in sustainability performance and reporting in connection with the application of the GRI Sustainability Reporting Framework.

IOD is of the opinion that the outcome of this approach will also be helpful for companies in India.


UN Secretary-General (UNSG) Ban Ki-moon has circulated his initial input to the Open Working Group (OWG) on the Sustainable Development Goals (SDGs), in an advance, unedited document of the UN General Assembly (UNGA).

The document offers a synthesis of the input received from a questionnaire sent to Member States in September 2012. A total of 63 Member States responded, including the EU (joint response), representing approximately one-third of the UN membership, the report notes.

In an introduction to the report, the Secretary-General notes that sustainable development “represents a natural next step in the evolution of the development agenda, supported by the UN.” The introduction also speaks of defining one set of appropriate goals, targets and indicators of the post-2015 development agenda.

On SDG priority areas, poverty eradication and sustainable management of natural resources are high on the list of many respondents, the document says. It also highlights that social issues addressed by the Millennium Development Goals (MDGs) are very high on the list, suggesting “an intent to keep the MDGs at the heart of the agenda.” Meanwhile, the prominence of climate change, sustainable management of natural resources, and sustainable consumption and production, as well as of economic issues like employment and macroeconomic stability, suggests an interest in having a more effective integration and balancing of the three dimensions of sustainable development going forward, according to the report.

UN Secretary General Provides Initial Input on Sustainable Development Goals (SDGs)

Other aspects of the government responses are synthesized under headings on: balancing the economic, social and environmental pillars of sustainable development; key use of SDGs at country level; defining national targets for global, universally applicable goals; incorporating existing goals and targets; ensuring coherence with the post-2015 development agenda; assessing progress; engaging all stakeholders; SDG principles; and New Global Partnership for Development.

Regarding the need for coherence between the process of formulating SDGs and the processes for defining the post-2015 development agenda, the synthesis report emphasizes the following defining elements: core values of human rights, equality and sustainability; an agenda based on concrete end goals and targets, one of the key strengths of the MDG framework – potentially differentiated along four dimensions of a more holistic approach: (1) inclusive social development, (2) inclusive economic development, (3) environmental sustainability, and (4) peace and security – which builds upon the three pillars of sustainable development; "development enablers” that help guide policy coherence at all levels; recognizing that one-size-does-not-fit-all, thus leaving space for national policy design and adaptation to local settings; and conceiving the agenda as truly global, with shared responsibilities for all countries, implying also a redefinition of the global partnership for development.

The questionnaire and its responses also are meant as a contribution to the UN-supported national consultations on the post-2015 development agenda.

UN DESA Publishes Guidebook on Green Economy Policies, Experiences

The UN Department of Economic and Social Affairs (DESA) has published a guidebook on the green economy, the third in a series, offering insights on governments' strategies for implementing a green economy and overcoming challenges related to financing, institutional arrangements, integration and political leadership.

The third Guidebook highlights increasing experience in implementing national sustainable development strategies (NSDS), but cautions that results have been mixed, and include both achievements and serious shortcomings.

The publication identifies several NSDS challenges, including: a lack of achievable targets and clear objectives; failure to engage central planning agencies and finance ministries in the strategic process; under-utilizing environmental fiscal reform and economic instruments; limited national ownership; and limited monitoring and evaluation. It states that emerging green economy, green growth and low-carbon strategies aim to more effectively integrate the economic, environmental and social dimensions of sustainable development and to learn from experience in implementing sustainable development strategies. It also notes


Post-2015 HLP Agrees on 24 Framing Questions

The UN Secretary-General's High-level Panel (HLP) on the Post-2015 Agenda has developed a list of 24 "framing questions" for its discussions. The questions focus on: lessons learned and context; the shape of a post-2015 development framework; themes and content of a new framework; partnerships and accountability for development; and shaping global consensus for the goals.

A document dated 30 November 2012 lists the questions, which the HLP have been agreed will guide its work and consultations.

On lessons learned, the questions consider: lessons learned from the Millennium Development Goals (MDGs); designing goals with maximum impact; global changes since the MDGs were drafted; future global trends; and priorities for poor and vulnerable people.

On the post-2015 framework, questions refer to how a new framework should address: the causes of poverty; resilience to crises; and economic, environmental and social equity and equality dimensions. Questions also ask about framework architecture, the role of the Sustainable Development Goals (SDGs) in the post-2015 framework, accounting for progress, time horizons and goal criteria, principles and topics.

