Csr & competitiveness june 2014 by CSR & COMPETITVENESS

Year 01

Issue 12

June 2014

India Inc Likely to Spend Rs 22,000 Cr on CSR: E&Y Restructuring CSR It is about Creating Socio-Economic Value India Became Home to 1.56 Lakh Millionaires: Report CSR of TATA Steel Care for the Community- Sparsh

Dr. Kurian John Melamparambil Founder, Chairman & Managing Director Melam Group of Companies

EDITORIAL

CSR â&#x20AC;&#x201C; Transforming Lives, Transforming Country The incorporation of CSR quotient in the recruitment process will go a long way in hiring round shaped professionals optimally focused at delivering excellence in their respective domain areas and CSR as well.

RUSEN KUMAR Director & Editor rusenk@indiacsr.in

The CSR initiatives in India are geared towards transforming the lives of people through focused efforts in various areas including health, education and allied areas to transform the country. The changing times and trends have compelled the corporate entities to evolve as dynamic forces to monitor, regulate and focus on their CSR activities on an ongoing basis. The organisations have to focus on integrating the overall efforts of the various individuals and teams to deliver the best contributions to the domain area of CSR. The organisations are expected to be focused at using traditional as well as technology driven mechanism to share the business best practices and collaboration platforms so as to maximise the efforts of the various individuals and teams. The recruiters may also consider incorporating the CSR dimension in their recruitment efforts at senior level wherein they will be able to evaluate the overall contribution of the individual to the CSR activities over and above his contributions to the organisational goals and objectives. This will help the HR professionals in hiring the right breed of professional talent who are optimally focused at their own domain area as well as CSR which can help the organization in complying to the current CSR stipulations as amended from time to time. The recruiters may start allocating a focused level of weightage factor in their recruitment process over and above other important dimensions like intellectual Quotient, Emotional Quotient, Values Quotient, Innovation Quotient, Scholar Quotient, Social Quotient followed by CSR Quotient. The incorporation of CSR quotient in the recruitment process will go a long way in hiring round shaped professionals optimally focused at delivering excellence in their respective domain areas and CSR as well. This will go a long way in achieving the CSR vision, mission and objectives of the organization as well as in accomplishing the mission of transforming human lives to transform the country. The holistic recruitment and selection strategy with optimal focus on various dimensions would go a long way in strengthening the people power of the organization. This will gear up the mission to transform people, process and technology to transform the CSR landscape and ultimately contribute transform in transforming the country. The journey to achieve excellence in respective domain areas starts with the process of imbibing trust and empowering the people at different levels of the organization to ignite the passion of the employees to transform the lives of people by CSR activities to transform the country.

CSR & COMPETITIVENESS, JUNE 2014

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TEAM

INDEX

Mentors

CONTENTS

Page No.

Santosh Goenka SK Patra Sunil Ramdas Agrawal

Advertisement: Get Recognized Your Innovative CSR Projects

Editorial

Editorial Board

Advertisement: ICSM Launches MBA in CSR

Rusen Kumar | Editor rusenk@indiacsr.in

Index/Team

Govt Provides Clarity on CSR Activities under Companies Act

Dr Rana Singh | Executive Editor ranasingh@indiacsr.in

Hindustan Zinc to Spend Rs 8.6 Crore to Build 30,000 Toilets in Rural Rajasthan

Rajeev R Mishra | Consulting Editor

India Inc Likely to Spend Rs 22,000 Cr on CSR: E&Y

Anil Jaggi | Executive Editor anil@indiacsr.in

Gati Signs MoU with Uttarakhand Govt to Construct a Community Centre

Dr (Prof.) Saurabh Mittal | Sub-Editor, New Delhi saurabh@indiacsr.in

IIM Trichy Opens Centre for Corporate Governance

Infosys Publishes Sustainability Report as per GRI (G4) Guidelines

ICICI Foundation Signs MoUs for ICICI Academy for Skills Development

IIM-A Raises Rs 16 crore Through Alumni, Corporate

Dr. Kurian John Melamparambil, Man Who Ventured into Business to Help the Sick and Needy People

9-11

Triambak Sharma (Renowned Cartoonist) | Editor-Cartoon D.D. Mishra (Disability & Development Consultant) | Associate Editor dd@indiacsr.in B. Narayan | Layout Designer

Advisory Board Jatinder Singh | Secretary- Innovation, CSR, Education & Skill Development Committee PHD Chamber of Commerce and Industry

Restructuring CSR, It is about Creating Socio-Economic Value By vishal bhardwaj 12-13 Article By Biren Ramesh Bhuta: CSR of TATA Steel

14-16

Care for the Community- Sparsh Article By Santanu Mishra: Perfecting RTE Act Can Wait, Education Cannot

Seminar on Understanding New CSR Legislation With Dr. Bhaskar Chatterjee

18-19

Asia-Pacific Narrows, North America’s Lead in High Net Worth Population HNWP Grows by 15% in 2013

Anil Taneja | Resident Director | Uttarakhand PHD Chamber of Commerce and Industry

India Became Home to 1.56 Lakh Millionaires: Report

Dr. Hishmi Jamil Husain | Environment Superintendent | Rio Tinto, India

Institute of Corporate Sustainability Management Opportunities and Career Under CSR

Dr Sanjay Kumar Singh | Associate Prof. & HOD-Humanities | OP Jindal Institute of Technology

Some Thoughts in Indian Context, Independent Director

22-27

Article By Nesar Ahmad, Gender Diversity- A Corporate Performance Driver

28-31

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NEWS

Govt Provides Clarity on CSR Activities under Companies Act Clarifying about the time period of three years for calculating CSR spend, the ministry has said “any of the three preceding financial years” would be taken into account for the purpose. NEW DELHI: Providing more clarity on social welfare spending norms for corporates, the government has said that ‘one off events’ such as marathons and sponsorships of television programmes would not considered towards CSR expense. Under the new Companies Act, certain class of profitable entities are required to shell out at least two per cent of their threeyear annual average net profit towards Corporate Social Responsibility (CSR) activities. Asking stakeholders to ‘liberally’ interpret the provisions in Schedule VII (Companies Act) — that relates to CSR works — the government has said that CSR activities should be undertaken only in

‘project/programme’ mode. “One-off events such as marathons/ awards/ charitable contribution/ advertisement/sponsorships of TV programmes etc would not be qualified as part of CSR expenditure,” the corporate affairs ministry has said. According to the ministry, salaries paid by the companies to regular CSR staff as well as to volunteers (in proportion to the company's time/hours spent specifically on CSR) can be factored in as CSR expenditure. Clarifying about the time period of three years for calculating CSR spend, the ministry has said “any of the three preceding financial years” would be taken into account for the purpose. “Expenditure incurred by foreign holding company for CSR activities in India will qualify as CSR spend of the Indian subsidiary if, the CSR expenditures are routed through Indian subsidiaries and if the Indian subsidiary is required to do so as per section 135 of the act,” the ministry said in a circular.

Meanwhile, expenses incurred by companies for the fulfilment of any act/statute of regulations would not be counted as CSR expenditure. Contribution to corpus of a trust or society, among others, that are set up exclusively for CSR activities would come under the social welfare spending ambit. The ministry has also prepared an illustrative list of activities that can be classified as CSR work. Among them, ‘renewable energy projects’ would be considered as a CSR activity provided that it is not part of the particular company's business. As per the circular, the entries in Schedule VII must be interpreted liberally so as to capture the essence of the subjects enumerated. CSR rules are applicable to companies having at least Rs 5 crore net profit, or Rs 1,000 crore turnover or Rs 500 crore net worth. In case these entities are unable to spend the required amount, reasons for the same have to be given to the ministry.

Hindustan Zinc to Spend Rs 8.6 Crore to Build 30,000 Toilets in Rural Rajasthan 80 villages in Rajasthan to become 'Open Defecation Free' UDAIPUR: Hindustan Zinc, a Sesa Sterlite company in Zinc-Lead-Silver business has signed MoU with the State Government of Rajasthan to build 30,000 rural toilets for BPL families under the ‘Nirmal Bharat Abhiyan’. The construction of these toilets will be completed in 3 years. This initiative will make 80 rural and tribal villages in Rajasthan ‘Open Defecation Free’. The company has started the construction of these toilets in Bhilwara, Chittorgarh and Udaipur districts of Rajasthan and so far the construction of 8,000 toilets has been completed. The company is constructing 2 ‘Leach Pits’ below each toilet to facilitate disposal of waste. Only one ‘Leach Pit’ will be used at a time. Each ‘Leach Pit’ is estimated to be

full in about 5 year. As the first ‘Leach Pit’ is full the second ‘Leach Pit’ will be opened. Within 5 years the waste in the first ‘Leach Pit’ will be converted into manure to be utilized by the farmer for agriculture purpose. These newly constructed toilets will also minimize the risk of contamination of drinking water sources thus reducing the health related problems in rural India. Under the Nirmal Bharat Abhiyan, cost of construction of each toilet is Rs 8,500, where Rs 4,600 per toilet is being paid by government, Rs 3,000 by Hindustan Zinc and Rs 900 by the beneficiary. Lack of Toilets facilities in rural areas for females has always been a matter of concern, especially during the late hours. Toilet in each house-hold provides comfort, convenience with a sense of security and dignity to each member of the house, particularly the female members. The project is also

expected to improve good hygiene practices and create awareness towards health & sanitation. “This project of constructing toilets has been undertaken by Hindustan Zinc with an objective to provide clean and hygienic house-hold toilets to the BPL families and discourage and eventually eliminate open defecation practices in the villages. Hindustan Zinc would be spending about Rs. 8.6 crore towards construction of these 30,000 toilets” informed Pavan Kaushik, Head of Corporate Communication. According to UNICEF report, today only 48% of rural Indian population has access to good toilet and sanitation facilities. When more than 50% of Indian population defecates in open it leads to improper disposal of the waste, sanitation issues and cause of many harmful diseases. With Rajasthan in particular, 60% of population defecates in open.

