Sustainability is a tool for innovation in identifying hidden needs and values which would become more relevant in the years to come, says Juan Costa – Former Minister with the Government of Spain, currently the Global leader of climate change and sustainability services at EY.
India has come a long way since its independence in terms of social, political and economic development. However, it continues to grapple with issues of inclusiveness, equity and sustainable growth; this has a strong underlying impact on the country’s business environment. In light of this, the Indian Government amended the Companies Act to mandate companies to make investments for the cause of the betterment of society. With this, India became the first country in the world to legislate Corporate Social Responsibility.
In an ever intriguing debate on how much impact the New Companies Act has on the business leaders, the conservatives also agree on the need to have an increased level of diligence by the Boards/ CEOs to effectively discharge an array of direct responsibility that the act has imposed on them.