On content and themes, questions focus on: capitalizing on MDG achievements in the post-2015 agenda; revising MDG elements based on lessons learned; including elements missing from the MDGs, such as planetary boundaries, financial stability, inequality, infrastructure and jobs; incorporating prosperity building blocks; and recognizing the challenges of persons in conflict and post-conflict situations. It also questions how to universalize goals and targets while being consistent with national priorities and targets.

On partnerships and accountability, questions include: encouraging partnerships and coordination among countries and with business, civil society and foundations; determining the specificity of recommendations on implementations; strengthening accountability mechanisms; establishing monitoring processes; facilitating goal achievement through

inclusive global governance and transparency; addressing coherence among mechanisms, organizations and processes on global issues; and judging the affordability and feasibility of proposed goals.

On shaping global consensus, questions ask how to build and sustain consensus and how to ensure work is coherent with the intergovernmental Open Working Group (OWG) on the SDGs.

that international agreements on biodiversity, climate change and sustainable development have helped to catalyze green economy development plans.

The Guidebook also highlights lessons learned for developing low-emission development strategies (LEDS) to promote climate change adaptation and mitigation while advancing

development, including: developing LEDS based on high-quality data on greenhouse gas emissions (GHG) and socioeconomic indicators; building national capacity; raising awareness among senior government officials; integrating LEDS into mainstream national decision-making processes; and engaging sub-national governments and other stakeholders as early as possible.

10 ti s on managing

YOUR START-UP TEAM

v Offer recognition. Even if you don't completely understand what your techie is doing, reward his work.

v Work with your team to define a set of goals you both agree upon; give praise when they do a great job.

v Avoid management-speak. Corporate jargon confuses.

v Let your team solve the problems. Group so teammembers can be motivated (not directed) to find the best solutions to problems.

v Building bonds with your team members outside office will show your commitment towards individuals.

v Open the books. Giving employees the numbers behind the company clarifies where the business is headed.

v Team meetings need to be motivational. Add a zing byintroducing contests, awards or even a guest speaker.

v Team members notice you. Be stern if the occasionrequires but be careful not to single out individuals.

v Listen to team members actively. questioning as and when required so that you understand issues clearly

v When you have a new plan. be open and honest about it. A hidden agenda is a trust destroyer.


Asia Economic Notes

· A report, "Global Trends 2030 : Alternative Worlds", was issued by America's National Intelligence Council. The aim of the report is not to predict the future but to stimulate "strategic thinking" among decision makers. The report stated that the Chinese economy is expected to overtake the U.S. by 2030, while Asia will overtake North America and Europe combined in global power. The health of the global economy increasingly will be linked to the progress in the developing world rather than the traditional West. The economies of Europe, Japan and Russia are likely to continue their slow relative decline. The gap between India and China, the world's biggest economic power, is expected to close by 2030. India's rate of economic growth is likely to rise while China's slows. In 2030 India could be the rising economic powerhouse that China is seen to be today. China's current economic growth rate - 8 to 10% - will probably be a distant memory by 2030. Economic growth in emerging markets was expected to drive technological innovation and flows of companies, ideas, entrepreneurs and capital to developing countries.

• India's car industry association has dramatically cut its original growth forecast for the year to March 2013 from 11-12% down to just 1-3%. Despite the slowdown in car sales in

India, Great Wall, China's largest car maker without a partner (and 8th largest in the country), is in talks to open a plant in India around 2016 It will be the first Chinese carmaker to operate in the country without a partner. Although foreign manufacturers like GM, Ford, Suzuki, Toyota and Hyundai have invested billions of dollars into India, Chinese carmakers have yet to commit any significant amount. Chinese group SAIC Motor Corp cut its 50% stake in GM's Indian unit to 9% in October. Great Wall sells sports-utility vehicles (SUV) and pick-up trucks in other emerging markets. Both these segments are growing in India. Fiat of Italy last week announced it will launch "Jeep" in 2013, which is a brand name of its US subsidiary, Chrysler.

• The OECD said that the growth outlook for most industrialised countries is improving, led by the US and the UK. This is good news for many Asian many countries who export to USA and the EU. In its statement of monthly leading indicators the OECD said that growth prospects were stabilising in 2013 for the core Eurozone countries - Germany, France and Italy - and for the whole bloc. Financial markets globally have been rallying as risk appetite has increased and money has been flowing into stock markets.

.

