IODInstitute Of Directors

UJ BR IE LV EL EIS

Since 1990

UJ BR IE LV EL EIS

Since 1990

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Global economy is passing through severe hiccups due tomelt-down of Chinese economy and the debt-crisis inGreece. Every time a statement on turbulent economy ismade every policymaker wants to give a soothingimpression so that the general public is not upset. But the fact remains that new ways to tackle economic turbulence isnecessary and earlier a solution is found the better it will be.But, we need not lose time only in post-mortem.

This situation has also initiated a new movement inperformance reviews of individuals and companies. Whenrisks of different kinds are emerging in the global economya systematic linear growth model cannot be pursuedpredicting future growth based on the past performance.The performance reviews always point to the deficiencies.It has been realized that in the turbulent economy what onemay really look for is the 'preview' rather than the 'review'.For doing that it is also necessary to assess the future impactof turbulence in economy and the emerging risks and then to match competencies to manage these risks.

The Prime Minister of India in his Independence Dayspeech has called for two new initiatives, mainly: 'Start-UpIndia' and 'Stand-Up India'. Both these initiatives havebeen pronounced for the reason that the earlier efforts forstart-ups have not been to government's liking as well as theeffort to consolidate India's economy has also not been up to the mark. This is a big challenge for the Directors andBoards. It is also being realized that the contribution ofnon-listed companies in India's economy is as significant asthat of the listed companies.

Creating a corporate culture that will succeed in theemerging economic scenario and provide a higher

'happiness index' to the employees is a challenge for theBoards of the future. Though the corporate governance isparticularly associated with companies listed on the stockexchanges of developed countries it is becoming far more important and significant for the corporate world todevelop new principles to counter challenges due to rise ofSMEs, social enterprises, voluntary sector and professionalbodies. The social enterprises are still not considered to bethe 'game changers' of the market but they are playingcrucial role in identifying future management principles. Itis the responsibility of the Boards to change themselvesfrom general to contextual responses and ensure that theyshow the 'way forward' for this new 'class of power centres'in the economy with appropriate aims, strategies,methodologies of sustainable business practices.Protection of interest of each stakeholder will remain thekey-corporate governance issue. The Directors will haveto ensure appropriate governance structures supported byrelevant behaviours for ethical business. Corporates willhave to really move beyond compliance and on to ethics.Corporate governance is preoccupied with preventivedown sides but it should really be the driver for futureethical business growth.

IOD's London Global Convention on CorporateGovernance and Sustainability during 7-9 October, 2015will be an opportunity for evolving the way forward andfinding out appropriate strategies and approaches for futuresuccessful growth of global economy.

Pradeep Chaturvedi Editor-in-Chief

The governance of enterprises of all types andsizes has an impact upon the daily experience ofmany people. The inventiveness of companieswill determine our prospects for the future.Many people spend much time, including theirmost creative hours, either working forbusinesses, interacting with them or benefitingfrom what they do. These companies supply uswith incomes and/or goods and services. Taxeson the value they produce fund our publicservices.

Business, political, professional and thoughtleaders, opinion formers, regulators and otherswill be shortly assembling in London to considerrecent developments and emerging trends inboth corporate governance and sustainability.This annual gathering represents an opportunityfor updating, networking and identifying futurepriorities. It is a forum for discussing issues,celebrating successes and determining nextsteps.

Corporate governance is particularly associated with issues concerning listed or quotedcompanies, due to a clearer separation ofownership and control. In many countries efforthas also been devoted to improving thegovernance of public bodies. The convention isan opportunity to also explore the applicabilityof its principles to small and medium sizedenterprises (SMEs), family businesses, socialenterprises, the voluntary sector andprofessional bodies. Are there other arenas suchas the world of trade unions that would benefitfrom a review of prevailing governancearrangements?

How should those with the power to influencegovernance arrangements best ensure that

enterprises pursue appropriate aims, engage inrelevant activities, and use capabilities andresources effectively and sustainably? How can they either prevent or reduce the risk ofindividuals and cliques in positions of powerwithin companies taking advantage of theirpositions and pursuing their own interests, forexample by paying themselves excessiveremuneration?

In the case of family businesses, owners ortrustees of their interests may be intimatelyinvolved, perhaps attending board meetings.Where ownership is widely spread, shareholdersmay need to wait for periodic communicationssuch as an annual report and accounts in order toassess how directors have performed. They aredependent upon the judgements of others. Theprotection of their interests can partly dependupon governance arrangements and how they areimplemented.

Appropriate governance structures can beaccompanied by the inappropriate behaviours ofdirectors. Given the nature of human beings andthe extent of temptation, many investors do notentirely trust governance arrangements or thejudgements of others. By investing in adiversified portfolio they endeavour to spreadtheir risks and avoid excessive exposure toparticular boards that may under perform, forexample by taking mistaken decisions ormissing opportunities.

For many people corporate governance isassociated with principles and/or best practicesset out in codes of practice. Such documents cansuggest standards and norms and result inassumptions that if deviations from them need tobe explained, they may also result in adverse

* Prof. Colin Coulson-Thomas, He is a member of the business school team at

the University of Greenwich and Director-

General, UK and Europe of IOD India, holds a portfolio of public and private sector

board level appointments.

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Masterclass for Directors exclusively for Women (In Association with CII), in Kochi, Kerala

reactions from others. Might this inhibitinnovation and diversity to address particularcircumstances? In other walks of life a departurefrom standard could indicate a bespokeapproach, and that one has gone beyond a normand taken the time to address the requirements ofinterested parties in a specific situation.Customers often pay a premium for a responsethat meets their individual requirements.

Delegates to the forthcoming global conventionwill include a substantial contingent of business leaders from India, many of whom may bechairmen and managing directors. Should oneimmediately challenge these distinguishedparticipants and condemn those who appointedthem for flouting a key objective of UKcorporate governance by giving too muchinfluence to one person? Alternatively, shouldone recognise the distinct nature and Indiancontext of their organisations?

One can understand collective efforts to identifyfundamental principles such as seeking toprevent an unhealthy concentration of power, butin relation to corporate governance the duties andresponsibilities of directors are set out inlegislation. In many countries Companies Actsare quite specific in terms of what directorsshould and/or should not do. Beyond this whilesome might benefit from guidance, to whatextent should governance be standard as opposedto appropriate to the context? How can one best encourage people to both learn from others andadopt the best course of action in a particularsituation and context?

Is there too much prescription and too littleguidance? Has corporate governance in practicebecome a bureaucratic and legalistic process ofcompliance with standard and externalapproaches, codes and models that seemdetached from the process of business buildingand satisfying stakeholder interests? Someindependent directors endeavour to justify theirpresence at the boardroom table by posingperiodic questions relating to assurance,compliance, risks, standards and codes, butmany boards delegate the observance of codes -

or doing just enough to justify ticking a box - to amember of the corporate legal or companysecretarial team. They are not necessarilythinking about better ways of operating, or howthey as a board might add more value.

Why should one assume that even similar, letalone the same, approaches and models shouldapply to an entrepreneurial start up, a longestablished local family business, a diversifiedinternational conglomerate, a professional orchari table body, or a Governmentalorganisation? In all these areas boards have beenencountered that have endeavoured to adopt ageneral and standard governance code. Whyshould anyone imagine that a particulargovernance model would be appropriate at allstages of an enterprise's development from start-up and through the introduction of new lines ofbusiness, international expansion, technologicalchanges, mergers and acquisitions, competitivechallenges and changing market, regulatory,economic and social contexts?

One frequently encounters directors who arefrustrated at being offered basic principles andgeneral solutions rather than advice on the bestgovernance arrangements for the situation theyare in at their company's particular stage ofdevelopment. A Martian on being told of thebasic principles of corporate governance, andaware of the extreme diversity of organisations,situations and contexts and the fundamentalnature of changes and developments that occur, might wonder at the lack of variety ingovernance approaches, models and practicesand the relative infrequency of change.