CSR & COMPETITIVENESS, JUNE 2014

NEWS

India Inc Likely to Spend Rs 22,000 Cr on CSR: E&Y MUMBAI: India Inc will be investing around Rs 22,000 crore towards corporate social responsibility (CSR) activities once the provisions of the recently amended Companies Act making it mandatory for such allocations get implemented, according to consultancy firm Ernst & Young. “Given the mandate it is estimated that nearly 16,500 companies will invest Rs 22,000 crore towards CSR,” Vijay Ganapathy from EY India's advisory services said speaking at a seminar on CSR. He said as per the provisions of the new Companies Act, any company having a turnover of more than Rs 1,000 crore or a networth of over Rs 500 crore or a net profit of over Rs 5 crore, has to spend 2% of their annual net profit on CSR activities.

A statement from the All-India Association of Industries (AIAI), the organisers of the seminar, quoted Ganapathy as saying such a move will be extremely beneficial for the economy as it will help ensure inclusive growth. It can be noted that the provision to make such spending mandatory for for-profit companies had run into big controversy at the drafting stage. It however, ultimately got pushed by the previous government which had launched a slew of such initiatives. Tata Housing Development Company’s head of corporate sustainablity Ajit Pattnaik explained that the broad categories of interventions for the companies include education, special education, healthcare, preventive healthcare, water, sanitation, training in sports, art, culture, rural development

projects, among others. He added that the Schedule 7, which lays down such contours of activities, is not restrictive towards geographical boundaries of beneficiaries. Law firm Nishith Desai Associates’ partner in-charge of social development practice Milind Antani, said in the event of a non-compliance with the guidelines, a company has to explain the reasons for the same and may also be penalised with fines and imprisonment for officials. “Any company, which does not report non-compliance towards the CSR rule is liable to be charges of penalty in the bracket of Rs 50 thousand to Rs 50 lakhs. Also, the board of directors may be charged with imprisonment for 5 years and/or fine worth Rs 25,000,” Antani said in a statement.

Gati Signs MoU with Uttarakhand Govt IIM Trichy Opens Centre to Construct a Community Centre for Corporate Governance To enhance community infrastructure and social welfare post the flash floods in 2013 HYDERABAD: Express Distribution and Supply Chain Indian major Gati Ltd has signed a Memorandum of Understanding (MoU) with the Govt. of Uttarakhand on May 26, 2014 to construct a Multipurpose Community Centre at Rudraprayag, Uttarakhand. Post the natural calamity, i.e. flash floods in 2013, Gati has taken the initiative to ensure that during and post such events the residents and people around should be equipped with a community centre where they can take shelter and be safe. The multipurpose community centre will be jointly constructed by Gati Ltd and the Government of Uttarakhand. The Government has allotted land in Government Intermediate College (GIC), Rudraprayag and Gati has undertaken the onus of construction at its own cost. The Community Center will be used for college & school trainings,

gatherings, corporate training programs, government department meetings, relief and rehabilitation to the people during any natural disasters and any other community welfare activities. Mahendra Agarwal, CEO and Managing Director of Gati Ltd, said, “We can't risk and not be prepared for any such calamity in the future. Gati Limited is pioneer and leader in Express Distribution and Supply Chain Solutions in India delivers 5.75 million packages per month. Having started as a cargo management company in 1989, Gati has grown into an organization with more than 4,000 business partners and a network reach of 667 out of total 671 districts in India. Gati has over 4500 vehicles on the road excluding their fleet of refrigerated vehicles, container shipping vessels and world class warehousing facilities across India. Furthermore, Gati has a strong market presence in the Asia Pacific region and SAARC countries. Gati has offices in India, Singapore, Hong Kong, China, Nepal and Thailand.

CSR & COMPETITIVENESS, JUNE 2014

The institute has sought 10 acres of land on the outskirts of Chennai to build its own campus for a satellite centre. CHENNAI: Indian Institute of Management, Tiruchi has launched a Centre for Corporate Governance to conduct and promote research in the area of corporate governance. Announcing the launch at a press conference here, Prafulla Agnihotri, Director, IIM-Trichy, said the centre would initiate research projects, organise seminars and workshops on corporate governance. “The idea is to spread awareness about good corporate governance practices,” he said. The institution believes that an interaction between academia and industry will help to understand the challenges in corporate governance better, and this centre will provide a platform for that. According to him, this centre of excellence is the brainchild of Bipin K Dixit and Narahari Hansoge, young professors of the institute. “Our ultimate goal is to offer inputs to various corporates, act as a think-tank and play an advocacy role,” he added. To a question on how different would this centre be from various other research centres, Dixit, who is the Assistant Professor (Finance and Accounting), said as this centre is not sponsored by any corporate, it can remain neutral. IIM-Tiruchi has also sought 10 acres of land on the outskirts of Chennai to build its own campus for a satellite centre. “We are hopeful that it would materialise soon,” said Agnihotri.

NEWS

Infosys Publishes Sustainability Report as per GRI (G4) Guidelines Becomes First IT Company Globally to Achieve the Feat BANGALORE: Infosys has become the first IT company in the world to publish its sustainability report based on the latest Global Reporting Initiative (GRI) G4 comprehensive framework. GRI is the most widely respected sustainability reporting framework, worldwide. Infosys was amongst the first Indian companies to publish a Sustainability Report based on GRI guidelines in 2008. As a values-driven company, Infosys consistently follows the highest levels of disclosure, besides ensuring compliance

with the laws of the land, wherever it operates. Our sustainability report demonstrates the maturity of Infosys’ reporting practices and addresses the growing interest and heightened expectations of our global stakeholders. The Company’s integrated reporting framework provides synergy between its economic, social and environmental strategies, action plans and desired outcomes. This has significantly helped Infosys achieve its sustainability goals. Since the first reporting year, Infosys has reduced its per capita electricity and fresh water consumption by about 44% and 35% respectively as of FY 2014.

The Company also contributed significantly to the well being of local communities through various projects undertaken by the Infosys Foundation. Infosys continues to engage with over 372 engineering colleges through Campus Connect, its flagship industry-academia partnership program. The Company’s sustainability efforts have been recognized at various national and international forums. Infosys recently won a Gold at the prestigious Ashden Awards in London, considered the Green Oscars, for its achievements in building energy efficiency.

ICICI Foundation Signs MoUs for ICICI IIM-A raises Rs 16 crore Academy for Skills Development Through Alumni, Corporate ICICI Academy and AkzoNobel India will introduce a course on Paint Application Techniques at the Jaipur and Coimbatore centres of the Academy. MUMBAI: ICICI Academy for Skills (ICICI Academy), an institute set up by the ICICI Foundation for Inclusive Growth (ICICI Foundation) to create sustainable livelihood for the youth, announces the signing of agreements with Spencers Retail Ltd, Bluechip Corporate Investment Centre Ltd and AkzoNobel India Ltd. While Spencers Retail and Bluechip Corporate Investment Centre will provide employment opportunities to the eligible students of ICICI Academy, AkzoNobel will be a knowledge partner and will assist the Academy in setting up a new course and building the course curriculum. As per the MoUs signed with ICICI Academy, Spencers Retail and Bluechip Corporate Investment Centre have agreed to offer employment opportunities to the students across various centres, on successful completion of their training in the courses – Selling Skills and Office Administration.