• The table below shows 2012 returns in local currency and also currency adjusted returns in US$ and GB£;

• Virtually all markets in our table below show gains, many in double- digits. Overall a good year for Asia, after a weak performance in 2011. Even with currency adjustments many markets show double-digit gains in US$ and GB£ ;

• India, despite all its woes, leads BRIC countries by a wide margin. SENSEX + 25% (+22% in US$ and +17% in GB£) ;

• India's 10-year benchmark bond yields fell to a 20-month low after steep cuts in the CRR by the Central Bank ;

• Drivers for relatively good performance in Asia are: despite slowing economies a perception of a growth region compared to developed markets and optimism that interest rates will be reduced and aid profitability;

• Japan, at last, recovers with a handsome 23% gain. The top 3 gainers below are: Pakistan: +49%, Thailand: +36% and Philippines:+33%. Sri Lanka is the only faller in the table below: -7% ;

• In Western markets Germany's DAX stands out with a sparkling gain of 29%, Swiss market ended + 15%, UK's FTSE +7%, US DJIA +7% and NASDAQ +16% ;

• Emerging markets as a whole (not just in Asia) ended 2012 with the best annual return since 2010. Venezuela led with +295%, Turkey +53% and Egypt +51%;

• MSCI's African Frontier market Index returned 45%, with gains of more than 50% in Kenya and Nigeria ;

• In the battered Euro zone the shining star was Portuguese 10-year bonds which returned 80% in 2012;

• Worldwide the top equity sectors were financial and healthcare. Best commodities were wheat and soybeans.

* Deepak.N.Lalwani

2012 Performance Of Asia Pacific / Western Equity Markets In Local Currency, Us$ & Gb£ :


INDEX

PERFORMANCEIndex at 31 Dec 2012 YTD 2012 %Chg YTD 2012 %Chg YTD 2012 %Chg

ASIA PACIFIC In local Currency in US$ in GB£

S&P ASIA CME 50

MSCI APEX 50

AUSTRALIA 200 INDEX

CHINA SHANGHAI COMP

CHINA SHENZEN COMP

HONG KONG HANG SENG

INDIA NIFTY 50

INDIA SENSEX 30

INDONESIA JAKARTA COMP

JAPAN NIKKEI 225

MALAYSIA K.L. COMP.

PAKISTAN KSE 100

PHILIPPINES PSEi

SINGAPORE STI

SRI LANKA ALL SHARE

STH. KOREA KOSPI

TAIWAN TAIEX

THAILAND SET INDEX

VIETNAM STOCK INDEX

WESTERN

GERMANY DAX

SWITZERLAND SMI

UK FTSE 100

US D.J. IND

USA NASDAQ

BRAZIL BOVESPA

RUSSIA MICEX 10

3593

899

4,649

2,269

881

22,657

5,905

19,427

4,317

10,395

1,689

16,905

5,812

3,167

5,643

1,997

7,700

1,392

414

7,612

6,822

5,898

13,104

3,020

60,952

3,395

+21

+22

+15

+3

+2

+23

+28

+26

+13

+23

+10

+49

+33

+20

-7

+9

+9

+36

+18

+29

+15

+ 6

+ 7

+16

-12

+6

+21

+22

+ 16

+ 4

+ 3

+ 23

+24

+22

+ 6

+ 6

+14

+38

+42

+27

- 17

+19

+14

+40

+19

+31

+18

+ 10

+ 7

+ 16

- 21

+ 11

+16

+17

+ 12

n/c

- 1

+ 18

+ 19

+ 17

+ 2

+ 2

+10

+32

+37

+22

- 20

+14

+ 9

+35

+14

+26

+13

+ 6

+ 3

+12

-25

+ 7

*Deepak.N.Lalwani, Director-India, Lalcap, UK

The Global Compact released three good practice notes on human rights. The three notes address the following topics:

• Developing Corporate Human Rights Policies and the Role of Legal counsel:

This Good Practice Note aims: (1) to illustrate how transnational corporations' (TNCs) inhouse corporate counsel are perfectly situated to propel their corporations to adopt practices that ensure respect for human rights; and (2) to encourage this positive role by concisely highlighting key lessons learned and good practices in this area.

• Community Engagement and Investment to Advance Human Rights in Supply Chains:

For companies embracing their responsibility to address the

UN Global Compact Good Practice Notes on

Human Rights Releasedfull range of human rights impacted in their supply chains,

including but not limited to labor rights, this Note aims toexplain some of the critical advantages, pitfalls and goodpractices related to engaging with and investing in suppliers' communities.

• Supporting Worker Empowerment· Including Support for Workers' Assertion of their Human

Rights - in the Supply Chain.