Early pioneers of corporate governance gavetheir time voluntarily to prevent the recurrenceof certain abuses, introduce checks and balancesand establish potentially beneficial principles.Would a cynical Martian surveying the scenetoday suspect that the main customers forcorporate governance are those who commenton draft standards codes, influence theirdevelopment, and derive income from advisingon their implementation? Consultants, auditorsand accountants are easier to train and the

Delegates to the forthcoming global

convention will include a substantial

contingent of business leaders from

India,

production of manuals and methodologies is morestraightforward if there are standards and norms, and if mostboards are persuaded to follow them rather than think forthemselves. Would too much innovation and diversity lead to aloss of influence and control?

The more extensive and complex rules, regulations, codes andstandards are, the greater the revenue opportunity for externalproviders of assurance, governance and reporting services, andthe more likely it is that boards will delegate 'compliance' to ahead office expert to 'sort' and 'report back' rather thanthemselves discuss the issues. Given that much of thegovernance infrastructure is designed to prevent a recurrence ofpast 'scandals', maybe boards should do just enough to comply in some areas, while focusing their attention on prioritychallenges and opportunities and remaining alert to new andemerging areas of risk that the governance community has yet toaddress.

Corporate governance is not an unfrequented backwater.Governance academics, advisers, consultants, committees,codes and publications abound. The cost of keeping such highlyqualified people in the manner to which they have becomeaccustomed in salaries and fees is not insignificant. Yet where isthe return in terms of either fewer issues or innovation,relevance, proportionality, and bespoke responses that are easyto implement, and which build director competence and boardeffectiveness and contribute to sustainable businessdevelopment and the achievement of key corporate andstakeholder objectives? Where is the creative exploration ofbetter alternatives as opposed to occasional reviews of ourinheritance from governance pioneers?

Does governance deter risk taking? Some entrepreneurs whosebusinesses are growing rapidly approach governance with asense of trepidation. They recognise that greater scale,international operation and new activities and technologies mayrequire new perspectives and different ways of operating atboard level. They may face particular problems such assuccession when founder directors step back, or how to maintainfamily control as new people are brought in. However, they mayalso worry if a standard approach might be appropriate for theirbusiness and whether the relatively bureaucratic, more formaland complex approaches being suggested and a greater focusupon compliance might reduce healthy diversity, stiflecreativity and inhibit innovation.

Will new procedures being suggested by advocates of moreformal governance processes be so time consuming toimplement that those with ideas for better ways of operating

may lie low rather than suggest changes? Where variousbusiness units need to operate differently will subjecting them tocommon approaches and disciplines act as a straight-jacket?Should different companies within a diversified group havetheir own governance structures and practices according to whatis most appropriate for their individual circumstances?

For many growing businesses and family companies around theglobe, would adoption of the prevailing governance structurewith its origins in the particular governance problems of listedcompanies in certain countries damage what is different andspecial about each of them? Would a better option be to addresseach case on its own merits, and build upon what already worksand put in place governance arrangements that match theaspirations and requirements of each set of stakeholders for thenext stage of development of each entity?

Given the profile of governance, should we expect more thanjust an association between the observance of codes andperformance? Should we expect a direct cause and effect linkand measurable benefits? Are there fewer business failures? Is there less favouritism, fraud and corruption? Has directorremuneration moderated? Are boards taking smarter decisionsand better informed, more vital and adding more value? Haveentrepreneurs ascribed their success to boards and corporategovernance arrangements? Are the later more relevant, flexibleand conducive of innovation and value creation? Aregovernance danger signals still apparent in boards?

How should one measure governance success? Is it observanceof principles, compliance with codes and laws, or the degree ofchallenge and/or the quality of thinking, debate and decisions inthe boardroom? Should a board assess itself and/or commissionan independent evaluation and/or seek the external views ofinvestors and other stakeholders? Are there indications ofexternal recognition such as awards? What criteria should beemployed: vision, strategy, accountability, implementation,risk management, growth, profitability, innovation,sustainability or transparency?

Is corporate governance more relevant to some functions of theboard and less relevant to others? Does it make certaindilemmas faced by directors and boards easier to handle? Doesit favour the interests of some stakeholder groups over others?Are particular activities from visioning and delegating toimplementing strategy and reporting noticeably better orworse? Could any changes be explained by factors other thancorporate governance? Where does it rank in terms of impact,compared with say director and board development or bringingnew blood into the boardroom and changing the composition of

the board as a company grows and develops?

Governance arrangements should reflect how people are ratherthan how we would like them to be. What about digitalgovernance? What arrangements and policies should be in placeto address risks such as hacking, money laundering, terrorism,the funding of banned and suspect organisations and the stealingof personal and corporate information and intellectual property?A proportion of people may be out to take advantage of anyloophole or opportunity, but surveillance, monitoring andcounter-fraud initiatives can raise legal, moral and practicalissues and can also compromise trust.

Is corporate governance unduly defensive? Could we use theexpertise of the governance community more pro-actively andcreatively and to better effect? For example, what about thegovernance of criminal and/or terrorist organisations? If webetter understood the governance of these networks, howleadership is exercised within and across them and how controlis maintained, maybe we could find new ways of disrupting,disabling and/or neutralising them.

Are boards ticking boxes to get governance out of the way inorder to focus on business building, or are they investing qualitytime and effort in reviewing governance arrangements andinvesting in re-shaping them to contribute to the next phase ofbusiness development? If directors are doing just enough toshow willing, how do we move on from compliance withgeneral codes, rules and regulations to getting governancearrangements right for particular enterprises?

One alternative to a standard code would be a series of codesand/or guidelines to address the distinct requirements ofdifferent types of entity and/or sectors, or organisations facingparticular challenges and opportunities. Each would need to beperiodically reviewed and updated to remain current, but whowould do this and under what auspices? Would a family ofcodes, while it may have advantages, be a staging point en routeto boards putting in place governance arrangements appropriatefor the entities for which they are responsible? Should this be astatutory duty with the lazy adoption of a standard model apossible indicator that directors are not doing their jobs?

Is separate guidance required concerning governance inparticular arenas, for example, innovation, knowledge, risk ortalent management, IT or strategic planning? As in other areas,potential adopters would need to ensure that general guidance isnot inappropriate for particular companies. In some sectors

intelligent steering rather than annual corporate planning maybe required. Guidance relating to education and training andhuman capital growth might not be a priority for a company witha strategy of replacing people with robots, drones and self-helpsystems.

Governance is preoccupied with preventing downsides. Theneed for vigilance is justified by reference to corporate scandals,with the same few names regularly trotted out in articles andspeeches. However, what about upside potential? For everynegative example, there may well be hundreds or thousands of boards that are missing opportunities, taking well meaning but less than optimum decisions, and not operating as effectively asthey could for a variety of reasons. What is governancecontributing to this wider problem of improving the competenceof directors and boards that could not be accomplished by othermeans such as director and board development?

One might expect shareholders to be vigilant in looking aftertheir best interests. This is particularly true of entrepreneurs andthe worlds of SMEs and family companies, where shareholdersoften keep a close watch on their investments, or are intimatelyinvolved in 'building the business'. Many corporate governanceapproaches and codes have evolved to address a differentsituation, namely a separation of ownership and control and thereality that many investors have a diversified portfolio ofinvestments and/or invest via institutions and their pensions.Hence they have less motivation to be actively involved in theaffairs of any particular company.