ICICI Academy and AkzoNobel India will introduce a course on Paint Application Techniques at the Jaipur and Coimbatore centres of the Academy. AkzoNobel will assist the Academy in designing the course curriculum, in faculty training and will also help students secure jobs on successful completion of the course. Currently, ICICI Academy offers vocational skill building programmes in eight courses. They are: Electrical & Home Appliance Repair, Refrigeration & AC Repair, Pumps & Motor Repair, Central Air Conditioning, Retail Café Operations, Web Designing, Selling Skills and Office Administration. The course duration is around 12 weeks. The Academy has tied up with Schneider Electric Pvt. Ltd , Blue Star Ltd. , Crompton Greaves Ltd. , NIIT Ltd. , Café Coffee Day , Tally solutions Pvt. Ltd. and Voltas Ltd. to provide course curriculum and suitable channels for job placement. The Academy has four residential centres at Jaipur, Coimbatore, Narsobawadi (in Maharashtra) and Patna; and five non-residential centres at Chennai, Hyderabad, Bengaluru, Pune, and Guwahati.

We have some of the brightest alumni in this country and abroad, who feel strongly a desire to contribute to their alma mater. AHMEDABAD: The Indian Institute of Management, Ahmedabad (IIM-A) has bagged initial financial support worth Rs 16 crore for research and awarding of scholarships from corporate and government institutions, most of which are represented by its alumni. According to Arvind Sahay, dean (alumni and external relations) of IIM-A, of the Rs 16 crore, Rs 14 crore is coming directly from alumni while the rest Rs 2 crore is from non-alumni contributors. Among the research to be undertaken through the fund contribution, several research chairs will be set up such as Professional Chair in Strategic Management (sponsored by ICICI Bank), Chair in Finance & Economics (RBI), Innovation and Public Policy Chair (JSW), and Chair in Agribusiness (NABARD). “We have some of the brightest alumni in this country and abroad, who feel strongly a desire to contribute to their alma mater. For example, Raghuram Rajan, governor of RBI; KV Kamath, chairman, ICICI Bank; Dr. Harsh Kumar Bhanwala, Chairman, NABARD; and KV Srinivasan, CEO, Reliance Capital are all a part of the distinguished IIM-A alumni group who came forward to contribute and maintain IIM-A as a premier institution for management education and research,” said Ashish Nanda, director, IIM Ahmedabad. The financial support is being provided at three levels, namely, endowed research chair that will be spread over a longer period of time; term research chair which is for a period of five years; and student scholarships which will be again for a duration of five years, Nanda added.

CSR & COMPETITIVENESS, JUNE 2014

FACE

Dr. Kurian John Melamparambil Founder, Chairman & Managing Director Melam Group of Companies CSR & COMPETITIVENESS, JUNE 2014

FACE BY DHANYA ANNA KURIAN

Dr. Kurian John Melamparambil

Man Who Ventured into Business to Help the Sick and Needy People Dr. Kurian John Melamparambil (Padmashri awardee) is the Founder, Chairman & Managing Director of Melam Group of Companies (India's leading manufacturer and exporter of Spices, Curry powders, pickles etc). 'Melam' is a household name among Keralites around the globe. Dr. Kurian John ventured into business not to 'make money for himself' instead to generate money to help whoever came to him due to their sickness and helplessness.

he sudden demise of his father due to cardiac arrest at the prime of his youth left a scar yet ignited a fire in him. Even though Dr. Kurian belonged to a wealthy traditional family in Central Travancore, due to unavailability of doctors at the hospital, being a Sunday, led to the death of his father, friend and guiding figure. He felt helpless. That day he took a firm decision that in his capacity, he would do anything to save oneâ&#x20AC;&#x2122;s life. On September 10, 1986, Dr.Kurian John Melam-

parambil formally started the Melamparambil Varghese John Memorial Charities (Melam Charities) named after his father, late M.V John. At that time, he was working for Malayala Manorama, a leading Malayalam newspaper daily. He used to set aside part of his income for the poor patients. As time passed, the number of patients who approached him increased and so did the need for more money. He was certain that, money has to be generated from his own venture and not through public funds or donations.

CSR & COMPETITIVENESS, JUNE 2014

FACE

This intense feeling coupled with meticulous planning, resulted in the establishment of a small- scale industry named M.V.J foods under the brand name MELAM range of food products in the year 1992, giving up his lucrative and prestigious job at the Malayala Manorama. As the business progressed, the income of Dr. Kurian John increased, which was channelized directly to the fund which resulted in the increased activities of Melam Charities. Melam Charities has tie-ups with over 900 renowned hospitals across Kerala for providing specialized treatment to patients. This widespread treatment facility enables the patients to get a specialized treatment for their ailments at the hospital of their convenience. Melam has already provided treatment to over 1,50,000 poor and needy patients.

Dr. Kurian’s theory of Corporate Social Responsibility According to Dr. Kurian John Melamparambil, “Humanitarianism is not charity but is a social and moral obligation of each and every individual and institution”. He explains that all does business or run an organization with other's money, either from the bank as loan or from shareholders. In both cases, it is the money from the public. The larger the organization, larger will be its dependency on public money and resources. Hence, Dr. Kurian John propagates that businessmen/ heads of a profit-making organization is not only a custodian and consumer of public money but also its trustee. Hence, by default, any business or profit making organization has the responsibility to give back to the society.

CSR & COMPETITIVENESS, JUNE 2014

Dr. Kurian John also emphasizes that the old school thought of the basic necessities of life being food, clothing and shelter has to be replaced with ‘Health’ as the basic necessity of life. A person with sound health both physical and psychological will be able to work and get his or her basic needs satisfied. If a society has healthy people, then they will be self dependent to fulfill their needs and consequently lead to a civilized society with lesser anti-social problems. Thus, Dr. Kurian John reinstates that, “the healthier the society, the higher the self dependency, lesser the social problems, evils, crime, the richer in peace, prosperity and civilization”. In a nutshell, Dr. Kurian John summarizes “The Income one makes either from business, from employment or from any other source, is to be shared with the sick and the poor, to make them self dependant in their health to the maximum extent possible. Selfless Service to Humanity is the best work of life for a better world order and peaceful co-existence”. Dr. Kurian John follows the principle similar to that of progressive taxation. That is as his income increases, he intends to give up to 90% of his earnings for the upliftment of the society. Currently, he shares more than 50% of his earnings to the sick and needy. Dr. Kurian John ensures to help whoever comes to him for treatment irrespective of caste, creed or gender. He finds joy in giving and sharing. If enquired more he says with a smile, “I am sharing with the Society what God has blessed me with.” Author is the Asst. Professor at Amity University and daughter of Dr. Kurian John Melamparambil

ARTICLE

Restructuring CSR

It is about Creating Socio-Economic Value BY VISHAL BHARDWAJ While CSR as corporate philanthropy did not have much of strategic impact, CSR as risk management did have impact with regards to its bearing on operations. Most of the companies who have been proactively fulfilling their social responsibility in India, particularly the ones in the manufacturing sector, have mostly been using CSR as a tool for mitigating business risks and continue to do so.

CSR & COMPETITIVENESS, JUNE 2014

ARTICLE

Through their CSR efforts, they started to create greater awareness of road safety via sustained campaigns. Providing safety jackets and ensuring reflectors on vehicles, including bicycles, was a major activity under the project. The organization claims that the there was a decline in the number of claims post this campaign. What an interesting case it makes. They saved human lives and valuable property while improving their bottom line.

ther than the General Elections, the issue that had caught everyone’s attention as we entered 2014 was perhaps Section 135 of the Companies Act 2013. This Section of the Act ‘mandates’ businesses, both in the private and public sectors, to fulfil their Social Responsibility by committing a certain percentage of their profits for a socially relevant cause. While many companies had already been doing so, several others are expected to come on board now. Some of those who were already active in the field of CSR might have to re-structure now to be attuned to the guidelines. In all, with about Rs. 180 billion expected to be spent through CSR, the buzz is going to be around for a while! It should, however, be noted that many companies in India have been contributing to CSR for perhaps as many years as they have been in existence. Much of that though was philanthropic, which later grew to become a tool for risk management before it finally started to progress into a tool to create shared values for stakeholders. Therefore, what’s happening around now in the CSR circuitious incremental development which is institutionalizing CSR. With varied benefits and effects, each stage of CSR has had its own purpose and impact. While CSR as corporate philanthropy did not have much of strategic impact, CSR as risk management did have impact with regards to its bearing on operations. Most of the companies who have been proactively fulfilling their social responsibility in India, particularly the ones in the manufacturing sector, have mostly been using CSR as a tool for mitigating business risks and continue to do so. It is only recently that some Indian companies have begun embedding CSR in business strategy and now look for spheres of work where ‘shared value’ is created. While it might take us a while to fully transition to the stage where every company positions CSR for shared value creation, we have almost come out of the phase where it was considered a tool for charity. It is interesting to note then that using CSR for risk management is the practice at present, and also the

