: Corporate companies should redistribute their accumulated economic values to the society and the environment for its betterment and that would ultimately lead to corporate excellence in real sense, said former director of Xavier Labour Relations Institute N. Casimirraj.
He was inaugurating a national seminar on Contemporary Corporate Ethical Environment at Jeyaraj Annapackiam College for Women here on Friday. Corporate excellence was not simply maximizing profit or increasing the market share, but improving the standard of living of the people and showing commitment to protection of environment, he pointed out.
“For instance, if a company enhances agricultural practices of its suppliers, they, in turn, add value to the produces by 300 per cent. Such value would benefit not only company’s shareholders but also to its suppliers (farmers). So the Corporate should focus not only on increasing share value of shareholders but also striving to increasing shared value of stakeholders.”
The end result of business was to develop economy and to offer a better lifestyle for human beings. Without business, there could be no human development. All scientific inventions and technological developments were made available to man by business only. Businessmen played a vital role in economic development and human development of the country, the director added.
Tamilnad Mercantile Bank former director T. R. Thamisarasu said that big business houses had to set aside certain percentage of profit to address social problems like poverty eradication, environmental protection, public health and education. Companies should not treat corporate social responsibility initiatives as charity but view them as a nation-building programme.