There are quoted companies of national and internationalsignificance where few if any individual shareholders can exertmuch influence on their affairs. But the question of the relativeadvantage of standard and bespoke approaches still applies. Theideal governance requirements of an integrated utilityconsidering a new generation of nuclear power stations may notbe the same as that of a seasonal fashion business, or a restaurantchain or an e-business in terms of board composition, frequencyof meetings, agendas or how the business of the board isconducted. Why do those whose governance experience derivesfrom some arenas assume it is relevant in quite differentcontexts?

Certain assumptions and widespread practices need to bechallenged. For example, why do so many boards put such ahigh priority upon recruiting a high powered CEO? Elevatingone person far above executive colleagues in standing andpowers can encourage an unhealthy concentration of power andthe hierarchical forms of organisation that are associated with it.Does current corporate governance assume certain forms of

organisation? Is it equally relevant to the internet age and thedifferent models of operation that are emerging and which can quickly mutate and enable relatively small numbers of people torapidly build valuable businesses.

What if anything is contemporary corporate governancecontributing to sustainability? How have governanceapproaches changed to address sustainability considerations?Governance and sustainability ought to be natural complementsas continuity, effective challenge, the efficient use of resourcesand the best long-term interests of organisations and theirstakeholders are concerns of practitioners in both arenas. Arethey engaged in a productive dialogue? Governance itself needsto be sustainable and it needs to embrace sustainability.

It is easy to become lost in generalisation and the rhetoric ofgovernance. What do terms such as 'transparency', 'integrity'and 'ethical' mean in relation to sustainability? How open shouldone be in competitive markets about risks and future problems,while not being alarmist and while awaiting relateddevelopments? Apart from corporate governance responses,what else are boards doing to reflect greater public interest insustainability considerations? Are people with sustainabilitycredentials being brought onto boards? How does one assesswhether or not individual directors and a board collectively areenvironmentally sensitive and aware and alert to sustainability issues?

The greater use of mobile devices and social media mean thatthe consequences of corporate failure in sustainability and otherareas can be more evident and disseminated more quickly and togreater numbers of people than ever before. Some responsescannot wait until the next board meeting. Directors and boards face a host of new and emerging challenges and opportunities, aproportion of which may raise issues relating to direction,policy and/or strategy. In order to cope, directors may need toreview governance arrangements and operate in new ways. Letslook now at some of the specific questions that speakers could address at the 2015 London Global Convention.

How are contemporary approaches to governance perceived indifferent parts of the world? Do views vary in respect ofdifferent types of entity at particular stages of growth anddevelopment? Are new dimensions and practices emerging inrelation to the implementation of compliance and riskframeworks? How applicable are good governance principles toSMEs and family businesses?

Is consolidation or fragmentation occurring at an international

level? Will the next generation of codes, regulations,approaches and guidelines contain more common elements, or will they be noticeably different in order to accommodate localissues and requirements? Will providers of finance and certain international institutions prefer some approaches over others?Will the corporate governance landscape favour or inhibit jointventures, mergers and acquisitions?

Are distinct areas of national or regional focus emerging? Do weneed different approaches in an Asian context or other regionsof the world? Could or will China seek to exert influence andpromote a particular approach to governance? Are competingmodels and approaches converging or moving further apart?Should we be thinking in terms of 'global' best practices, and ifso what are they and how does one judge their applicability in aparticular situation and context?

How should boards renew and reshape themselves fortomorrow's pressures, priorities, concerns, challenges andopportunities? Is there an ideal board composition for drivingbusiness development and sustainable growth, or does it alldepend upon the context? What constitutes a high performanceboard? How do directors and board chairs create a highperformance board and best leverage and apply its contribution,and build high performance organisations?

What are the priorities in respect of diversity, whether ofthinking or composition? How should one best improvediversity, relevance and quality? A collection of carefullychosen and excellent people does not necessarily constitute aneffective board. How does one persuade a founder chairman andchief executive to separate a focus upon building the businessfrom a focus upon the more effective operation of the board?What role should institutional investors and other owners andexecutive and independent directors play in building moreeffective boardroom teams?

How should one set about building tomorrow's boards inemerging markets? Are certain roles different from theirequivalents in more developed contexts? Do control structures need to be different and contextual? How should independentdirectors be selected, used and supported? In respect of family companies, what parallel developments need to occur in relationto the governance of family interests? How should one handlethe departure of first generation entrepreneurs?

How should roles and responsibilities for building mutuallybeneficial relationships with different groups of stakeholders beallocated within the boardroom team? Are there better ways of

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engaging stakeholders and involving them, whether to increaseawareness and/or understanding or to stimulate supportiveaction and benefit from it?

What role should the company secretary play in the boardroom?How can chief financial, legal, risk, knowledge, talent andtechnology officers better support boards? How might theseplayers with a professional interest in good governance shareviews, discuss issues and coordinate their responses? What canthey contribute individually and collectively to ethical businesspractices and organisational integrity?

In some companies more attention could be paid to whatmembers of the senior management team could do to bettersupport the board. Whether by better understanding the functionof the board and the distinct liabilities, duties andresponsibilities of company directors or through betterreporting mutual appreciation and support could also beincreased.

How does one match the desire, intention and rhetoric ofsustainability with practical initiatives that change behavioursin desired ways without putting a company at a cost andcompetitive disadvantage? What questions should directors be asking to embed sustainability in a competitive businessstrategy? What leadership should a board provide to develop a more sustainable business model or paradigm, and to help staff,customers and the users of goods and services make moresustainable decisions?

Where there are calls from politicians, commentators, socialand traditional media, and others for growth and developmentthat is inclusive as well as sustainable, how should boardsrespond? To what extent should they skew decisions to favourparticular groups, or to achieve social objectives that may ormight not be priorities for other stakeholders? Does beingresponsible extend to social engineering and becominginvolved in areas that are properly the province of Government?

Boards have to make choices. In relation to sustainability, whatare 'green credentials' and how should one assess theirachievement? How is a company portrayed and perceived insocial media, and how representative are the views that othersare expressing? In relation to timing, should directors act now orlater, for example when the cost of renewable energy has furtherreduced? In relation to CSR where should the priority be and atwhat point has one done enough?

Directors and boards are custodians of an organisations values.

Many boards have to establish policies and principles to coverthe activities of people from a wide range of nationalities,religions and political persuasions, some of whom may havevery different values. Certain choices are multi-dimensionaland more difficult than they may appear at first sight, and somedirectors find it easier to make ethical judgements than others.Should we be embedding CSR into corporate boardrooms orshould we be sceptical? Where markets are free and regulationis effective, does irresponsible conduct simply lead tocustomers, investors and ones best employees going elsewhere?

Is there a danger that some directors may loose sight of theprimary purpose of enterprise? Might certain boards contributemore to wider society, as well as immediate stakeholders, byavoiding distraction with additional and peripheral CSRinitiatives, and focussing instead upon innovation and moreeffective and sustainable operation in their core business, wheretheir comparative advantage is greatest and corporatecapabilities are most relevant?

Are we in danger of imposing so many duties and expectationsupon directors that some of them may loose the plot? Indiscussions of corporate values and ethics, what is the value ofdiverting attention and resources from a core activity wherebreakthroughs could be game changing to an initiative that maybe inefficient in comparison but which is undertaken just to ticka CSR box and chalk up a 'responsibility' credential? In terms oftheir small scale, relative ineffectiveness and opportunity costsis the use of corporate resources for some 'social' initiativesethical or unethical?

Some boards are blessed with favourable conditions that are notof their own making, while others are hit by a succession ofproblems. Coping with recession presents different challengesfrom riding a boom, but in tough economic times there may stillbe opportunities to gain competitive advantage. The assessmentof board effectiveness should reflect the situation andcircumstances. Should it take account of professionalism aswell as performance?

What are the emerging trends in relation to reporting, theaccountability of directors and boards, how they are evaluatedand how their individual and collective performance ismeasured? How should one assess performance andcompliance? Are the approaches of internal and externalauditors changing? How can boards best work with them toobtain the assurance that directors require? How might risk-based and risk-centric approaches help?