CSR & COMPETITIVENESS, JUNE 2014

way it is used! Before someone jumps to the conclusion that the reference is towards ‘Blue Washing’, this is really about the short-term ad hoc activities undertaken in the name of CSR. Such an approach, sometimes, fails to create any value, leave aside the desirable shared values. Caught in the situation where philanthropic CSR is yet to fully fade away and a strong link between business and CSR is established, we are stepping into a new epoch brought forth by this new legislation. In midst of that, there would be a large number of recent adopters of CSR. What direction should we take? Businesses need to take this opportunity to design/ redesign their CSR that has a link to their business strategy and be able to create a win-win situation! Here’s a reference to a CSR case in the sustainability report of a leading insurer of Europe. The company noticed that its claims increased each winter, especially in the Scandinavian region. It realized that due to prolonged darkness in winters (the nights are almost 17-18 hours or perhaps even longer in some parts), the incidence of road accidents increased each winter. Through their CSR efforts, they started to create greater awareness of road safety via sustained campaigns. Providing safety jackets and ensuring reflectors on vehicles, including bicycles, was a major activity under the project. The organization claims that there was a decline in the number of claims post this campaign. What an interesting case it makes. They saved human lives and valuable property while improving their bottom line. Another reference to be cited here is a major fire reported in the Mantralaya (Secretariat) in Mumbai. There was loss of both, lives and property. Media reports suggested that the fire-hydrants did not work and therefore, the extent of damage could not be curbed. It was a sense of déjà vu as many similar cases are heard all across India regularly. There is a clear need for decision makers in Indian companies to ensure against this basic threat. Would that not be a demonstration of social responsibility in saving lives, property and money? Author is the Group CSR Head - Dalmia Cement Bharat Limited

ARTICLE

CSR of TATA Steel

Care for the Community â&#x20AC;&#x201C; Sparsh BY BIREN RAMESH BHUTA Tata Steel Rural Development Society and LEPRA Society along with the helping hand of the government has come with SPARSH ('the healing touch'). The initiative is aimed to cater to the needs of people affected with leprosy and LF, as there were a projected high number of cases residing in the vicinity of the coal mines of Dhanbad way back in the year 2009. About 300 leprosy patients in the year 2012-13 have been benefited by Project Sparsh in Dhanbad. They are engaged in activities like painting, handkerchief- and doormat-making.

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ARTICLE

A beneficiary at Sparsh

“

There is hardly anything on earth, or between it and heaven, which has not been regarded as the cause of leprosy; and this is but natural, since the less one knows, the more actively does his imagination work” said, Armauer Hansen, the man who discovered Mycoba-cterium leprae, the external agent which is the root cause for Leprosy. Leprosy is one of the world’s oldest and dreaded diseases that has tormented human raceleaving lasting impressions. In addition to the physical effects, Leprosy patients suffer severe social stigma and ostracism from their families, society and even health professionals. At the first International Congress in Berlin in 1897 it was agreed that ‘Leprosy was incurable’ but the discovery of Dapsone in 1941 and later implementation of multi drug treatment (MDT) in 1981 changed the entire scenario. MDT has been the main weapon against leprosy since its inception in 1981. Leprosy in India is more than just a disease, which in fact is curable. From the time of independence till the advent of 21st century the patients suffering from Leprosy have been subjected to extreme social stigmas and ostracism by the society where they have been subjected to being the ‘untouchable’ class in the society. Even Mahatma Gandhi fought hard to generate awareness about the harmlessness of Leprosy but couldn’t succeed in changing the perception.

Some Facts on Leprosy in India § 55% of leprosy cases in the world are in India. § Government statistics under estimate the extent of leprosy according to research

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A beneficiary being helped with MCR footwear

organisations, NGOs and some medical personnel who argue that leprosy cases are on the rise. § Children are also affected by leprosy with 12,463 new cases of leprosy reported between 2010-11 were children and in nine states/Union Territories more than 10% of new cases detected were children. § Leprosy is particularly prevalent among the poorest and most marginalized communities due to their lack of access to healthcare, poor sanitation and congested living spaces. § 14.31% of new cases were among Scheduled Tribes and 18.69% among Scheduled Castes in 2010-11, although these groups accounted for only 8.2% and 16.2% of the population respectively in 2001. § Many districts continue to have incidences of leprosy higher than the WHO benchmark. Although, India officially eliminated Leprosy in 2005, but lot of cases were reported in the last three fiscals § 8,462 new cases of disability were reported and 2,570 reconstructive surgeries were performed on patients with deformities between 2010-11. Recently the Government of India had declared Leprosy being under control whereas the picture at the ground surfaced differently. Official data shows the incidence of the crippling disease has been on increase with 1, 26, 800 new cases in 2010-11, 1, 27, 295 in 2011-12 and 1, 34, 752 in 2012-13. New cases were being reported from many states and immediate steps were needed to be taken to contain them to maintain the level of elimination, that is, less than one case per 10,000 people at the national level.

ARTICLE

The good news is that Jharkhand figures among leprosy elimination. At present, the prevalence rate of leprosy in the state stands at 0.59 as compared to the national figure of 0.72.

A beneficiary at Sparsh

Initiative for the dreaded disease in Jharkhand The dreaded Leprosy is prevalent among the marginal communities of the country. The social effect of the disease is even more reflective in the regions dominated by the under privileged population. To fight against the disease and eradicating the social stigma, Tata Steel Rural Development Society (TSRDS) and LEPRA Society along with the helping hand of the government has come with SPARSH (â&#x20AC;&#x2DC;the healing touchâ&#x20AC;&#x2122;). The initiative is aimed to cater to the needs of people affected with leprosy and LF, as there were a projected high number of cases residing in the vicinity of the coal mines of Dhanbad way back in the year 2009. The referral Centre was established to provide specialized health care services to those people and thereby improving their quality of life. In the current project period of the initiative, a total number of 7,993 cases catered at the OPD unit for counselling and treatment, out of which 3,034 were female cases. Majority of the cases which had turned up at the SPARSH centre was of leprosy and LF, the number being 7,298 and 294 respectively. A total numbers of 401 other patients with seasonal problems had also reported. Total No. of new referrals confirmed was 121 Leprosy and registered 220 newly Lymphatic filariasis cases at the centre. The Self-care kits have been provided to all the cases and foot maps were taken for providing footwear. Sparsh centre has provided 9,226 pairs of footwear for the grade I cases of leprosy and 1,546 for grade II cases. A total of 214 Orthodesis appliances have also been distributed by the unit. These specially designed footwear have demands from various other states as well

which are served through the SPARSH initiative. About 300 leprosy patients in the year 2012-13 have been benefited by Project Sparsh in Dhanbad. They are engaged in activities like painting, handkerchief- and doormat-making. The good news is that Jharkhand figures among leprosy elimination. At present, the prevalence rate of leprosy in the state stands at 0.59 as compared to the national figure of 0.72. Elimination of leprosy as a public health problem by WHO is defined as a prevalence rate of less than one case per 10,000 persons.

Author is the Chief, CSR Tata Steel Limited at Jamshedpur

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BY SANTANU MISHRA

Perfecting RTE Act Can Wait, Education Cannot There have been hundreds of top-of-the-line public schools across India which were already keeping their arms, and doors, open for underprivileged children, much before RTE act came into being.

he Right of Children to Free and Compulsory Education Act or Right to Education Act (RTE) was passed by the parliament on 4 August 2009. The act describes the modalities of the provision of free and compulsory education for children in the age groups of 6 to 14 in India under Article 21A of the Constitution of India. The act came into force on 1 April 2010. Thus, India becomes one of 135 countries which make education a fundamental right of every child Education is a fundamental right of every child in India now. Thanks to the Right of Children to Free and Compulsory Education Act or Right to Education Act (RTE). A child in India is entitled to get free and compulsory education. The act has realised at a time when India is home to the largest illiterate population above the age of seven. Further, estimates say up to 60 million children (6-14 years) are not in school. Those who are in school, only 47 out of 100 children enrolled in Class I reach Class VIII. When Sarva Shiksha Abhiyan (Education for All Movement) was launched in 2001, within two years there was a drop in the number of children outside school by 15 million. But, millions of children would have no way but stay away from getting education, and thus missing a once-in-a-generation chance to come out of poverty and suffering. Poverty compels many parents putting all focus on meeting basic survival priorities; obviously education does not stand a chance. Education had to be fundamental right, with the act ensuring modalities which would facilitate sending all children to school. The act came but was unable to put all children in school. Or, it took birth with shortcomings. It speaks about free and compulsory education from the age of six. But, what about children who are below six? The demon named child labour induction starts quite early, putting the gullible children almost in a oneway path to suffering. Children should be in the process of learning quite early if ever they have to embrace the path of education. With child labour in practice, there will always be children outside the school. A zero-tolerance approach to the practice of child labour can only enable the children to give education a chance.