This Note is focused on what businesses can do to better support workers in their supply chain, including through supporting workers' assertion of their human rights. This Note explores some of the good practices, advantages and pitfalls related to working with suppliers and other stakeholders, especially trade unions, to support workers in the supply chain, including in assertion of their human rights.

The details can be had at:

http://www.unglobalcompact.org1news/291-12- 19-2012


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Control Noise Pollution

Automobiles account to the highest production of noise. Regular servicing of the vehicles is an effectual measure to lower the intensity of sound produced by them. LUbrication of the machinery and servicing should be done to minimize noise generation.

• Soundproof doors and windows can be installed to block unwanted noise from outside. Preferably, install dualpaned windows

• Use of music systems and television sets with high volumes

can cause noise pollution at home. Instead, using these appliances with the volume kept at a moderate level is a better option.

• Planting bushes and trees in and around sound generating sources is another effective solution for noise pollution. Dense shrubs and trees block sound passage, thus avoiding disturbance to the surrounding areas.

• Effective way to manage noise would be to wear earprotection while working in noisy conditions.

• Do not honk horns in your vehicles unless it is absolutely necessary.

• Teach our kids about goodness of being quiet.


RD23 WORLD CONGRESS Leadership & Quality Of Governance

&Presentation of Golden Peacock Awards

PROGRAMME*

Theme: “The Challenge of Integrating Leadership & Quality of Governance for Sustainability”


Building

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Boards

REGISTRATION

08 – 09 February 2013, Hotel The Lalit Ashok, Bangalore, India

THFRIDAY, 8 FEBRUARY, 2013

PLENARY SESSION - I

Opening Remarks

Chairman's Address

Keynote Address

Guest of Honour

Chief Guest Address

Inaugural Session

Lt Gen J S Ahluwalia, PVSM ( Retd), President, Institute of Directors

Justice M N Venkatachaliah, Chairman, IOD Advisory Council and

former Chief Justice of India

S.D. Shibulal, CEO & MD, Infosys Technologies Ltd

S. V. Ranganath, IAS, Chief Secretary, Govt of Karnataka

H.E. Dr. Hans Raj Bhardwaj, Hon'ble Governor of Karnataka

0830 - 0930 hrs

0930 - 1100 hrs

PLENARY SESSION- II

Chairman

Keynote – I

Keynote – II

Keynote Session

M N Vidyashankar, IAS, Principal Secretary, Dept of Industry of Commerce, Govt of Karnataka

Regenerating Boards for Quality Leadership

Prof Colin Coulson-Thomas, International Authority on Director, Board & Business Development & Transforming Performance, UK

Value of Ethical Business

Paul Palmarozza, Partner, Principled Business, UK

1130 - 1300 hrs

PLENARY SESSION – III Quality of Corporate Leadership 1400 - 1515hrs

Chairman

Panelists

Lt. Gen. N. B. Singh, AVSM, Director General of EME, Ministry of Defence

Dr. T. Ramachandru, IAS, Principal Secretary- Industries & Chairman, IDCOL

A. B. Agrawal, Chairman, Bhakra Beas Management Board

Deepak Amitabh, Chairman & Managing Director, PTC India Ltd.

Prof J. Philip, VC & President, Xavier Institute of Management & Entrepreneurs

Pankaj Phatarphod, MD Royal Bank of Scotland (RBS Business Services)

Sunil Bahri, CEO, Kaizensox & Secretary General – Dubai Quality Group, UAE

,

Tea / Coffee Break 1515 -1545 hrs

Lunch Break 1300 -1400 hrs

Tea / Coffee Break 1100 - 1130 hrs

36

PLENARY SESSION IV Integrated Management System – Key to Sustainability 1545 - 1700 hrs

Chairman

Panelists

Dr S C Khuntia, IAS, Addl Secy & FA, Ministry of Petroleum and Natural Gas

Sunil Kumar Singh, Chief Vigilance Officer, Indian Oil Corporation Ltd

B Venkataram, Secretary General, Quality Council of India

Enrico Ruhle, Managing Director, TUV Rheinland India Pvt. Ltd.

Dr. Kanak Madrecha, Principal Consultant, Dubai

Sanjeeva K. Singh, VP – Business Excellence & Corporate Quality Head,

TATA Housing Development Company Ltd.

