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Doing Well by Doing Good
The Power of Purpose Driven Business
In India we have gone far In promoting good CSR. But whenever Donald Trump spoke He denounced what he called Woke. Now businesses slowly realise That profit is a short-term prize. After all what do businesses gain If they die out and don't sustain? But how much can they afford to spend To ensure their existence doesn't end? That answer's not easy to find But a thought still comes to my mind. If the efforts of all are combined The synergies that we can find. Reduces costs and raises gain And obviates inevitable pain. There's a capitalistic strain That enthrones shareholder gain. And Milton Friedman could see That this simplistic philosophy. Could lead to great efficiency But wherever there's externality. This capitalism, red in tooth and claw Can prove to be a dismal flaw.
Correction can come from regulation Or even from self-remediation. And Adam Smith himself foresaw That business could address this flaw. It should be clearly understood One can do well by doing good. Doing it smartly we do better So why not be the trend setter! And here I think that we all ought to Pay careful heed to Michael Porter. With Shared Value there's no cost For doing good as nothing's lost. All it takes is a thinking brain To remove a societal pain And combine it with a business gain To create a sustainable chain Of endless mutual benefit. This concept is a tremendous hit. We thought that we should also try And see if we could apply This philosophy to our group Our employees also joined the loop. In the year 2010 Studies were commissioned and then
Now businesses slowly realise, that profit is a short-term prize. After all what do businesses gain, If they die out and don't sustain?
With the help of Dasra and FSG Our new program, one could see. We aptly named it Good and Green And what a journey it has been! It is no longer Climate Change Within a tolerable range. A crisis is what it's about With fires, floods as well as drought. Every week a constant blast Far worse than seen in the past. If we must, we will adapt Prevention though would be more apt. There is a cost to adaptation It's rising fast in every nation. As well as for the world at large This will be a heavy charge. In fact, we should all conclude Prevention would be really shrewd. In practice it would cost much less And avoid a lot of stress. All industry should play a role In the carbon neutral goal. GHG emissions should be reduced More green energy should be produced. And so, without partiality Our goal for all's neutrality. Whether water, carbon or solid waste And very soon we will make haste To make our net emissions zero. Will that make the group a hero? In 2010 the goal looked tall But we took a reasoned call Technology would save the day. So far it has turned out that way. To achieve these goals, we will strive To do it all by 2035. As technology takes a leap Green energy gets very cheap. Keen observers quickly saw That Solar also tracks Moore's law. Whether groundnut shell or bagasse Our India's full of biomass. At first, we thought we'd have to spend But that's not true, for in the end, The more we thought and the more we slaved We did invest but we also saved. There are many paths that we can see
For achieving Carbon neutrality. But the cheapest way is certainly Through energy efficiency. Real interest rates are rather low And high returns quickly flow From any energy saving device For business this is very nice. Not only are returns quite brisk, There's also very little risk. The vision that we should now share Is a brave new world both green & fair. The environment isn't all. On society let's take a call. Throughout the chain let's keep in sight Every person's human right. It's business as usual, not bravery To end child labour and slavery. And in all businesses, we should see The broadest reach of diversity. Not only is it fair and right. It would give us the best insight. Since life is full of many hard knocks We need to think out of the box. Diversity's the perfect aid When we are required to wade Through troubled waters or quagmires. Unusual thought is what inspires! We often think that charity Can address disparity. But tackling health and education Are better means for alleviation. Through action and advocacy We can help all humanity To create a world that's just and fair And everyone is free to share Nature's bounty and be fulfilled And then I'm sure we'd all be thrilled. Our people also volunteer, Together all of us can steer A world in which there's harmony Between business and society A mutual reinforcing loop Benefitting every group. And once again our CSR Can serve to take us very far. The projects that are the biggest hits Provide us all with benefits. Ingeniously we can plan it Serve profit, people and planet! Sustainability is not a pain.
For after all it is a gain. It helps us all to survive, Last long as well as to thrive. It's a license to operate. The ecosystem finds it's great. Society, Governments, Banks Cooperate, convey their thanks. Together with both heart and brain Sustainably let's sustain! With ESG spends nothing's lost As benefits outweigh the cost! And Governance also pays. It's an effort in the early days But over time you are rewarded Implicit trust is then awarded. The values for which you stand Help to enhance your brand. You must persist and never balk Consistently walk the talk. If your Governance is strong The payback won't be very long. Always keep these facts in sight Don't hesitate to do what's right. This strategy is tried and tested In the long haul it can't be bested. Now ESG will take you far Don't just be a shooting star. Rising high before you fall Instead take the enduring call. All of us can forge ahead If we only learn to shed The barriers that can divide. And if cooperation's tried, With the help of business, I foresee A helpful, thriving society.
I would like to thank IOD For conferring this Fellowship on me!
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Nadir B. Godrej
Chairperson, Godrej Industries Group
Chairperson & MD Godrej Industries
& Chairman, Godrej Agrovet Ltd.
Owned by: Institute of Directors, India
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.