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It is never easy for a first generation learner, anyways, to enter and stay in the fold of education. There must be preparatory education for those children who are first generation learners. Without such preparation and special attention, they might drop out even after getting mainstreamed into schools. Like learning, effective teaching is necessary for children from disadvantaged backgrounds to benefit from staying in school. It can be achieved by proper training of the teachers with the right methodologies. Prior to that, the shortfall of teachers in both primary and upper primary levels across India must be met. Besides the required number of teachers and proper training, upgrading infrastructure in schools is another factor in making the RTE a success. The RTE act can bring home the change of the century provided an identified agency or authority was in place, as is the case with the Right to Information (RTI) Act. Despite the critical angles to the affectivity of the RTE act, we have all reason to be hopeful. Because, perfecting RTE act can wait; education cannot. A few ways we can find. A few examples are already there to emulate. There have been hundreds of top-of-the-line public schools across India which were already keeping their arms, and doors, open for underprivileged children, much before RTE act came into being. The experience of Smile Foundation has been very encouraging dealing with the best of schools, government, private or otherwise. Children from Mission Education projects across India have been mainstreamed to the best available schools in the vicinity â&#x20AC;&#x201C; on merit, with request and by invitation. Lives have been changed through the power of education. Parents of the first generation learners, children themselves, privileged children already in school, their parents, teachers and school authorities, and the civil society are the catalysts in ensuring education for the underserved children.Sensitizing the teachers, privileged children and their parents have brought dividends in the efforts of Smile Foundation. Thus came the much needed encouragement too. Author is the Co-Founder & Executive Trustee at Smile Foundation

In Association with

Indian Institute of

orporate Affairs

Partners in Knowledge. Governance. Transformation.

seminar on

understanding new csr legislation With

Dr. Bhaskar Chatterjee

Last Date of Registration 05 August 2014 Registration Contact : 9981099555 (Rusen Kumar) Email : conference@indiacsr.in

visit for complete detail: www.seminar.indiacsr.in

Dr. Bhaskar Chatterjee DG & CEO, Indian Institute of Corporate Affairs Ministry of Corporate Affairs, Govt of India, New Delhi

Our

Key Note Speaker

NEWS

Asia-Pacific Narrows, North America's Lead in High Net Worth Population HNWP Grows by 15% in 2013 Latin America was again an exception to strong global HNWI growth, with increases of only four percent in population and two percent in wealth, due to slow GDP growth and challenged equity markets. TORONTO, PARIS: Improving economic and equity market performance helped add 1.76 million people to the global High Net Worth Individual (HNWI) population in 2013, while the investable wealth of HNWIs grew by nearly 14% to reach a record high of US$52.62 trillion, according to the World Wealth Report 2014 (WWR) released on June 18, 2014 by Capgemini and RBC Wealth Management. The report notes that the 15% increase in HNWI population in 2013 is the second-largest since 2000, surpassed only by immediate post-crisis catch-up growth of 17% in 2009. North America and Asia-Pacific remained in a close race for the world’s largest HNWI market by population in 2013, with growth in Asia-Pacific narrowing North America’s lead to less than 10,000 individuals. North America's HNWI population expanded by 16% to 4.33 million, while Asia-Pacific’s grew by 17% to reach 4.32 million. North America maintained its position as the wealthiest region, increasing its HNWI wealth by 17% to reach US$14.88 trillion, though this growth was again outpaced by AsiaPacific, where HNWI wealth expanded by 18% to reach US$14.20 trillion. Europe's HNWI population grew by 12% to reach 3.83 million and its wealth at 14% to reach US$12.39 trillion, both significant increases from the previous two years. Latin America was again an exception to strong global HNWI growth, with increases of only four percent in population and two percent in wealth, due to slow GDP growth and challenged equity markets. “Overall, 2013 was another strong year for the High Net Worth market, with surging equity markets and improving economies contributing to double digit growth in both population and wealth levels,” said M. George Lewis, Group

Head, RBC Wealth Management & RBC Insurance. “Looking at longer term growth trends, nearly 40% of the current level of High Net Worth wealth has been created in the past five years alone.”

Confidence in wealth management industry climbs, but firms have more to do to meet HNWI needs HNWI trust and confidence in the wealth management industry surged, with about three-quarters expressing high levels of trust in wealth managers and firms in early 2014, up from 61% the year prior. Confidence in financial markets and regulatory bodies also increased, up to 58% from 45%, and 56% from 40% respectively. HNWIs remain optimistic about their future prospects, with 77% feeling confident in their ability to generate wealth in the near future. Despite strong wealth growth and increasing confidence levels, HNWIs gave their wealth managers lower performance ratings than last year, down by 4% points to 63% in early 2014. The most substantial drop in ratings was in North America, at 7%, but this market continues to maintain the highest performance score of all regions with a 77% rating, ahead of Middle East and Africa (69 percent), Asia-Pacific excluding Japan (68%), Latin America (67%), Europe (59 percent) and Japan (46%). “Even though we are seeing an encouraging environment of high growth and confidence, declining wealth manager

performance scores indicate opportunities still exist for firms to tailor their offerings to better meet client needs,” said Jean Lassignardie, Chief Sales and Marketing Officer, Capgemini Global Financial Services. “One way to address the evolving demands of current and future clients is to provide digital capabilities that move beyond simply having a digital presence, to offering an integrated and seamless client experience that incorporates digital at all touch points.”

HNWIs Seeking to Make a Positive Impact on Society This year’s WWR also highlights that the vast majority (92%) of HNWIs feel that investing their time, money or expertise to make a positive social impact is important to them, with 61% describing it as very or extremely important. Globally, HNWIs are looking to firms to play a greater role in supporting their social impact objectives.

Future wealth growth expected to accelerate with an additional $12 trillion generated by 2016 Looking ahead, global HNWI wealth is forecast to reach a new high of US$64.3 trillion by 2016, representing 22% growth from 2013 levels and approximately US$12 trillion in new wealth. Robust growth is expected in most regions, with Asia-Pacific at the forefront with an anticipated 9.8% annual growth rate, positioning the region to be the largest HNWI market by population in 2014 and by wealth by 2015.

CSR & COMPETITIVENESS, JUNE 2014

NEWS

India Became Home to 1.56 Lakh Millionaires: Report Looking at longer term growth trends, nearly 40 per cent of the current level of High Net Worth wealth has been created in the past five years alone LONDON: India became home to 1.56 lakh millionaires with 3,000 more joining the elite club in 2013, making the country 16th most populous in terms of population of super-rich people worldwide, says a report. According to the World Wealth Report 2014, released by Capgemini and RBC Wealth Management, there were 1,56,000 high net worth individuals in

India in 2013, while in 2012 the figure stood at 1,53,000. India has been ranked 16th in the list of countries with highest number of HNWI population, the US topped the chart with 40,06,000 millionaires, followed by Japan (23,27,000), Germany (11,30,000) and China (7,58,000) in the second, third and fourth position, respectively. The top four countries account for more than half (59.9 per cent) of the total worldwide HNWI population. The world is home to 1.76 million millionaires with collective net worth of $52.62 trillions,

registering a 15 per cent increase in HNWI population over last year. “Overall, 2013 was another strong year for the High Net Worth market, with surging equity markets and improving economies contributing to double digit growth in both population and wealth levels,” RBC Wealth Management & RBC Insurance Group Head M George Lewis said. “Looking at longer term growth trends, nearly 40 per cent of the current level of High Net Worth wealth has been created in the past five years alone,” Lewis said. Going forward, wealth growth expected to accelerate with an additional $12 trillion generated by 2016.

Institute of Corporate Sustainability Management

Opportunities and Career Under CSR India will require more than 1,00,000 CSR trained professionals across the country for different Corporate, Business Houses, Foundations and NGOs. NEW DELHI: The Companies Act 2013 has made CSR ‘Corporate Social Responsibility’ legally binding with a mandate. There will be around 16000 companies in India who have to set-up their full-fledged ‘CSR Department’ with two Existing and one Independent Director, and will be spending 2% of PAT (profit after tax) as CSR around Rs. 22,000 Cr yearly. After decades, CSR has created a new world of opportunities for the Indian youth. India will require more than 1,00,000 CSR trained professionals across the country for different Corporate, Business Houses, Foundations and NGOs. The demand for qualified professionals in coming years is not the question. The issue is – who will meet this demand. On the supply side, for 2014 and 2015 Nationally ICSM shall be the only Institution to address 80 students!! The Institute of Corporate Sustainability Management (ICSM) with its highly respected and proficient team, since its inception is actively working towards realizing the vision of leveraging Corporate Social Responsibility (CSR). ICSM aspires to create a platform for the

better understanding and maximum optimization of resources available in this field. ICSM Developed Nation's First Code of Ethics for Indian Industry under the aegis of National Human Rights Commission (NHRC), Government of India; ICSM has also initiated the process of forming the first Parliamentary forum on CSR and working on Policy making issues; ICSM is the First Institute in South Asia vis-à-vis India which Developed and Instituted “MBA in CSR” Course with the Affiliation of University of Mysore. The Founder & Chairman of ICSM, Dr. Debasis Bhattacharya is the first Ph.D. in CSR in India and also holds the Intellectual Property Right (IPR) of the course curriculum of MBA in CSR. The university of Mysore opted the consent letter from Dr. Bhattacharya (as IPR holder) to run and affiliate this unique course. India produces over 1, 75,000 per annum of MBAs from affiliated regular courses catering approximately 1750 B-Schools. There are 109 non-affiliated Institutions who also attract Students. Apart from this, around 1,25,000 students do MBA from correspondence courses. Interestingly for tomorrow, non-of them are perfectly eligible for the Specialised CSR department!! MSWs, PG in Rural Management, MA in Development Studies students' core strengths are related to nonindustrial aspects, thus, as a result, they are not the preferable candidate for the