PLENARY SESSION V Boardroom Effectiveness 1700 - 1830 hrs

Lt Gen Surinder Nath, PVSM,AVSM,(Retd), former Chairman, UPSC and Vice Chairman, Institute of Directors

Ajit Rangnekar, Dean of the Indian School of Business (ISB)

K L Dhingra, Chairman & Managing Director, ITI Ltd

Kewal Handa, Managing Director, Pfizer Ltd

Hema Ravichandar, Strategic HR Advisor & Independent Director of Marico & Titan Industries Ltd

Chairman

Panelists

PLENARY SESSION VI GOLDEN PEACOCK AWARDS NITE 1900 - 2030 hrs

Welcome Address

Chairman

Chief Guest's Address

Leadership Award & Fellowship Acceptance addresses

Lt Gen J S Ahluwalia, PVSM (retd), President, Institute of Directors, India

Justice M N Venkatachaliah, Chairman, IOD Advisory Council and former Chief Justice of India

Hon'ble Dr M. Veerappa Moily, Union Minister for Petroleum and Natural Gas

Hon'ble Oommen Chandy, Chief Minister of Kerala

(Mrs) Nita Ambani , Chairperson, Reliance Foundation

Dr. R Seetharaman, Group Chief Executive Officer, Doha Bank

Presentation of Golden Peacock National Awards for Quality & Training for the Year 2012

Cocktail & Dinner 2030 hrs onwards

THSATURDAY, 9 FEBRUARY, 2013

PLENARY SESSION – VII

Case Study Presentations

Learning lessons from the BEST in CLASS – Training Excellence - I

1. Maruti Suzuki India Ltd, Gurgaon

2. State Bank of India, Mumbai

3. Tata Motors Ltd, Customer Support, CVBU, Mumbai

4. IBM Global Process Services Pvt Ltd, Gurgaon

5. Hindustan Aeronautics Ltd, Bangalore

6. Bharat Heavy Electricals Ltd, New Delhi

7. ITC Grand Central, Mumbai

8. Coromandel International Ltd, Secunderabad

9. Steel Authority of India Ltd, Bokaro Steel Plant

10. Hindustan Petroleum Corporation Ltd, Mumbai

11. Indian Farmers Fertiliser Cooperative Ltd, Aonla Unit

12. Narora Atomic Power Station, NPCIL

37

PLENARY SESSION VIII 1100 - 1300 hrs


Building a Quality paradigm for business

Case study presentations 1. Madhu Madhavan, Managing Director & CEO, Cubic Computing

2. M. Muthusivan, Vice President & MD, Sanmina-SCI India

3. Oil & Natural Gas Corporation Ltd, Quality Assurance Dept.

4. Reliance Industries Ltd, Nagothane Manufacturing Division

5. Mahindra & Mahindra Ltd, Farm Division, Mumbai

6. Larsen & Toubro Ltd, Power IC, Vadodara

7. GVK Group, Mumbai International Airport Pvt Ltd

8. Aditya Birla Nuvo Ltd, Madura Clothing, Bangalore

9.Metlife Global Operations Support Center, Gurgaon

10.Britannia Industries Ltd, Kolkata

11.Hindalco Industries Ltd, Renukoot

12.Aanjaneya Lifecare Ltd, Raigad

13.Sandhar Automotives Ltd, Gurgaon

14. Ludhiana Beverages Pvt Ltd

1100 - 1300 hrs

Lunch Break 1300 - 1345 hrs

Plenary Session – IX

Panelists

Rejuvenating economy through Sustainability

Dr Ganesh Natarajan, Vice Chairman & CEO, Zensar Technologies Ltd.

Prof. Mouloud Madoun, Visiting Professor, HRM & TQM, Indian Institute of Management, Tiruchirappalli

S Ramasundaram, IAS (retd.), MD & CEO, Nagarjuna Oil Corporation Ltd.

Namita Vikas, President & Chief Sustainability Officer at YES Bank Ltd

1345 - 1500 hrs

Plenary Session – XI


Learning lessons from the BEST in CLASS – Training Excellence- II 1515 - 1700 hrs

Case study presentations 1.Indian Oil Corporation Ltd, Bongaigaon Refinery

2.Reliance Industries Ltd, Patalganga Manufacturing Division

3.Ambuja Cements Ltd, Solan

4.Oil & Natural Gas Corporation Ltd, IPSHEM, Goa

5.Rosa Power Supply Co Ltd, Shahjahanpur

6.Ericsson India Pvt Ltd, Gurgaon

7.Mahindra Institute of Quality, Nashik

8.Union Bank Staff College of India, Mumbai

1 EME Centre, Indian Army, Secunderabad

Plenary Session – XII

Chairman's Address

Chief Guest's Address

Closing Remarks

Valedictory Session.