How many people actually read and understand annual reports

and accounts? How could their value and cost-effectiveness beincreased? Is integrated accounting a natural evolution or aparadigm shift? What are the implications of integratedaccounting and/or applying international reporting standardsfor boards, stakeholders, governance and sustainability? Whatstandards should family companies observe? Would confidenceaccounting clarify or complicate?

Do we need a revolution in governance, a new model, a familyof different approaches for various situations, or is it just aquestion of a shift of emphasis and change of balance? For mostof our history the effective use and re-use of scarce resourceshas been essential for survival from one spring to the next. Everyday objects could be passed from generation to generation.Sustainability meant continued existence. After manymillennium one might have expected the avoidance ofinefficiency and waste to be in our genes and sustainability to bean integral element of governance.

Given extensive frameworks of laws, regulations, checks,assurance and compliance mechanisms and the number ofpeople from auditors and independent directors to regulators,officials and those concerned with policing and fraudprevention who are paid to check up and monitor them shouldone assume that most members of the community of directorsare greedy and self-interested mercenaries who will be up to nogood from the moment they think they can get away with it?

Alternatively, if transgressors are few in number and inherentlysuspect should more effort be devoted to appointing honest andcompetent people to boards? Would this be more cost-effectivethan imposing constraints upon all companies that might inhibitinnovation and diversity?

Wise backers of ventures and smart individuals looking to jointhem have always looked for honest, competent and fair-mindedpeople who would look after their interests and do the rightthing, in either favourable circumstances or adversity. Theywould weigh the risks involved. While welcoming windfallsand suffering occasional losses, only the naïve would normallyexpect other than reasonable returns over time. Since thecreation of limited liability companies, their owners, whetherholders of shares in a quoted company or in a family business, have hoped that directors will be competent and boards effectiveand adding value rather than just acting as rubber stamps.

We can contribute to better governance by encouraging peopleof integrity who can think for themselves and are able to put theinterests of others before their own to consider a directorialcareer. We can also encourage them to view any directorialappointment as an opportunity to make a difference, and to

commit to lifetime learning from their experiences and that ofothers in order to stay current and become a better director.Members of boards have our futures in their hands so theiractive participation in the forthcoming London GlobalConvention is to be welcomed.

July, 2015

IODInstitute Of Directors

Thermo Fisher Scientific Inc., USA

Thermo Fisher Scientific is the world leader in serving science,with annualized revenues of U.S. $17 billion and 50,000employees in 50 countries. Our mission is to enable ourcustomers to make the world healthier, cleaner and safer. Wehelp our customers accelerate life sciences research, solvecomplex analytical challenges, improve patient diagnostics andincrease laboratory productivity.

Our worldwide corporate headquarters are located at 81 WymanStreet, Waltham, Massachusetts. Our Board of Directors haseleven members, and a standing Audit Committee,Compensation Committee and Nominating and CorporateGovernance Committee, as well as Strategy and Finance, andScience and Technology Committees.

We serve more than 400,000 customers within pharmaceutical and biotech companies, hospitals and clinical diagnostic labs,universities, research institutions and government agencies, aswell as environmental, industrial quality and process controlsettings.

Through our four premier brands – Thermo Scientific, LifeTechnologies, Fisher Scientific and Unity Lab Services – weoffer an unmatched combination of innovative technologies,purchasing convenience and comprehensive support.

Under the Thermo Scientific brand, we offer customers inresearch, diagnostics, industrial, and applied markets acomplete range of high-end analytical instruments as well aslaboratory equipment, software, services, consumables andreagents. Our portfolio of products includes innovativetechnologies for mass spectrometry, elemental analysis,molecular spectroscopy, sample preparation, informatics,chemical research and analysis, cell culture, bioprocessproduction, cellular, protein and molecular biology research,allergy testing, drugs-of-abuse testing, therapeutic drugmonitoring testing, microbiology, anatomical pathology,transplant diagnostics, as well as environmental monitoring andprocess control.

Under the Life Technologies brand, we offer life sciencescustomers a broad range of superior-performing products to

help them drive innovation in research, clinical and appliedmarkets. Our portfolio includes some of the most cited productsand technologies in qPCR, capillary electrophoresis (CE)sequencing, next-generation sequencing (NGS), moleculardiagnostics, forensics, cell culture and analysis, and agricultureresearch.

Fisher Scientific is our channels brand, offering customers acomplete portfolio of laboratory equipment, chemicals,supplies and services used in scientific research, healthcare,safety, and education markets. These products are offeredthrough an extensive network of direct sales professionals,industry-specific catalogs, e-commerce capabilities and supply-chain management services. We also offer a range of biopharmaservices for clinical trials management and biospecimenstorage.

Unity Lab Services is our services brand, offering a completeportfolio of services from enterprise level engagements toindividual instruments and laboratory equipment, regardless ofthe original manufacturer. Through our network of world-classservice and support personnel, we provide services that aredesigned to help our customers improve productivity, reducecosts, and drive decisions with better data.

In addition to our four premier brands, we offer a number ofspecialty brands that cover a range of products.

We continuously increase our depth of capabilities intechnologies, software and services, and leverage our extensiveglobal channels to address our customers' emerging needs. Ourgoal is to make our customers more productive in anincreasingly competitive business environment, and to allowthem to solve their challenges, from complex research toimproved patient care, environmental and process monitoring,and consumer safety.

Thermo Fisher's Board of Directors has adopted governanceprinciples and guidelines of the Company to assist the Board inexercising its duties and to best serve the interests of theCompany and its stockholders. In addition, the Company hasadopted a code of business conduct and ethics that encompasses

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the requirements of the rules and regulations of the Securitiesand Exchange Commission for a “code of ethics” applicable toprincipal executive officers, principal financial officers,principal accounting officers or controllers, or personsperforming similar functions. The Code of Business Conductand Ethics applies to all of the Company's officers, directors andemployees.

We have long believed that good corporate governance isimportant to ensure that the Company is managed for the long-term benefit of our stockholders. We periodically review ourcorporate governance policies and practices and compare themto those suggested by various authorities in corporategovernance and the practices of other public companies. As aresult, we have adopted policies and procedures that we believeare in the best interests of the Company and our stockholders. Inparticular, we have adopted the following policies andprocedures:

Declassified Board of Directors. All of our directors stand forelection to one-year terms at our Annual Meeting ofStockholders.

Majority Voting for Election of Directors. Our bylaws providefor a majority voting standard in uncontested director elections,so a nominee is elected to the Board if the votes “for” thatdirector exceed the votes “against” (with abstentions and brokernon-votes not counted as for or against the election). If anominee does not receive more “for” votes than “against” votes,the director must offer his or her resignation, which the Board would then determine whether to accept and publicly disclosethat determination.

No Hedging or Pledging Policy. We prohibit all hedging andpledging transactions involving Company securities by ourdirectors and officers.

Separation of Chief Executive Officer and Chairman Roles. Weseparate the roles of Chief Executive Officer and Chairman of the Board in recognition of the differences between the tworoles. The CEO is responsible for setting the strategic directionfor the Company and the day-to-day leadership andperformance of the Company, while the Chairman of the Boardprovides guidance to the CEO and sets the agenda for Boardmeetings and presides over meetings of the Board.

Our Board oversees our risk management processes directlyand through its committees. Our management is responsible forrisk management on a day-to-day basis. The role of our Board and its committees is to oversee the risk management activitiesof management. Risk assessment reports are periodicallyprovided by management to the Board. The Audit Committeeassists the board in fulfilling its oversight responsibilities with

respect to risk management in the areas of financial reporting,internal controls and compliance with legal and regulatoryrequirements, and, in accordance with NYSE requirements,discusses policies with respect to risk assessment and riskmanagement, including guidelines and policies to govern theprocess by which the Company's exposure to risk is handled.The Compensation Committee assists the Board in fulfilling itsoversight responsibilities with respect to the management ofrisks arising from our compensation policies and programs. TheNominating and Corporate Governance Committee assists theBoard in fulfilling its oversight responsibilities with respect tothe management of risks associated with board organization,membership and structure, succession planning for ourdirectors, and corporate governance.

