TERI Business Council Stresses on Sustainability Reporting Practice for Corporate Sustainability
Date: 31-10-2009 08:32 PM
Source: The Energy and Resources Institute (TERI) (Business Wire India)
Category: Business, Science & technology, Leisure, Entertainment
Location: Mumbai, Maharashtra, India
In India, as is the case globally, there has been a growing awareness among the stakeholders such as the consumers, media, NGOs and the society, on the environmental and social impacts of business. With this, there is an increased pressure on companies to be transparent and socially responsible and report on their non-financial performance (primarily environmental and social) in the form of sustainability report. Thus, it is vital for companies to understand the evolving trend of sustainability reporting and its impact on their long-term viability. TERI - BCSD India is the regional network of World Business Council for Sustainable Development (WBCSD), with 94 member companies in India. TERI - BCSD India, in association with one of its member company DNV (Det Norske Veritas), organised a two-day training and capacity building workshop on ‘Corporate sustainability: Measuring & reporting’.
Elaborating on the need of such trainings, Ms. Annapurna Vancheswaran, Director TERI, said "From the response that we have received from our sustainability reporting workshop in Delhi and its sequel now in Mumbai, it is evident that companies are realising reporting to be an essential tool for competitiveness. The relevance of sustainability reporting is of particular importance in emerging economies. "
The workshop in Mumbai brought in a new dimension and included a view from the top on sustainability reporting. TERI - BCSD India member CEOs participated in a one- hour panel discussion with trainees on their views and perspectives on corporate responsibility and the role of sustainability reporting. The panel comprised of top CEOs like Ms Meera H. Sanyal (Country Head, ABN AMRO Bank NV), Mr Prasad Chandran (Chairman & Managing Director, BASF India Limited) and Mr Kishor Chaukar (Managing Director, Tata Industries).
In the session, Ms Meera H. Sanyal, of ABN AMRO Bank NV
, pointed out that sustainability decisions come from both- the head and the heart.
During the discussion, Mr. Kishor Chaukar, of Tata Industries, said, "Sustainability reporting reaffirms a company’s faith on the well- being of the community around which they function as business and community are interlinked."
Mr Prasad Chandran, of BASF India Limited,
stressed that, "If all the Indian companies undertook sustainability reporting they would not only be able to evaluate and monitor their progress but also India incorporated can claim stake of its space in global negotiations such as the forthcoming climate conference in Copenhagen."
In order to provide a practical edge to the workshop group exercises based on case studies were undertaken. To enhance further the learning and understanding of the participants, representatives from BPCL shared the company’s experiences on its sustainability reporting process, the challenges faced by the organisations and the strategies adopted throughout the process.
Large numbers of trainees were from companies who intend to begin the process of sustainability reporting. Some of the participants present are in the process of drafting their report and few have already produced such reports and were present to upgrade and update their knowledge. Around 22 participants from institutions like UNIDO and companies like BPCL, Cairn India, Johnson Controls (I) Pvt Ltd, NSE, TATA Chemicals Ltd, Wipro, Yes Bank, Edelman India, etc enthusiastically participated in the workshop.
About TERI BCSD India
TERI-BCSD (Business Council for Sustainable Development) India is the regional network of World Business Council for Sustainable Development (WBCSD). Currently a network of 94 motivated and environmentally conscious corporate houses, TERI-BCSD India as part of its mandate takes an active role in creating platforms for the corporate sector to enhance their efforts towards a more sustainable path of production and consumption.
For more information, please visit
www.teriin.org/bcsd
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