Brief Summary of Convention & Recommendations

Justice M N Venkatachaliah, Chairman, IOD Advisory Council and former

Chief Justice of India

Prof K. V. Thomas, Hon'ble Minister of State (IC), for Consumer Affairs,

Food & Public Distribution

Presentation of Golden Peacock Awards for Innovative Product/ Service

Lt Gen J S Ahluwalia, PVSM (retd), President, Institute of Directors

1700 - 1800 hrs

*Programme Is Tentative Subject to Change

38

Guidelines and Application forms can be downloaded fromwww.goldenpeacockawards.com

WHY IT IS SO SPECIAL?

• The only award, which has a meticulously defined and transparent selection criteria and is determined by a highly elaborate and independent assessment process

• The award builds your BRAND EQUITY and worldwide recognition

• Award winners are eligible to use the Golden Peacock Awards LOGO on all promotional literatures

• Preparation for award application helps to inspire and align the entire workforce and rapidly accelerates the PACE OF SYSTEMIMPROVEMENT

• Even, if you don’t win the award, the PREPARATION & FEEDBACK helps yourstrategic learning process to put you, on your way to achieving world-class status

LAST DATE FOR Submission of Applications10th March 2013

Details:

Golden Peacock Awards SecretariatInstitute of DirectorsM-52 (Market), Greater Kailash Part - II, New Delhi-110048, IndiaTel: 011 - 41636717, 41636294, 41008704Email: [email protected] • www.goldenpeacockawards.com


Building

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Instituted by

National Award • Golden Peacock Business Excellence Award (GPBEA)

Global Award • Golden Peacock Global Business Excellence Awards (GPGBEA)

Golden Peacock Awards®

A Strategic tool to Lead the Competition

Newly Launched

BUSINESSBUSINESS

AWARDSAWARDSxcellence xcellence

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INSTITUTE OF DIRECTORS : M-52 (Market) Greater Kailash Part-II, New Delhi - 110048, India Tel. +91-11- 41636294, 41636717 • Fax: +91-11-41008705 • Email: [email protected] • Web: www.iodonline.com

HON. DR. VEERAPPA MOILYMinister of Petroleum

& Natural Gas

M. DR. HANS RAJ BHARDWAJGovernor of Karnataka& Governor of Kerala

PROF K.V. THOMAS, Union Minister of State for Food and Consumer Affairs.

JUSTICE M.N. VENKATACHALIAHChairman, IOD Advisory Council& former Chief Justice of India

R. SEETHARAMAN, Group CEO, Doha Bank, Qatar

PROF COLIN COULSON-THOMASBoard& Business Development

& TransformingPerformance, UK.

Theme: “ The Challenge of Integrating Leadership & Quality of Governance for SustainabilityHotel The Lalit Ashok, Bengaluru, India • Event Date: 8th -9th, February 2013

23rd

W RLD NGRESSOC

In Association with

Also Presentation of

GOLDEN

PEACOCKA W A R D S

• Two and a half days of information packed sessions

• Business Case Study Presentations by the Top Companies.

• Top Technical Speakers Loaded with Professional Experience

• Business Investors Meet.

• Network With Leaders and Experts From Business,Government and Civil Society

• Golden Peacock Gala Awards Nite.

CONFERENCE HIGHLIGHTS


Building

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Organised By

GALAXY OF SPEAKERSGALAXY OF SPEAKERS

IBM • Dell • Samsung • Reliance • Hindustan UnileverConvergys • Serco • Ericsson • Mahindra & MahindraICICI Bank • Yes Bank • RBS • ITC • HDFC LifeTOI • Ranbaxy • Infosys • Vodafone India • Comviva Tata Motors • Maruti Suzuki • SBI • UBI • ONGCHPCL • IOCL • BHEL • PTC • Britannia • KSRTCAditya Birla Group • L&T • TATA Housing etc.

Participating Organisations Include

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Postal Registration No.: DL (S)-01/3051/2013-2015RNI No. 68701/95

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NITA M AMBANI Chairperson, Reliance Foundation

Printed and published by J.S.Ahluwalia, President on behalf of Institute of Directors at Maximus Packers.49 - DSIDC Okhla Phase - 1, New Delhi and published at M-52 (Market), Greater Kailash-II, New Delhi - 110048 ®

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SV. RANGANATH, IAS Chief Secretary

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