Our mission at Thermo Fisher Scientific is to enable ourcustomers to make the world healthier, cleaner and safer, and wework to fulfill this mission in everything we do. Our corporate social responsibility (CSR) strategy is grounded in businesssustainability, because sound business practices and operationalexcellence are key to our growth, now and in the future. We arealso deeply committed to employee engagement and to hiring,developing and advancing the very best talent in the industry.And, we support the communities where we live and workthrough philanthropic giving that makes a difference ineducation, health and other critical societal needs.

We continuously improve our operations through our PPIBusiness System, which stands for Practical ProcessImprovement. By leveraging PPI, we have embeddedcontinuous improvement within our culture, from reducingusage of fuels to increased recycling. Through these initiativeswe find opportunities to improve our performance as it relates toCSR. At the same time, we provide our customers with productsand services that help them address some of the world's mostpressing challenges. For example, our ion chromatographysystems are used by government agencies to monitor the impactof global climate change.

Our global family of 50,000 colleagues makes us the worldleader in serving science. United by a shared set of values, wework together to help our customers accelerate research, solvecomplex analytical challenges, improve patient diagnostics andmeet their goals for innovation and productivity. In turn,Thermo Fisher offers many opportunities for our employees tolearn, grow and develop in their careers. For example, we'vestrengthened our culture through innovative workplace

programs, such as our Women's, African Heritage, Millennials'and Veteran's Employee Resource Groups.

As the unrivaled leader in our industry, we embrace ourresponsibility to give back. Through our charter philanthropicprogram and hands-on volunteering, we promote education inSTEM subjects — science, technology, engineering and math— for students from the earliest grades through advanceduniversity programs.

Through PPI-driven initiatives, we've achieved $112 million inproductivity savings and waste reduction. These include:

• Reducing electricity use

• Developing reusable packaging

• Increasing recycling and reducing landfill impact

• Improving space efficiency to reduce the need for newbuildings as the company grows

• Providing health and wellness resources, resulting inmore hours worked without a lost-time injury

In 2013, we reduced the greenhouse gas emissions from ourlargest sites by 4.15 percent, and also sought new opportunitiesto use renewable energy sources. Our progress on these fronts isbenchmarked as part of our annual participation in the Carbon Disclosure Project. In addition to streamlining our energy use, we're also seeking to reduce our output of landfill waste. During2013, we increased recycling at our largest sites and reduced thevolume of waste to landfill. Our site in Asheville, NorthCarolina, for instance, has reduced landfill waste by 50%, and ison track to achieve Zero Waste Certification in 2015. Seven ofour newly acquired Life Technologies sites have alreadyachieved Zero Waste Certification and reduced carbon dioxideemissions by 30% through the use of clean-energy fuel cellsystems.

Several recent product launches offer sustainability benefits intheir use by our customers:

New Helium Saver modules dramatically reduce the amount ofthis gas, which is in short supply, needed in analyticalinstruments.

• Our efforts in miniaturizing various products have reducedthe requirements for manufacturing materials.

• Green chemistry programs and reagent-free ionchromatography systems replace solvents with more

environmentally sound alternatives.

Thermo Fisher Scientific facilitates employee involvement bothin the workplace and the community. Many of these efforts areled by employee volunteers through our Community ActionCouncils (CACs), which organize a variety of hands-onactivities. In addition to providing employees with an ongoingframework to get more involved in our communities, the CACsalso provide opportunities for their development as leaders. Ouremployees contribute thousands of hours annually to support awide range of charitable causes, including health, scienceeducation and community development. Each employee isgranted 8 hours of volunteer time off for company-sponsoredevents. Employees who recently joined the company through theLife Technologies acquisition have historically hosted a GlobalVolunteer Day, in which all employees participate in companyorganized volunteer activities.

How do you get eighth-grade students excited aboutenvironmental and process monitoring? At a career andnetworking event attended by 100 Boston students, our teams inFranklin, Massachusetts, translated some of the core technologyused in industrial hygiene instruments into a videogame-likechallenge. Two of Thermo Fishers ERGs worked to recruitemployee volunteers to staff the youth networking event.

Environmental sustainability is an ongoing process that requiresa commitment from many stakeholders. For example, dozens ofour sites from around the world have employee-led “GreenTeams.” These teams focus on energy conservation, alternativeenergy usage, water conservation, waste minimization,recycling, green chemistry, packaging reduction and greenbuilding and engage and inspire employees to practiceenvironmental efficiency at work and at home. Sites oftensponsor Earth Day events as well as educational “lunch andlearns” to increase awareness among our employees.

Celebrating the 10-year anniversary of the completion of theHuman Genome Project, we recently sponsored “Genome:Unlocking Life's Code,” an exhibit at the SmithsonianInstitution. Millions of visitors can learn about the power ofgenomics and how it impacts their lives.

In support of Thermo Fisher's efforts to boost the representation

of women in STEM fields, our facility in Langenselbold,Germany, hosted a group of high school girls for a week-longinternship designed to provide them with hands-on experienceand insight into potential careers. The young women spent theweek working alongside employees in research anddevelopment and production, providing them experience withelectronic components, design and testing.

Together with the Allegheny Intermediate Unit, ThermoFisher's Pittsburgh, Pennsylvania, Community Action Councilco-developed the STEM Design Challenge, an educationalcompetition that promotes student exploration of engineeringskills. The annual program includes teacher training and astatewide competition for the students to solve a problem withthe solution aligned with our mission, to enable our customers tomake the world healthier, cleaner or safer. Employees loggedmore than 400 volunteer hours with this program in 2013.

Our Thermo Fisher Foundation for Science is committed toinspiring students to pursue careers in science, with the hopethat they may one day be our employees or our customers. We also provide financial support to educational institutions andother worthy causes in the communities where we operate.

In 2013, we were pleased to announce the first phase of ourSTEM Scholarship Program, with an initial cohort of 44students at several of the world's most prestigious universities inthe U.S., U.K. and China. At full maturity, the program willprovide scholarships to 164 students globally. We also offer amerit-based Children of Employees Scholarship program.Students attending schools in the U.S., U.K. and China areeligible to apply.

In 2013, Thermo Fisher partnered with Citizen Schools, anorganization that extends the school day for urban middle schoolstudents, providing them with more opportunities to succeed.Our employees serve as volunteer teachers, bringing theirexperience and enthusiasm into the classroom.

When natural disasters strike, Thermo Fisher also offers acompany match for relief funding globally. Our employees havegenerously donated time and money to help repair and rebuildafter major storms and devastation. In the aftermath of thedeadly earthquake in Ya'an, China, in April 2013, an existingprogram to financially support education opportunities forunderserved students in China was enhanced to help continuethe education of 86 students. Thermo Fisher China's One-on-One Program raised money for a campaign specifically designedto help purchase school books and supplies for affected students,and to help rebuild houses for those living in remote mountainareas.

InnovatioNation™ brings science into the classroom through a unique combination of programs for students, teachers andfamilies. Field trips to local facilities and classroom visits byscientists expose students to real-world science. Teachers canparticipate in job shadowing to heighten their understanding ofscience career opportunities for their students. And familyscience nights encourage parental involvement with the subjecttheir children are studying.

