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May 01, 2023
His Excellency Abdullah Al Saleh, Undersecretary, Ministry of Economy UAE; His Excellency Dr. Aman Puri, IFA, Consul General of India, Dubai; Lt. Gen. Surinder Nath, AVSM PVSM (Retd.), President, Institute of Directors, India; Mr. Eugene Mayne, Founder & Group Chief Executive Officer, Tristar Group, UAE; distinguished leaders from business and industry; bureaucrats; entrepreneurs, and all other honorable dignitaries and media present here, a very warm good evening to all of you.
It is a day that has exceeded my expectations here at the IOD Global Convention. I am delighted to witness a lot of potential talks, insightful interactions, which I believe will pave a way for disruptive business models and supercharge the global economy. I am happy to be part of such a gathering of companies and best minds which has endless potential to elevate business, economy, society and culture through the power of innovation. It is a pleasure for me to join hands for collective efforts towards creating future ready businesses, to curate transformational strategies for excellence in business, and moreover move for a better roadmap for a new era of economic, political and social growth.
Corporate governance as we know is an integral part of maintaining the valuable engagement with the stakeholders. Being a family entrusted business entity, we take dedicated strides in ownership and management. While the promoter's holding remains on the high side, the company functions professionally. This is the fourth generation of business legacy and we have a talent pool available within the family - our younger generation who are venturing into various segments of our diversified operations. We are proactively involving and valuing the opinions of our Independent Directors who are well experienced in their respective sectors. Over the years, they have played important roles in overall strategic decisions of the company.
Going further into corporate governance, Environmental, Social, and Governance (ESG) will continue to drive the corporate governance dialogue. Boards need to anticipate more scrutiny from the stakeholders. At the Muthoot Group, we are adopting more measures to act on our ESG goals and embedding it across our business operations. We need to acknowledge the need for sustainable innovations that will minimise the environmental impact. On these lines, we have given more prominence to the environment sector in our CSR activities for the ongoing and upcoming financial years. In order to ensure the rapport with the society and moreover address the needs of the community in a more effective manner, we are taking along our customers in recommending our CSR activities. Our large branch network helps us carry out this exercise seamlessly across India. This gives our customers a sense of association with the brand as well.
The need for corporate governance is the need of the world. It is rooted in the fundamental principles of business. Everything else is changing in this world and there is no substitute for the fundamental values of the business.
The traditionally warm relationship between India and Dubai built on mutual trust, respect, civilizational bonds and cultural bondage has grown stronger over the years. Even now, Dubai has been instrumental in the economic growth of India and vice versa. As an enterprise that has its roots in the state of Kerala, we further understand and acknowledge the bilateral relationship that India has with Dubai. The foreign funds from UAE have been a significant element in shaping the economy of the country. It has been critical in empowering financial inclusion as well. We are further enhancing our network and overseas presence to Dubai as well in the forthcoming years. The Indian diaspora has been significant and we can't ignore their potential and necessities for having been one of the major supporting systems for the Indian economy.
The need for corporate governance is the need of the world. It is rooted in the fundamental principles of business. Everything else is changing in this world and there is no substitute for the fundamental values of the business. We in our organisation practice our motto as 'Unchanging Values in Changing Times'.
Wishing everyone all the best in their future endeavors.
Thank you.
*Excerpts from the 'Special Remarks' delivered by Mr. George Jacob Muthoot, Chairman, The Muthoot Group, India at the Global Business Meet of (Tristar) Dubai Global Convention 2023, held from March 14 – 17, 2023, in Dubai.
Owned by: Institute of Directors, India
Disclaimer: The opinions expressed in the articles/ stories are the personal opinions of the author. IOD/ Editor is not responsible for the accuracy, completeness, suitability, or validity of any information in those articles. The information, facts or opinions expressed in the articles/ speeches do not reflect the views of IOD/ Editor and IOD/ Editor does not assume any responsibility or liability for the same.
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Institute of Directors (IOD) is an apex national association of Corporate Directors under the India's 'Societies Registration Act XXI of 1860'. Currently it is associated with over 30,000 senior executives from Govt, PSU and Private organizations of India and abroad.
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