I HAPPENED to attend an even organized by ASSOCHAM - the third Corporate Social Responsibilty (CSR) Summit. At the event, the Chief Guest Mr Veerappa Moily, Minister for Corporate Affairs reiterated that the government was not in favor of imposing its views on the corporate sector. He said “We will encourage a voluntary approach on CSR initiatives of private sector. We will act as facilitators for companies to adopt social, environmental and economic responsibilities.”
Goods and services that are safe and contribute to sustainability: All stages of the product life cycle, right from design to final disposal of the goods and services after use, have an impact on society and the environment.
Well being of employees: Well being of all categories of employees engaged in activities contributing to businesses, within or outside of its boundaries and covers work performed by individuals, including sub-contracted and home based work.
Responsive towards stakeholders: While appreciating that all stakeholders are not equally influential or aware, the principle encourages businesses to proactively engage with and respond to those that are disadvantaged, vulnerable and marginalized.
Respect and promote human rights: The principle recognizes that human rights are the codification and agreement of what it means to treat others with dignity and respect. This holistic and widely agreed nature of human rights offers a practical and legitimate framework for business leaders seeking to manage risks, seize business opportunities and compete in a responsible fashion.
Environment: The principle encourages businesses to understand and be accountable for direct and indirect environmental impacts of their operations, products and services and strive to make them more beneficial.
Influence public and regulatory policy in a responsible manner: Businesses operate within the specified legislative and policy frameworks prescribed by the government, which guide their growth and also provide for certain desirable restrictions and boundaries. The principle emphasizes that policy advocacy must expand public good rather than diminish it or make it available to a select few.
Inclusive growth and equitable development: Reiterates that business prosperity and inclusive growth and equitable development are interdependent.
Provide value to customers and consumers: Recognizes that customers have the freedom of choice in the selection and use of goods and services, and enterprises would strive to make available goods that are safe, competitively priced, easy to use and safe to dispose of, for the benefit of customers.
Responsible entrepreneurship can also contribute to creating a more positive image of entrepreneurs in society and encourage more young people to choose self-employment as an attractive career option. Hope budding entrepreneurs include “Be a responsible entrepreneur” motto in their business strategy.