INSTITUTE OF DIRECTORS M-56 A, Greater Kailash Part - II (Market), New Delhi-110048 • Board Nos.: +91-11- 41636294, 41636717, 41008704Fax: +91-11- 41008705 • Email: info@iodonline.com • Web: www.iodonline.com

MTN Group, South Africa

This submission is being undertaken by the MTN GroupLimited (MTN) which is listed on the JSE (and in the JSE SRI).

MTN Group Limited's Head Office is located in South Africath(216 14 Avenue in Fairlands, Roodepoort, South Africa,

www.mtn.com ) with subsidiaries in 22 countries in Africa, theMiddle East and southern Europe. MTN connects over 215million subscribers in Afghanistan, Benin, Botswana,Cameroon, Cote d'Ivoire, Cyprus, Ghana, Guinea Bissau,Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo(Congo-Brazzaville), Rwanda, South Africa, Sudan, SouthSudan, Swaziland, Syria, Uganda, Yemen and Zambia.

The Group employs over 23,000 employees. At the end of 2013,the Group's market capitalisation was ZAR 407 billion. MTN islisted on the JSE Securities Exchange in South Africa under theshare code “MTN” on the Telecommunications sector.

The Group is governed by a board of Directors comprising oftwo Executive Directors and 11 non-Executive Directors.

MTN is a leading emerging market mobile network operator,offering prepaid and post-paid voice, data, messaging, businessand value added ICT services in the digital telecommunicationsservices market.

Capex invested in 2013 exceed ZAR billion in 2013 and was justunder ZAR 29 billion in 2012.

Revenue of over ZAR 136 billion was generated in 2013, andover ZAR 121 billion on 2012.

We are the market leader in 15 of our markets.

Our key customers and stakeholders include the investmentcommunity, customers, our people and trade unions,government and regulators, industry bodies, media, suppliersand business partners and local communities.

The Group publishes an annual Integrated Report and AnnualSustainability and Carbon Disclosure Project Reports. Theseare supplemented by detailed UN Global Reporting Initiative(GRI) Reports and Un Global Compact Reports available athttps://www.mtn.com/Sustainability/Pages/Overview.aspx

MTN South Africa, one of MTN Group's subsidiaries, is ISO14001 and ISO 9001 certified. A number of other MTNsubsidiaries are also pursuing ISO 14001 certification.

The MTN Group Board dedicates standing agenda attention tosustainability considerations, risks, opportunities, stakeholderrelations, innovation and creation of stakeholder value withinthe business' operating context. While the Board has delegatedresponsibility for the Group's sustainability performance toGroup Risk Management, Compliance and CorporateGovernance Committee, the implementation of the GroupSocial and Ethics Committee in 2012 also saw formalisedcommitments to MTN's environmental, social and economicdevelopment purposes and goals within the Committee's Termsof Reference. These commitments are informed by globalstandards including the UN Global Reporting Initiative, UNGlobal Compact, Carbon Disclosure Project, InternationalLabour Organisation principles, and OECD recommendationson corruption, amongst others, complementing King III Code ofCorporate Governance.

Quarterly Board reports ensure that the Executive responsible

for Sustainability accounts for the business' performance. This is a fundamental component to ensuring sustainabilityrequirements are driven by and within core business functionsand integrated within planning and management cycles. On aquarterly basis, Sustainability performance report is submitted to the Social and Ethics committee chaired by the Non-Executive Director. The same report can be shared withBusiness Risk Management Committee for their attention onrisks that could potentially affect the business.

The MTN Group has amended its previous use of the FiveCapitals Model (developed by the Forum for Future) as aframework for managing sustainability and assessing ourperformance across the economic, social and environmentalissues that most impact our business and our stakeholders. In2013, the Group adopted the Six Capitals Model set out by theInternational Integrated Reporting Council. Along with otherinputs, the Capitals Model is a key consideration fordetermining issue materiality to MTN.

Material issues are those issues that impact our ability to remaincommercially viable and socially relevant to our stakeholders.We determine material issues of importance to oursustainability by reviewing the issues most important to ourstakeholders, and the impact of these issues on the achievementof our business objectives. We regularly review this to ensurewe are responsive and can adapt to changing operatingconditions.

The Group's last UN GRI report was based on G3 guidelines andTelecommunications' Sector Supplement, and it is workingtowards reporting in terms of G4 in future.

MTN operates in some of the most environmentally-vulnerableparts of the world, and those with the fewest economic resourcesto cope with the effects of climate change. By ensuring we takeour environmental responsibilities seriously, we hope tomitigate our impact on our customers' environments.

MTN's material areas of environmental impact relate to our useof energy for operations, and the waste results of electronic andelectrical goods (e-waste) used by both ourselves and ourcustomers. By focusing on these matters, we can mostmeaningfully reduce our environmental impact, improve our

energy security position responsibly, ensure that our ICTproducts can help other companies and industry sectors to do thesame, and help in a small way to tackle the broader social, healthand environmental implications of e-waste generated by bothMTN and by consumers in many other countries whose e-wasteis often shipped to Africa for “processing”. On a smaller scale,greening MTN's offices across all resource areas from water,paper, waste and healthy buildings to cleaning products is anongoing effort in a number of countries, and in South Africa,silver level Leadership in Energy Efficiency and EnvironmentalDesign (LEED) certification has been achieved. To address thegreenhouse gas impact of our energy consumption, we investedextensively in network efficiencies such as battery bank, freecooling, power factor correction, hybrid diesel and deep cyclebatteries. We also invested in non-network infrastructureenergy efficiencies with data centre efficiency, heat wheelexchangers, energy efficient lighting, waste heat capture,chillers and energy efficiency upgrade. The last area weinvested in was in the alternative energy solutions such as solar,wind, hybrid, hydro national grid and gas.

In South Africa, an innovative tri-generation solution based onthe use of methane gas to produce electricity, and capturingwaste heat to generate chilled water for cooling requirements(and grey water for bathroom facilities), and which produces2MW of power, has seen MTN being recognised for cleanpower and energy efficiency by the UN Framework Conventionon Climate Change. Over 18, 6 GWh of grid electricity has beendisplaced, along with 5.4 GWh of electricity cooling and 876MWh of electricity for heating annually. 8,617 tonnes of GHGemissions are permanently avoided. MTN has sold the CertifiedEmission Reduction credits to France's EDF Energy in 2012,which will return R12 million over 10 years. This tri-generationenergy configuration is being replicated by MTN, and aconcentrated solar power-enabled cooling system will belaunched in July 2014.

Further solar-powered (and some wind-powered) network siteshave been implemented in 22 locations across South Africa, andin some cases such as in Riemvasmaak, ensure thatcommunities have enjoyed mobile ICT access for the first time.In Nigeria, where the national grid meets only 30% of thecountry's energy requirements, and even base powerrequirements are largely met through the use of dieselgenerators (with the associated cost and environmental

implications), MTN has installed over 2,660 hybrid batterysites, and seven solar-powered network sites. Hybrid sites havereduced diesel consumption by 20%, while solar sites havehelped increase this saving to 80%. An additional 250 hybridsolar sites, deployed through a partnership, now also providesconnectivity to 308 rural communities. Using fully meshedsatellite network technology helped reduce call costs andimproving voice quality, which at the time, was a world-firstinnovation. It also created new enterprises in these villages.

In Cyprus, we installed Solar-Hybrid systems at 15 outdoorBTS sites. The new systems we installed consist of 2.15KWp ofsolar panels with 24 deep cycle closed-type (OPzV) batteriesand a hybrid controller. This ensures that when there isinsufficient sunlight, power is still produced by back-up dieselgenerators. These sites consume on average 20KWh per day.We now harvest approximately 12KWh per day during summerand 7.5KW per day during winter from the solar panels, andanticipate a reduction in GHG emissions of approximately 370tonnes of CO2e annually. In Iran, our continued deployment ofenergy efficient solutions and alternative energy will hopefullysee these existing trends in reduction of diesel costs andgreenhouse gas emissions from network operations trendscontinue. By the end of 2014, we plan to have approximately500 sites using free cooling instead of air-conditioners and 250solar systems in place across the network, amongst other energyefficiency initiatives. In Cameroon, the installation of 70 solar-powered sites since 2011 has seen MTN's Scope 1 greenhouse gas (GHG) emissions decline by 11%. These effortscomplement the Group wide energy efficiency driveimplemented in all our countries.

