IMI New Delhi and IMI Bhubaneswar jointly organized a three-day Management Development Program “Building Corporate Strategy for Effective CSR” during 28-30 June 2017 at the IMI New Delhi campus. In view of the emerging importance of the subject, particularly after the legal mandate extended by the Indian Parliament to corporate social responsibility activities of Indian Companies by introducing the provision in Sec-135 of Indian Companies Act 2013, this MDP generated a great deal of response. 24 senior corporate executives from eleven top companies of India participated in the event from across the country.
The program was driven by the research findings that CSR and ethical business are emerging as the cornerstones of corporate strategy, as corporations can no longer act as profitable economic entities operating in isolation from broader society. Responsible business needs to promote sustainable development that meets the needs of the present without compromising the ability of future generations to meet their own needs. The key areas of concern are protection of environment, safeguarding interests of the employees, customers and investors and reaching benefits to the local community and the larger society.
It is true that profit of a corporate enterprise is vital for its growth. However, profit alone cannot guarantee long term corporate sustainability. The non-financial social objectives are emerging with significant implications for society and environment and are becoming increasingly meaningful for future of business organizations. There is growing acceptance that it is not enough to just comply with the provisions of law and economics, but to go beyond compliance and invest more on human capital, environment and society. The concepts of social responsibility and sustainable development are accepted as major issues of corporate strategy.
In this background, this program analyzed and proposed a strategy with action plan for better implementation of CSR in corporate enterprises in order to unleash their vast potential for social action. In addition to eminent faculty members of IMI, resource persons from public sector, academia and other organizations interacted with the participants during various sessions. The MDP was very well received by the participating companies.
Prof. Arun K. Rath (IMI Bhubaneswar & IMI New Delhi) and Prof. Shailendra Nigam (IMI New Delhi) jointly organized this successful MDP event as Program Directors.