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Jan 04, 2024
I am thankful to the Institute of Directors for having been invited th to this 18th International Conference on Corporate Social Responsibility (CSR) and Presentation of the Golden Peacock Awards. As I said in the morning, the theme of the Conference 'CSR and Exploring Evolution of ESG in the New World Economy' is a significant one and I congratulate the Institute of Directors once again for selecting this theme.
The concept of CSR in today's business ecosystem has evolved as the single most important aspect of corporate and organisational identity. Organisations today are not weighed by their balance sheets but rather their ability and conviction to bring about a positive change in the society. Gone are the days when CSR was viewed as a matter of compliance or legal obligation. With the growing focus on ESG and Sustainability, CSR today, has manifested itself into the engine for organisational growth and its ability to sustain itself in the longer dimension.
lot of credit for this transformation goes to the Institute of Directors, which being the apex association of corporate directors, has been one of the most vocal organisations in enabling policy initiatives that backed the inception and growth of CSR. I have gathered that the Institute of Directors (IOD) has always been at the forefront of advocating and conceiving insightful boardroom strategy and continues to play a major role in providing the industry with trained and quality professionals to add incremental value to the whole decision-making process. This work of IOD has been critical in churning out agile and future-ready boardrooms for industries that are looking to usher in a new era of growth.
Keeping aside the legal provisions and mandates that have made CSR integral to the life cycles of businesses, what amazes me is the fact that there is an increased realization amongst the larger business community towards sustainability and community services. I must congratulate IOD for bringing CSR to the mainstream of boardroom discussion from the fringes of neglect a few years back and enabling this change.
An important aspect of doing business today is the emergence of environmental and social responsibility that is attached to it. To ensure that the corporate sector in India operates in a socially responsible and ethical manner, several steps need to be taken. These include, strengthening of the legal framework, enhancing transparency, encouraging stakeholder activism, promoting ESG, and so on. Corporate entities today need to strike a balance between the economic and social aspects of business processes. While resources are all that drive business, what should be the focal point is the accountability and transparency with regard to the natural resources.
Industries and professionals like you are the torchbearers for our economic abundance and prosperity, and hence, I would like to urge that the larger business community leave no stone unturned in coming up with innovative ideas and solutions to make good use of CSR and various similar opportunities.
I have gathered that the Institute of Directors (IOD) has always been at the forefront of advocating and conceiving insightful boardroom strategy and continues to play a major role in providing the industry with trained and quality professionals to add incremental value to the whole decision-making process.
The presentation of the Golden Peacock Awards in the backdrop of this conference on corporate social responsibility gives me immense pleasure, especially since the awards are presented in various categories to recognize the excellent work in the field of CSR. It is well known that the objective behind the Golden Peacock Awards is to create a healthy competition for raising overall quality and standards and to recognise the achievements of the best-performing organisations.
I am happy to note that the famed Golden Peacock Awards, instituted by the IOD, have become a benchmark of corporate excellence globally today, attracting more than 1000 applications in 15 different corporate functional verticals annually. This truly adds to India's global standing. These awards, which were instituted 33 years ago, have had a major impact on shaping industry trends and deciphering approaches to corporate governance.
It's indeed commendable to learn that the transparent jury setup led by Hon'ble Shri Justice M. N. Venkatachaliah, former Chief Justice of India, has adopted a very meticulous and qualitative selection criteria that defines the elaborate and independent multi-level assessment process.
I am pleased to know that these awards are not only about mere recognition, but the IOD has ensured that the great work and ideas of the winners are shared with esteemed participants of this conference in order to facilitate the process of mutual learning and enable the ecosystem to grow and continue with their marvelous work.
I take this opportunity to congratulate all the winners of the Golden Peacock Awards for CSR, including the past winners, at national and global levels.
I am sure today's sessions on various topics on the agenda were inspiring and path-breaking. I have no doubt that the sessions tomorrow will also be on the same lines and would benefit everyone in terms of better compliance with CSR and ESG practices at national and global levels. I wish this conference a grand success and good luck to the Institute of Directors in achieving its goals.
Thank you.
*Excerpts from the ‘Chief Guest Address' delivered by Hon'ble Justice Devendra Kumar Upadhyaya, Chief Justice, High Court of Bombay at the 'Golden Peacock Awards Nite' of the 18th International Conference on Corporate Social Responsibility, held on December 21, 2023 in Hotel Taj Lands End.
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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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