CSR & COMPETITIVENESS, JUNE 2014

Corporate because CSR core work is interdependent with industry vis-à-vis corporate knowledge. Being the first movers with ICSM, the students will obviously be in tremendously advantageous position to have assured jobs with quick growth in their career. Interestingly, the gap between the demand and the supply is so wide – at this level it’s an open field for the MBA in CSR students. Students here in ICSM will be groomed in a way where they would be able to co-relate and differentiate between a typical welfare project and peoples benefit through corporate participation by CSR. Sustainability Reporting is already fall under CSR. It is linked with Industrial Relations, Supply Chain Management, R&R and Brand Values, the list is literally big. The endeavour to start an MBA in CSR course is a national need that will contribute to a sustainable nation building process. ICSM also offer Management Development Programme (MDP) and Post Graduate Certificate Course in CSR of 3 months duration for the professionals who are already in service. Further, apart from organizing series of national and international training workshops, seminars and publications in the area of CSR and Corporate Ethics, ICSM also conduct researches and offer Ph.D. in CSR.

ARTICLE

Some thoughts in Indian Context

Independent Director BY DR. INDRAJIT DUBE & DR. APARUP PAKHIRA The reforms of 1991 opened India to the external world and forced it to adopt the globalized, well-established culture. To sustain in the foreign market, Indian company started following the well-founded and well-established best practices in the laws regarding corporate structure. Appointment of Independent Directors was one of them as they provided the right balance between individual, economic and societal interests.

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ARTICLE

1. Overview In recent years, India has introduced lot of changes in regulations regarding Independent Directors. But the question remains as to how effective they are? The pertinent isuue is whether the underlying theory is appropriate or are there methodological problems or institutional factors in India’s transition economy that need to be accounted. Practically, almost all the successful Indian companies started from family business and from that very point of view, there was no need for Independent Director in the company. After the initial euphoria associated with political and ownership transitions were over, how to govern the company became an immediate concern. In the year 1991, India entered the era of globalization. The reforms of 1991 opened India to the external world and forced it to adopt the globalized, well-established culture. To sustain in the foreign market, Indian company started following the well-founded and wellestablished best practices in the laws regarding corporate structure. Appointment of Independent Directors was one of them as they provided the right balance between individual, economic and societal interests.

2. Importance of Independent Director Company is always a bigger word than the word ‘owner’ in a democratic country like India. To take a fair decision, we need a just Board, which is possible through Independent Directors only. Internal comfort coupled with external perception and hindsight is the minimum required for independence of the Board. 2.1 Clarifying Corporate Objective and Standards of Director Conduct

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Independent Directors bring outside experience and perspective knowledge to the Board. They possess skills to keep a watchful eye on the other directors of the Board and also the way the organization is run. Independent Directors are generally useful in handling disputes between inside directors, or between shareholders and the Board. They can handle the risk of conflict of interest perfectly, because they are generally not a party to the conflict and may lack familiarity with the specific issues connected to the organization’s governance. Their objective presence can make the conflicts much easy, which can be a big advantage for the organization. On the other hand, they may lack familiarity with the specific issues connected to the organization’s governance. It provides the ideal way to bring independent outside advice into family firms. Sharing information, which is power, is a step which families may be reluctant to take. The performance of supervisory duty by an Independent Director may be simply exemplary; general expectancy from them are to be closely aligned with outside investors’ interests, to monitor top management decisions more effectively and thus, to lead the firm to better performance. The greatest value of Independent Directors has been in the field of strategy. When the firm is sick, they are capable of restructuring and leading firm growth. They can easily abandon all the old strategies which no longer contribute to the organization’s survival and give the organization a new start. The Independent Directors are any way younger, more adaptive, and less influenced by the old ways of management of the Board. More importantly, some of them may have acquired skills that that would enable them to function better in a more competitive, market-driven economy, like India.

ARTICLE If the Board requires to set up a few specific committees dealing with conflict of interest between company and third person or inter corporate transaction, all such committees must have a minimum number or, be composed entirely, of Independent non-executive members. Even the shareholders may have the direct responsibility of nominating and electing non-executive directors for the specialised functions.

2.2 Monitoring Role of Board of Director Independent Directorsâ&#x20AC;&#x2122; main task is to watch particular aspects in the Board of Directors like, monitoring the implementation of strategy through operational plans; overseeing the quality of management; maintaining a governance framework that facilitates substance and not merely form and safeguarding the long-term values of the company, which include the brand and corporate reputation. They must act honestly and bona fide for the company. Honesty is a subjective term and may be modified at ease. The need, thus, arises of someone outside the company to protect the interest of the shareholder. The Independent Directors are responsible for monitoring managerial performance of Board and achieving an adequate return for shareholders, while preventing conflicts of interest and balancing competing demands on the corporation. They must effectively fulfil their responsibilities through the objectivity of independent judgement. Independent Directors must provide an assurance to the company that decisions have not been based on any expectation or narrow vision or short term development. 2.3 Resource for Advice on call of Management Qualities that a Board looks for in its Independent Directors are independence of mind and judgement, relevant experience and commitment to the firm and its future. It is independence of mind that helps to resolve conflicts of interest and to inspire trust in the Boardâ&#x20AC;&#x2122;s decisions and actions. Commitment means that they must be able to devote sufficient time to their directorial duties. It is, not only dependent on the thinking capacity and knowledge, but also on the history and experience of business. In fact, knowledge about the organization is crucial but information about the industry is also a vital element in forming a strategy for the future; so is the ability to look more widely at where future opportunities may lie for the organization. Independent Director is a perfect combination of all these factors. They have quality resources for the management as well as the experience and knowledge needed for the industry and market. They can easily decide what is best for the firm in the global situation. One may argue that external experience, qualification and outlook may be brought by the external advisor or by the Advisory Board as well. It is true that the external advisor or Advisory Board can do so, but they will not be able to give their best by understanding the internal situation since all the internal mattersare not to be disclosed in front of them; understanding the gravity of problem will be lessened in such cases. The external

advisor also cannot ensure acceptance of a decision, if needed for a firm and there is no assurance that a decision will be taken in the best interests of the shareholders. External advisor or Advisory Board do not share the same responsibility as that of Independent Director. 2.4 Independent to Interests Boards must have sufficient number of Independent Directors, as non-executive Board members, capable of exercising independent judgement in case of a conflict of interest between company and third person or in case of inter-corporate transaction. Such responsibilities are integral to financial and non-financial reporting, review of related party transactions, nomination of Board members and key executives and Board remuneration. Independent non-executive Board members can only provide additional assurance to market participants that their interests are defended in every sense. If the Board requires to set up a few specific committees dealing with conflict of interest between company and third person or inter corporate transaction, all such committees must have a minimum number or, be composed entirely, of Independent non-executive members. Even the shareholders may have the direct responsibility of nominating and electing non-executive directors for the specialised functions. 2.5 Implementation of Rule on Board to exercise Independent Judgment In order to exercise its duties of monitoring managerial performance, preventing conflicts of interest and balancing competing demands on the corporation, it is essential that the Board is able to exercise objective judgement. At the first instance, this will mean independence and objectivity with regard to management having important implications for the composition and structure of the Board. Board independence, in these circumstances, requires that a sufficient number of Board members must be independent of management. In all kinds of Board systems, the objectivity of the Board is its independence from management. It may be strengthened by the separation of the role of chief executive and chairman, or, if these roles are combined, by designating a lead non-executive director to convene or chair sessions of the outside directors. Separation of the two posts may be regarded as good practice, as it may help to achieve an appropriate balance of power, increase accountability and improve the Boardâ&#x20AC;&#x2122;s capacity for decision-making, independent of management.

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ARTICLE The vast majority of companies covered by the Act have hired internal auditors to ensure that the company adheres to required standards of internal control. The internal auditors are required by law to report directly to an audit Board, consisting of directors, more than half of whom, are outside directors and one of whom is an accounting expert.

