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Aug 05, 2024
Embracing Proactive Leadership and Sustainable Governance
As India examines the Budget 2024-25 presented in Parliament, we remain hopeful for sustained economic growth, sustainability, and inclusive prosperity guided by the government's vision. The emphasis on small businesses this year highlights a commitment to inclusivity, resonating with the goals of 'Viksit Bharat' and the 'Make in India' programme, and fostering job opportunities for the youth.
In alignment with these goals, the Institute of Directors has organised the Annual Directors' Conclave 2024 on the theme “Emerging Trends in Building Inclusive Boards” on August 09, 2024, in New Delhi. Experts from across the globe will gather and deliberate on the most crucial issues facing businesses today, and lead discussions on current trends in corporate governance, highlighting the commitment of business leaders to staying informed. This dedication to staying engaged is a testament to the proactive leadership evident in the private sector's role in building a global economy.
The Indian economy has grown from being the 10 largest th 10 years ago to the 5 largest currently. For the third consecutive year, India has maintained its position as the fastest-growing major economy, standing out as a bright spot amidst global challenges such as strong recessionary impulses, multi-decade high inflation, record levels of public debt, and the squeezing of real household incomes.
As the private sector drives economic growth, it is widely acknowledged that climate change and environmental hazards are real, making net zero the most significant challenge for business. The top 10% of global carbon emitters are responsible for nearly half of all emissions, while the top 1% produce more emissions than the entire bottom half of the world's population combined. From rising global temperatures and severe weather events to the depletion of natural resources and the loss of biodiversity, the impacts of climate change are far reaching and multifaceted, also posing significant risks to economic stability.
To navigate these challenges, a transformation in corporate governance is essential. Boards must embrace diversity and inclusivity to ensure that all aspects, including global geopolitics, technology, shareholder behaviour, and regional characteristics, are thoroughly and appropriately considered in their decisions.
In this light, IOD recently concluded a webinar on the theme "Staying Vigilant: Due Diligence of Independent Directors." The overwhelming response received from our membership community and global network was echoed at the IOD International Conference in Bengaluru, which focused on the theme "Board's Agenda for Addressing Climate Change and Environmental Risks.”
Such proactive participation is indicative of the integrity and excellence of business leaders today, who are instrumental in steering companies toward sustained success.
Vice President - Institute of Directors
He is former Advisor FAO & former Chairman, Institution of Engineers, Delhi. He is a Mechanical Engineer & has been involved with Environment & Energy Policy (planning & implementation) of energy projects under the UN Agencies for over three decades in India & other Asian and Pacific countries. He is Vice-President, World Environment Foundation & Institute of Directors, India.
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About Author
Vice President - Institute of Directors
He is former Advisor FAO & former Chairman, Institution of Engineers, Delhi. He is a Mechanical Engineer & has been involved with Environment & Energy Policy (planning & implementation) of energy projects under the UN Agencies for over three decades in India & other Asian and Pacific countries. He is Vice-President, World Environment Foundation & Institute of Directors, India.
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