Grid energy challenges are a feature in all countries where weoperate, and solar, wind, gas and other hybrid solutions havebeen deployed in Zambia, Swaziland, Ghana, Cameroon,Rwanda and South Sudan, amongst others.

The result of these efforts over 2013 include the generation ofjust under 46,736,712 million kWh of 'clean' power, and theavoidance of 54,587 tonnes of GHG emissions. These resultsare the outcomes of many years of work effort, lessons learnt,and leadership commitment.

We extended this to ensure our alternative powered technologysolutions can also be used to directly also transform lives, suchas in the case of Ghana, where MTN and Itel Ltd have developed150 of customised, solar-powered, motorised tricycles to

support physically-challenged new entrepreneurs. Thesetricycles serve as the point-of-sale centres, offering a much-needed and highly accessible community service, whilefacilitating financial independence for people with greaterchallenges than others. Power for charging of phones issupplied by solar panels fitted to the roofs of tricycles, and nightlighting facilities guarantee entrepreneurs can trade for longer.

The Global e-Sustainability Initiative has assessed that ICT-enabled solutions can help the world achieve carbon abatementsin the region of 9.6 GtCO2e or 16.5% of global outputs by 2020.MTN's solutions in this domain are relatively small but growingrapidly, and include cloud-computing for virtualisation andother efficiencies, and machine-to-machine products that canhelp address water leakage and air quality requirements,encourage energy efficient driving by fleet drivers, and more. Inlate 2013, in partnership with the City of Johannesburg, MTNSouth Africa have implemented an advanced monitoringinfrastructure, which is a smart metering solution used by theCity to proactively monitor performance, faults, service levels,etc. as it attempts to mitigate some of the impacts of the nationalenergy shortage.

Old, end-of-life or redundant electronic equipment including ITequipment, mobile handsets/ accessories, consumerelectronics, etc. are growing exponentially annually as newproduct sales grow. The issue of e-waste is a significant concernin many parts of Africa and Asia. Dioxins (and ceramics,arsenic, cadmium and flame retardants) are environmentalpollutants that threaten human health, air quality andgroundwater. These are released by burning of plastics andcircuit boards coated with flame retardants to extract gold,platinum, copper and other metals, semi-precious and rare earthminerals. Mismanagement of e-waste is resulting in large-scaledumping predominantly from developed markets to openlandfills in developing countries where indigent peopleincluding young children harvest these products for their daily survival.

In January 2014, MTN South Africa successfully concluded athree year partnership with GIZ in January 2014, whichultimately enabled us to hand over approximately 469 tonnes ofelectronic waste and electrical equipment (e-waste) to fourSME waste handlers and recyclers. This R4,6 million initiativefocused on creating a holistic solution to management of thehighly fragmented, regulated but hard-to-govern e-waste

landscape of collection, management, disposal and job creation.Along with over 40 other organisations, MTN's handlers havealso received free face to face training, with informationguidebooks for best practice, environment managementregulation and compliance, ISO14001 training, and responsiblecollection to be freely available online shortly, for use by allbusinesses and the general public interested in the effective andresponsible handling of e-waste.

Our primary motivation for this initiative was to ensure e-wastehandlers are environmentally and health and safety compliant,or could be trained to this standard, and can have a guaranteed flow of e-waste from MTN. In this way, they could improvetheir financial sustainability and increase their ability to employmore people. In addition, we hope that endorsement through acontract with MTN, being a large corporation, will place thesmaller e-waste companies in a better position to obtain similarcontracts from other corporations, thus contributing to theirfuture sustainability.

While the partnership with GIZ has now ended, e-wastemanagement is now a regular operational activity within corebusiness.

The results of MTN's Eco-Responsibility efforts were mostrecently telling in MTN's inclusion in the Newsweek Green Top500 Green Company Rankings for 2014, based on theenvironmental intensity of revenue generation, one of onlythree South African-listed companies to be included.

Our efforts to positively contribute to people's lives are clear inthe products and services we provide. We are able to help bridgethe digital divide and enable communications, socio-economicinclusivity and even – to a smaller extent – address broad socialand environmental issues across our markets, while creatingnew revenue streams for our business.?

MTN's business is to facilitate communications in the digitalage. We recognise that the innovation revolution taking place inthe information and communication technology (ICT) sector ishelping break down barriers, and is a catalyst for positive socio-economic development. MTN operates in countries that are notas economically, politically and environmentally safe andsecure as is the case is some other parts of the world. Thereforesustainability issues like access to basic governmental and

social services, clean water, loans for homes and businesses,reliable employment, quality education and healthcare servicesare daily survival challenges for many of our stakeholders. Forexample, by 2015, the GSMA estimates that more people willhave access to mobile networks than to affordable and reliable energy.

Disparities in accessing ICT resources leads to gaps in access toeconomies, education, health and other social services amongpeople, businesses, geographical areas and countries. As aresult, digital inclusion is considered a basic human right bymany. Closing the digital divide focuses on ensuring that thedisparity in accessing these resources is addressed through the widespread availability of handsets, internet connectivity,telecommunication infrastructure and supporting services.

MTN responds to this challenge in two ways. Firstly, we ensurethat many of our products and services are as affordable andwidely accessible as possible. In some cases, we work to makesure that these products and services also address an immediatesocial or environmental need faced by customers in certainareas. The second way in which we work to widen digitalinclusion is through our extensive investment in networkinfrastructure and connectivity.

In 2013, MTN committed R30 billion in capital investmentincluding broadband services. Solutions which address thedigital divide include MTN Mobile Money, mHealth,mLawyer, mInsurance, mEducation. These services are offeredvia affordable and low-cost handset and electricity solutions toenable communications. Services such as MTN Village Phone,the MTN-UN World Food Programme money transfers,Refugees United, weather information for Ghanaian farmers,sustainable income for disabled adults for selling airtime andrecharge solutions from solar-powered adapted bicycles, eBookreaders and University Notification services for students in Iran,and the creation of more than 10,000 new businesses foremerging and rural entrepreneurs, who can earn an additional$56.98 a month in Uganda and Rwanda through solar-poweredcharging for cellphones, lighting and radio and TV access,numerous digital services ensure affordable, easy, safe andconvenient access to services which can help improve people'slives. For example in Afghanistan, MTN-Mashwara is anumbrella product which facilitate access to Doctors, Lawyers,Religious Advice, Education and other socio-economicservices in local languages to males and females. In Yemen,

MTN connecting customers with service providers such asdoctors, regional employment recruiters, education subjectmatter experts for secondary school students, and legal services.In more than 15 countries, MTN Mobile Money hastransformed how people shop, pay school and utility fees,receive income support, transact without banking services, andmore.

MTN's Enterprise services in the cloud computing and machineto machine technology domains demonstrate the role of ourICT-enabled solutions in enabling the growth of businesses.MTN Cloud services are aimed at satisfying the growingappetite of businesses for ICT solutions that are relevant,customised and affordable, and that centralise access to servicesto ease the administrative burden on businesses. These serviceshave been well received by our customers, especially in themicro-finance, health and SME sectors. We are also developingMTN Cloud solutions for major corporates and multinationals.