The variety of Board structures, ownership patterns and practices in different countries may adopt different approaches to the issue of Board objectivity, but the aim of independence of Board is common. Independent Board members can contribute significantly to the decision-making of the Board. They can bring an objective view to the evaluation of the performance of the Board and management. In addition, they can play an important role in areas where the interests of management, the company and its shareholders may diverge, such as executive remuneration, succession planning, changes of corporate control, take-over defences, large acquisitions and audit functions. To play this key role, it is desirable that Boards declare who they consider to be independent and the criterion for this judgement. The Sarbanes–Oxley Act has introduced new standards of accountability on Boards of U.S. companies or companies listed on U.S. stock exchanges. Under the Act, directors risk large fines and prison sentences, in case of accounting crimes. Internal control is now the direct responsibility of directors. The vast majority of companies covered by the Act have hired internal auditors to ensure that the company adheres to required standards of internal control. The internal auditors are required by law to report directly to an audit Board, consisting of directors, more than half of whom, are outside directors and one of whom is an accounting expert.

3. Personal Characteristic of Independent Director 3.1 Indirect Economic Relation as well as Personal and Social Connection Independent Directors are generally from outside the companies and they do not have the family background to become a director, in terms of heredity. They do not have any economic relation with the companies or with the owner family of the company or have any direct relation whatsoever. According to the latest Corporate Governance principles in the UK, a non-executive director cannot be an Independent Director when he or she: i. Was employed or had a material connection to the company within the past five years; ii. Has, or has had within the last three years, a material business relationship with the company

CSR & COMPETITIVENESS, JUNE 2014

either directly, or through a partner, shareholder, director or senior employee of a body that has such a relationship with the company; iii. Has received or receives additional remuneration from the company apart from a director’s fee, participates in the company’s share option or a performance-related pay scheme, or is a member of the company’s pension scheme; iv. Has close family ties with any of the company’s advisers, directors or senior employees; v. Holds cross-directorships or has significant links with other directors through involvement in other companies or bodies; vi. Represents a significant shareholder; or vii. Has served on the Board for more than ten years. For an unbiased and independent judgment, the company may appoint someone whose intentions are clear and whose personal and social connections are not related to company in any manner. 3.2 Relevance of Family, Professional or Financial Ties Being an Independent Director is not only arduous, but also, necessitates knowledge, skills, experience, thinking capacity and above all, a healthy professional background. If the thinking process of an Independent Director is non-transparent and illogical, then the relevancy of the judgment will be doubtful. The family background or financial ties of an Independent Director, in this regard is essential, as it will enable him to take free and unbiased decision. On the other hand, family background or financial ties may thwart the process of right and reasonable decision making, detrimental to the interests of the company. Demand of professional and specialized skill is everywhere and no one can sustain without it in any organization. It gives a person a broader mind and new horizons to see and think. 3.3 Lack of Competence There is always a particular demand for a particular job. Independent Directors also have specific duties towards the firm and to fulfill that, they need adequate knowledge and experience, without which they will not be competent. Experience is a very important tool to foresee the future of the company. Experience plus knowledge in the field can provide the best solution. Wide experience and knowledge is beneficial to the operation of the company.

ARTICLE The expectations from Independent Directors are great. They are required to give sufficient time to the firm and Board. All Board meetings held by the firm have to be attended by the directors in discharge of Board duties. Their position demands that they must find sufficient time to address succession issues and other matters regarding the company affairs.

Directors having experience and knowledge in different fields have been most effective to sound business strategies and performance monitoring. Diverse and effective experience can help to overcome the crucial issues with hindsight. A balanced Board structure is always blended with depth of knowledge of Executive Directors and wide experience and knowledge of Independent Directors. 3.4 Inadequacy of Time and Board meetings The expectations from Independent Directors are great. They are required to give sufficient time to the firm and Board. All Board meetings held by the firm have to be attended by the directors in discharge of Board duties. Their position demands that they must find sufficient time to address succession issues and other matters regarding the company affairs. Board meetings will be meaningless if the directors do not give enough time to the same or do not attend them. But reality indicates that too few meetings are conducted owing to lack of time of directors. Director shold too many directorships in different companies that restrain them from giving reasonable time to the Board. The reasons for such inadequacy may be numerous: a. Lack of Incentive: whatever are the compensation received by the directors in the form of remuneration are not proportionate to the work they are expected to discharge. The compensation patterns differ with the companies. It is found that most of the company do not follow any specific guideline for the purpose; b. Phenomenon of cross directorship: the numbers of Independent Directors are limited as compared to number of Boards. So, in most of the cases, the same person holds portfolio in different Boards; c. Phenomenon of group thinking/cohesion within the Boardroom: asking unpleasant questions are, at times, treated as deviation of group thinking and are not welcome. So, in most situations, Independent Directors remain mute in the name of group thinking; d. Interpersonal Board dynamics create a nonconfrontational environment: most of the Independent Directors are also the directors in the Board, wherein other colleagues are in more powerful position. So, they mutually restrain themselves from asking difficult questions to the other.

4. Limitation of Independent Director

ii.

iii.

iv.

vi.

vii.

Independent Directors are generally Lawyers, Commercial Bankers etc. for the corporation with obvious strife between his dual roles; The constituency of Independent Director is a combination of his own interest of the control group that selects him and the interest of shareholders; The Independent Director who is picked as a community representative, typically in large corporations, has the additional burden of promoting community concerns; Even if an Independent Director wants to exercise meaningful judgment, he/she is restrained by other activities and business customs as well as by the quality of information made available to him by the management; Despite more time and attention, the absence of clarity in selection process prevents the Independent Director from discharging a significant function; There are several structural constraints in the form of information flow, administration decision-making and follow-up that act as barriers in performance of Independent Director; Influence of CEO over the Independent Director acts as impediment in due discharge of functions. The reason may be summed up in the following manner: a. CEO serves as the Chairman of the Board, the body that is supposed to monitor his action; b. In the absence of independent information system, Independent Director depends on the information provided by the CEO; c. No action has been suggested to ensure the overall quality and completeness of information provided to the Board.

5. Recommendations 5.1 Autonomy to Independent Director to enhance Corporate Governance I. Independent Director should act as Chairman of the Board; II. Management should not have any influence over the nomination of directors, their remunerations or have any other source of direct or indirect power over them;

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ARTICLE

III.

Independent Director should be allowed to have stock - ownership which in long term improve director monitoring ability; IV. They should not be permitted to use derivative transactions to eliminate or reduce the risk of price fluctuations; V. Independent Directors should regularly hold meetings, apart from those with Management and inside Directors. It will help Independent Director to freely express their ideas in the absence of CEO; VI. These meeting should be regularly scheduled so that they are not perceived as unusual or threatening; VII. They should have more control over the Board meetings - e.g., developing schedule and agenda for the Board meeting; VIII. They should have the ability to hire outside experts and have access to independent council; IX. There should be means of evaluating Independent Directorsâ&#x20AC;&#x2122; performance; X. Director should spend minimum of 100 hours on each Board, exclusive of special meetings and travel time; XI. The Independent Director should be compensated adequately for the responsibility he/she assumes in accepting a directorship. The growing trend towards stock options or restricted stock may be used as significant tools of director compensation; XII. Conditions required for Independent

CSR & COMPETITIVENESS, JUNE 2014

a. b.

Director to be truly autonomous A group of professionals working for the Independent Director, Director should be qualified as independent, only after satisfying the requisite qualification and skill and interest disclosure.

6. Concluding Note Corporate Governance is a valued concept in the present day corporate scenario. It is a set of rules that define the relationship between stakeholders, management and Board of directors of a company and influence how the company is operating. At its most basic level, corporate governance deals with issues that result from the separation of ownership and control. But corporate governance goes much beyond that. The presence of strong governance standards provides better access to capital and aids economic growth. It also has broader social and institutional dimensions. The notion of Independent Director provides life to the concept of Corporate Governance and energizes corporate performance. As has been analyzed in course of this work, the institution of Independent Director resurges the frontiers of Corporate Governance and sets new standards of performance, transparency and accountability. The need of the hour is to maximize the benefits by strengthening the institution of Independent Directors and Corporate Governance, in general, to meet the standards of the globalized era. Dr. Indrajit Dube, Associate Professor, RG School of Intellectual Property Law, Indian Institute of Technology, Kharagpur, India Dr. Aparup Pakhira, Asst. Professor, DS National Law University Visakhapatnam, India Reprinted from Quality Times, March 2014 with permission of institute of Director.

ARTICLE

Gender DiversityA Corporate Performance Driver BY NESAR AHMAD

The term 'glass ceiling' was first coined by Wall Street Journal 25 years back. And unfortunately even today, the number of women in top management and leadership roles are not representative of the workforce population. Time alone is not the answer for gender inclusion. This so called 'glass ceiling' is today a metaphor that describes an environment in organizations that does not create an ecosystem for women to grow into those leadership roles.

