In the future, a company’s environmental, social, and governance performance would become milestones and have a high impact on long-term financial success, Susheel Kumar, Secretary, Ministry of Coal, has said.
Inaugurating a national seminar on “Best practices in Financial Management” organised by NLC India Limited at Neyveli as part of its diamond jubilee celebrations, Mr. Kumar highlighted how sustainability practices adopted by companies may influence investment/investors decisions.
He exhorted organisations to invest in Research and Development and also stressed the need to formulate a sustainability strategy and incorporate it into its overall corporate strategy, including a clear business goal to optimise the value to the organisation.
In a special message, Piyush Goyal, Minister of State for Power, complimented the NLC management for organising the seminar as a platform for sharing and stimulating innovative ideas and suggestions on enhancing efficiency of an organisation and thereby build a strong foundation for growth.
He also lauded the organisation for initiatives on online payments, zero cash transactions and other e-governance measures to increase efficiency and transparency.
S.K. Acharya, NLC CMD, in his presidential message, said the effort was to help understand the evolving scenarios of the business and market in world. It was also to shed light on the best practices in financial management, ethical governance, challenges in financial management and to find out better technical and financial control practices which results in efficiency and transparency outcomes for promoting and adding value to the transactional goals.
S. Jayaraman, former CMD of NLC, in his key note address said organisational success in terms of financial management depended on a combination of business analysis, perspectives, reliable information systems and also encouraging an environment to take free decisions in internal system.
An e-seminar brochure was released by Mr. Susheel Kumar and the first copy was received by Mr. Acharya.
Earlier, Rakesh Kumar, Director (Finance) explained how NLC coped with the business environment with an approach of “People, Planet, Profit and Sustainable Development”.
As a recent case in point, he cited how NLC successfully opted Reverse auction method in tendering and saved ₹460 crore for a project.
R. Mohan, ED (Commercial) and NLC Functional Directors Subir Das, Thangapandian, P. SelvaKumar and R.Vikraman, and A.Ganesan GM/Finance participated.
An exhibition was also held to showcase cash less transactions methods and various achievements.
