New Delhi: Union Minister of State for Corporate Affairs and Road Transport and Highways, Harish Malhotra, and Justice (Retd.) Dipak Misra, 45th Chief Justice of India, inaugurated the flagship ‘National Conference on Responsible Business Conduct 2024 – Escalating Environmental, Social, and Governance (ESG) for Viksit Bharat’ in New Delhi today. The conference was organised by the School of Business Environment, Indian Institute of Corporate Affairs (IICA).

In his keynote address, Malhotra emphasised the government's unwavering commitment to fostering responsible business practices crucial for sustainable development. He highlighted the essential role of ESG, particularly inclusiveness, in achieving Viksit Bharat and urged Indian businesses to lead by example in adopting ethical and sustainable practices, positioning India as a global leader in responsible governance.

Justice Dipak Misra delivered a special address, focusing on the ethical imperatives of corporate governance. He highlighted the crucial role of crafting ESG policies that will act as the fulcrum in ensuring that businesses operate within the bounds of justice and fairness, aligning their practices with broader goals of social and environmental responsibility. He further elaborated that ESG is a philosophical thought that must be imbibed and should not be treated as a mere legal compliance task. Justice Misra reminded the gathering that the Supreme Court of India, in National Textile Workers’ Union v. P R Ramkrishnan, recognised the new concept of a corporation adopting the socialistic pattern of society as the goal of the country’s economic and social policies. He mentioned that the maintenance of environmental ethicality is a categorical imperative, as the value addition of any business entity depends upon its ‘Green Behaviour,’ and ESG has now become a competitive barometer for reputation. He suggested that it is time for nations to pledge to change the philosophy of commercial concerns at the highest level and make every corporate and individual aware of the new lexicon that global thinkers are developing, expecting every entity to remain ‘Argus-eyed’ to be progressively compliant and not to take shelter under any adroit intent to bring in expeditious institutional solutions.

In his welcome address, Dr Ajay Bhushan Prasad Pandey, Director General & CEO of IICA, extended a warm welcome to the distinguished speakers and participants, stressing the importance of responsible business conduct in driving India's sustainable development agenda. He highlighted that the IICA, through its School of Business Environment, has been promoting responsible business conduct through policy advocacy, research, and capacity building programmes for the public and private sectors on aspects of ESG, sustainability, CSR, business and human rights, biodiversity conservation, sustainable finance, etc. The annual national conference on responsible business conduct is a testament to IICA’s commitment to a Viksit and Sustainable Bharat.

The inaugural session by Professor Garima Dadhich, Head of the School of Business Environment, IICA, set the context for the conference.

Shombi Sharp, United Nations Resident Coordinator to India, in his special address, highlighted the importance of responsible business conduct in achieving the vision of a Viksit Bharat (Developed India) and emphasised the need for collaborative efforts between the government, private sector, and civil society.

The inaugural session featured special addresses highlighting pressing issues related to responsible business conduct. Cynthia McCaffery, UNICEF Country Representative for India, shared insights on the global relevance of ESG principles in fostering inclusive growth and incorporating meaningful sustained livelihood goals in achieving developed India. Helen Brand OBE, Chief Executive of ACCA, focused on the evolving role of governance in promoting responsible business practices and highlighted the significant role India plays on the global stage in advancing ESG-driven development. The session brought together eminent leaders, policymakers, corporate executives, and international experts to deliberate on the critical role of businesses in driving responsible and sustainable development.

On the occasion, the book Embracing ESG in India by Dr Garima Dadhich and Dr Ravi Raj Atrey was also released during the inaugural session. The book offers a comprehensive guide on ESG practices in the Indian context and is a compilation of case studies of the torch-bearers, promoters, and initiators of change. Additionally, the online Data Portal on Business Responsibility and Sustainability Reporting (BRSR) was launched, providing an essential tool for businesses and stakeholders to access critical data and insights for responsible business conduct. /BI