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ARTICLE

Time alone is not the answer for gender inclusion. This so called ‘glass ceiling’ is today a metaphor that describes an environment in organizations that does not create an ecosystem for women to grow into those leadership roles.

ender diversity is vital to any workplace. Not just because it’s a laudable goal; it simply makes bottom-line business sense. Gender equality is achieved when people are able to access and enjoy the same rewards, resources and opportunities regardless of whether they are women or men. The aim of gender equality in the workplace is to achieve broadly equal outcomes for women and men, not exactly the same outcome for all individuals. Achieving this requires: n workplaces to provide equal remuneration for women and men for work of equal or comparable value; n the removal of barriers to the full and equal participation of women in the workforce; n full and genuine access to all occupations and industries, including leadership roles for women and men; n elimination of discrimination on the basis of gender; Traditionally, women have been under-represented in organizations and the argument for equal opportunity employment has not borne sufficient results in India. It seems, however, that pure economics is out to correct this. As organizations struggle with a scarcity for talent, smarter companies are beginning to recognize the opportunity in grooming and retaining women.

CSR & COMPETITIVENESS, JUNE 2014

Will time by itself erode the gap between women and men? The 2010 McKinsey report shows that against common wisdom, the increase in the number of female university graduates does not seem sufficient in itself to close the gender gap in top management positions. The growth in female graduate numbers per se will have a marginal impact on women’s representation in executive committees unless it is supported with changes in the policies and practices within the organizations. The term ‘glass ceiling’ was first coined by Wall Street Journal 25 years back. And unfortunately even today, the number of women in top management and leadership roles are not representative of the workforce population. Time alone is not the answer for gender inclusion. This so called ‘glass ceiling’ is today a metaphor that describes an environment in organizations that does not create an ecosystem for women to grow into those leadership roles. What is Pulling Women Down? Factors like ‘lack of flexible work solutions’, ‘masculine and patriarchal corporate culture’ and ‘lack of adequate work life balance priorities’ are most problematic factors for women to rise. Achieving gender equality is important for workplaces not only because it is ‘fair’ and ‘the right thing to do’, it is also vitally important to the bottom line of a business and to the productivity of our nation.

ARTICLE A report, India's Demographic Dilemma predicted “that there will be a shortage of 750,000 skilled workers in the years to come. During this same period there will be a surplus of 1.3 million unskilled and unqualified workers. Because of the projected annual GDP growth and this projected talent gap, it is essential for companies to engage a key component of economic growth— the skills and talents of women”.

The Case for Talent

priorities for action.

Increasingly, Indian companies are focusing on recruitment, development, and retention of talent to gain a competitive advantage—not just among other Indian companies, but also among multinationals with a presence in India. While India has no labour shortage, talent is in demand and in very short supply. Recently, Infosys reported that of the 1.3 million recent job applicants only 2% were qualified or even employable. This shortage is predicted to get worse. A report, India’s Demographic Dilemma predicted “that there will be a shortage of 750,000 skilled workers in the years to come. During this same period there will be a surplus of 1.3 million unskilled and unqualified workers. Because of the projected annual GDP growth and this projected talent gap, it is essential for companies to engage a key component of economic growth— the skills and talents of women”.

Implement Measures to Facilitate the Worklife Balance

The Case for Stronger Financial Performance In 2010, McKinsey & Company analyzed companies from Europe, Brazil, and India, among others, showed that companies with the highest share of women in their senior management teams outperformed those with no women by 41 percent. In terms of return on equity, the “top-quartile group exceeds by 41 percent the group with no women. The Case for Competitive Advantage: The results of Cedric Herring’s 2009 study show that companies with more gender and racial diversity outperform those with less in terms of sales revenues, number of customers, and market shares. Herring suggests growth and innovation occur when people from various backgrounds work together and generate new ideas.

Four Best Practices for achieving Gender Diversity Creating and Monitoring Gender Diversity Indicators is the first step towards achieving any change. The main indicators include: the proportion of women in the company’s various business lines, at each level of management, and among new recruits; pay levels and attrition rates between men and women in similar functions; the ratio of women promoted to women eligible for promotion. Monitoring such performance indicators should raise awareness about the magnitude of the gaps to be closed within the organization; it should also serve as a tool for defining and directing

Two types of measures are required Flexible Working Hours: Flexibility (eg. Remote working, Part time working etc.) is not a women only policy but should form a part of the general development of the Company’s business model, requiring the Company to investigate how to adapt its Organization and culture. Career Flexibility and support during breaks: The fact that women tend to take career breaks needs to be taken into account to prevent any negative impact on their career paths. Maternity leave is the biggest career break and needs active management to ensure that women go back to work. Adapt the Human Resource Management Process: At the same time, companies must ensure that their recruitment, appraisal and career management systems do not hold women back in their professional development. The process for identifying highpotentials often focuses exclusively on managers between the ages of 28 and 35; to avoid potential opting outs. Looking beyond the reengineering of processes needed, human resource functions have an essential role to play in sensitizing front-line managers and spotting potential women candidates. Help women master the dominant codes, nurture their ambition: Finally, women need help to master the company codes. Coaching, network-building or mentoring programs can be highly effective in raising women’s awareness of the limitations they impose on themselves and enabling them to manage their careers in a male-centric environment.

Indian Companies Strengthening the Talent Pipeline The Gender Diversity Benchmark for Asia report concluded that India has the smallest percentage of women in the total workforce (between China, Hong Kong, Japan, Malaysia, and Singapore) and the largest pipeline leak occurring earliest in womens’ careers—between middle and senior-level positions (48% decrease). Indian women are giving up their careers much sooner than professional women in other Asian countries.

CSR & COMPETITIVENESS, JUNE 2014

ARTICLE The Indian Parliament has adopted a new set of Company Law replacing the earlier Act of 1956. By virtue of the second proviso to sub section (1) of Section 149, every listed company within one year and other nonlisted company having paid up capital of Rs. 100 crore or more within 3 years from the date of commencement of the said provision shall have atleast one woman director on its Board.

Some companies in India are working to close that leak and get more women into senior management. GOOGLE launched the Google India Women in Engineering Award, to target and find talent early at the university level. In 2010 Google India organized a week-long event ‘The 6th Sense: Diversity Week in India’ to increase awareness of differences, across not only genders but cultures and sexual orientation. IBM INDIA’S diversity policy targets not only employees, but the entire system of suppliers, partners, and vendors. In addition, IBM India is one of the few companies that provides sensitivity training to its managers on lesbian, gay, bisexual, and transgender employees. In 2003, INFOSYS launched a global council of six internal, senior women who were tasked with conceptualizing and implementing an initiative that would create a gender-sensitive environment to attract, hire, and retain top talent, including women. Between 2003 and 2006, the retention rate for women increased, which Infosys attributes to its programs and policies. Infosys recognizes that retaining top talent is essential to being a global leader in the marketplace. PFIZER INDIA’S priority is to retain high-potential women in this growth market. Pfizer recently launched ‘Creating a High-Performance Community’ with goals to ensure top female talent is supported and feels valued, and to strengthen the connection between Pfizer’s highperforming women and their women customers. ABG launched formal, company-wide talent management in November 2003 to introduce uniform practices across all its companies. The objective was threefold: to institutionalize a set of core talent management processes; to provide a common standard by which to assess talent; and to establish common standards for attracting, identifying, and developing talent company-wide. HSBC INDIA introduced the Flexible Work Arrangements (FWA) program in 2008. Since the program’s inception, an estimated 10% of HSBC India’s employees have used FWA, and the bank has succeeded in retaining approximately 4% of the employees who had resigned or expressed the intention of resigning by offering them the option to participate in the FWA

CSR & COMPETITIVENESS, JUNE 2014

program. VODAFONE INDIA revamped its employee referral program to differentially reward woman talent referrals. It has also reached out to its hiring partners for help on diversity hiring. The Company has put in place maternity transitioning mechanisms, flexible working post maternity, ensuring that our female staff reaches home safe to ensure gender diversity at work.

Companies Act, 2013 The Indian Parliament has adopted a new set of Company Law replacing the earlier Act of 1956. By virtue of the second proviso to sub section (1) of Section 149, every listed company within one year and other nonlisted company having paid up capital of rupees 100 crore or more within 3 years from the date of commencement of the said provision shall have atleast one woman director on its Board. As per recent GMI ratings 2012, Women on Boards Survey finds that “despite the presence of a few high profile female entrepreneurs and CEOs, India’s percentage of female directors is only 5.2%, below the developing-world percentage of 7.2%, and it has not increased significantly since 2009.” However, with the passage of much awaited Companies Act, 2013, it is believed that the percentage of female directors on the board will increase to double digit. Although mandating board diversity through law may have its own share of issues to contend with, the norms and practices followed by boards and their nominations committees should set out criteria for ensuring diversity including gender diversity on their boards. Companies must take a long term strategic approach to engage diverse talent. Companies must define their role in the global marketplace. The train has left the station. You may not be where you want to be with your diversity strategy, but you need to get started. Nesar Ahmad, FCS Founder President: Uniserve Knowledge Foundation; Past President , ICSI and Advisor IOD. Reprinted from Quality Times, March 2014 with permission of institute of Director.

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