Corporate India should look at sustainable development issues relevant to different regions in the country and avoid a ‘one size fits all’ approach, said PP Chaudhary, Minister of State for Law and Justice and Corporate Affairs.

Addressing FICCI’s ‘India Sustainability Conclave 2018’ in the Capital, Chaudhary said that good corporate governance was not just a means of enhancing long-term value for companies but also to provide lasting benefits to consumers and other stakeholders.

Corporates, therefore, need to look beyond the four walls of their companies and strive to match the drive to become responsible and accountable entities with the benevolent impact of their actions on the environment and society, he said.

CSR boost

Chaudhary said that the role of corporates in CSR and delivery of Sustainable Development Goals was important as the amount spent by them on CSR activity was much higher than government spending on development.

This is borne out by CSR data captured in the National CSR portal which disseminates CSR-related data and information filed by the companies registered with it.

On the occasion, the Minister launched a FICCI compilation titled ‘Corporates for Change’.

Ashok Chawla, Chairman, National Stock Exchange and former Finance Secretary, underscored the need for a full-time Chief Sustainability Officer who could push the sustainability agenda of a company. He said that the global corporate community had realised that resources were finite and they needed to be used efficiently.

Chawla also said that delivery mechanism and implementation needed to be strengthened, otherwise valuable resources would be lost.

While acknowledging that multilateral and bilateral funds had dried up as they were being diverted to countries like Africa, Chawla said there were funds available which focused on green issues and those could be tapped by the Indian corporates.