Machine-to-machine (M2M) technologies allow systems tocommunicate with other devices of the same type. M2Mtechnologies use on-property sensors to detect events whichmay impact business operations. These sensors or meterscapture a range of events and incidents such as temperatures,inventory levels, infrastructure performance, and more. Thisinformation is relayed through wireless, wired or hybridnetworks to applications that translate captured events intomeaningful business information, e.g. the need to increaseinventory levels. MTN is continuously developing its M2Moffering, and recently implemented its first smart metering forutility service, which complements MTN's existing enterpriseand smart solutions, which include fleet and fuel monitoring,remote alarm monitoring, and air quality and water monitoring.

As one of the largest network operators and employers,taxpayers, corporate social investors in the majority of ourmarkets in Africa and the Middle East, where we operate, ourstakeholders expect and demand that we make a sustainabledifference to the lives of some of the world's more marginalisedcountries, through our core business activities. It is only bycontinually working towards a well-governed, responsiblebusiness with a firm view of having a positive impact that wecan also be more resilient over the long term.

Fraudulent and corrupt activities are a threat to the sustainability

and reputation of any business. MTN has a zero toleranceapproach to fraud, bribery and corruption, and we are constantlystriving to improve our fight against it. It is our policy to conductall our business activities with honesty, integrity and to thehighest ethical standards. Within the Group's ethics task team,all issues, developments, and solutions are discussed with theGroup executive committee and social and ethics committee ona regular basis, and anti-bribery and corruption is an on-goingmatter of both committees' deliberations. Staff training isunderway across the business and supports the Tip-offsAnonymous hotline that has been in place in MTN operations. We completed a full review and update of the Gift Policy andaddressed this widely through internal communication andtraining plans, have recently also commenced an extensivereview of the Group's

Conflict of Interest Policy, and we plan to present any updates required to this policy to the various Group governance bodiesin due course. More than 37 ethics champions and 10 Boardmembers have been trained on ethics and governance, and 86%of MTN operations have implemented a fraud managementframework.

MTN Group's Freedom of Expression, Privacy and Security(Human Rights) Policy sets out the principles which MTNapplies to safeguard the communication privacy and securityrights of customers. It does this in a manner that is consistentwith internationally recognised standards and legalrequirements on freedom of expression, access to information,privacy and security of information, while ensuring that weremain compliant with the terms of our licence conditions andlegal obligations. The Group's policy is informed by the UnitedNations' Universal Declaration of Human Rights, and also takesinto consideration some of the views expressed within theUnited Nations Protect, Respect and Remedy Framework, and by the GSMA, various industry groups working on this matter,and the Access Now Telco Action Plan. We maintain ongoing,open dialogue with a number of civil rights organisationsdedicated to ICT human rights, and the Principles to which wesubscribe are available for public review on our website.

The safety of employees and contractors is of fundamentalimportance to us, and we do not hesitate to offer all possibleservices to manage this. Across our operations, operationalhealth and safety officers or committees are tasked withmanaging this matter. Our primary concern is to keep our

ASSESSORS INVITEDWould you like to be an assessor of these most prestigious awards

GOLDEN PEACOCK AWARDS SECRETARIATinvites for specialists in the areas of

We are constantly on the lookout for volunteer professionals or quality peoplenominated by their organisations who can become certified examiners for Golden Peacock Awards

Please send your CV at info@goldenpeacockawards.com

A most rewarding and rich learning experienceA most rewarding and

rich learning experience

Golden Peacock Awards ScretariatM-56 A, Greater Kailash Part - II (Market), New Delhi-110048, IndiaTel: 011 - 41636717, 41636294, 41008704 Email: info@goldenpeacockawards.com

Supported by

IODInstitute Of Directors

employees safe anywhere, anytime. Through our 'MTN Safe'programme in partnership with International SOS, healthcare,medical and security services are available to all employees andtheir dependents, including for their travel for work or personalpurposes. Our crisis management plan also enables emergencymanagement support to all employees in any country wherebroader political or social developments pose an immediatethreat to their safety. This programme has again been testedmost recently with the outbreak of Ebola in various westernAfrican countries, some of which host MTN operations, andinternal education and support campaigns to employees as wellas business risk management plans complement MTN'sfinancial support to aid and medical agencies working tocombat this disease.

As a multinational telecommunications company doingbusiness in emerging markets across Africa and the MiddleEast, we are uniquely placed to contribute to the socialdevelopment of the countries in which we operate.

MTN Foundations are the primary vehicles through which thecompany implements its social investment initiatives in the

priority areas education, health and economic empowerment.Through the work of our 15 foundations, we have built a strongcorporate citizenship identity for MTN by leveraging thetransformative power of our technology, people and resourcesto serve our communities and speed up the progress of thedeveloping world

Our focus areas for CSI initiatives include education, health,economic empowerment and national priority programmeswhich promote partnerships with our communities. We investedin excess of ZAR 300 million in community investment in 2013,and have won accolades for our efforts in a number of countriesin which we operate.

MTN's 21 Days of Y'ello Care initiative is an annual staffvolunteer programme which in all MTN countries and takesplace for 21 days from 1 to 21 June, encouraging employees tovolunteer in support of community upliftment initiatives. In2014, over 11,500 MTN employees cast the spotlight on thedigitisation of teaching and learning as part of their 21 Days ofY'ello Care activities. under the theme of “Investing ineducation for all”, and embarked on various educationalprojects for 21 days, starting 1 June.

RAB TE INL GEC

Also presentation of

Golden Peacock Awards Corporate Governance, Sustainability, (both National & Global) & Innovation Management

Golden Peacock AwardsA Strategic Tool to Lead the Competition

A view of the audience at the last Conference

GLOBAL BUSINESS MEET 1130 – 1430 hrs

Venue: House of Lords - UK Parliament, Westminster,London SW1A 1LR – Cholmondeley Room &Terrace

ARRIVAL OF GUESTS 1145 hrsGlobal Business Meet MAKE IN INDIA : A GrowthInitiative 1200 – 1330 hrs

Welcome Address Rt Hon Baroness VermaParliamentary Under Secretary of StateDepartment for InternationalDevelopment, Govt. of UK

Opening Remarks Lt Gen J S Ahluwalia, PVSM ( Retd)President, Institute of Directors, India

Special Address Lord Karan BilimoriaCBE, DL, Chairman, Cobra Beer Partnership, UK

Dr. Atul ChauhanChancellor, Amity University, India

Dipali GoenkaManaging Director, Welspun Global Brands Ltd.

Keynote Address Amitabh Kant, IASSecretary, Department of Industrial Policy & Promotion, Govt. of India*

Business Lunch Hon Angad PaulAddress Group Chief Executive Officer,

Caparo Group Plc. UK

Guest of Honour Shaktikanta Das, IASAddress Secretary Revenue, Ministry of

Finance, Govt. of India

Chief Guest

Concluding Remarks Global Business Meet Investors Working Together - Experiences, Challenges and Opportunities

(Includes series of short speeches, and one-to-onebusiness promotion meeting opportunities)

LUNCH 1330 –1430 hrs

Welcome Reception & 1815 - 2000 hrs

SPECIAL SESSION

Venue: The Institute of Chartered Accountants in England & WalesICAEW, Chartered Accountants' Hall, Moorgate Place, LondonEC2R 6EA

Arrival & Registration 1830 hrs

Welcome Address 1850 hrs

Panel Discussion The Finance Professional in 1900 – 2000 hrsBusiness: Contribution to decision making, strategy development and driving performance

The panel will focus on our thought leadership, FinanceBusiness Partnering; The purpose is that financeprofessionals in business should work as partners withline managers and be more involved with commercialdecision making and strategy is nothing new. However,organisations have had mixed success in implementingfinance business partnering models. ICAEW's report,Finance business partnering: a guide, provides practicaladvice for those considering finance business partneringinitiatives and those looking to improve their approach.

Chair: Andrew Ratcliffe, President, ICAEW

Interaction with audience

Reception 2000 – 2100 hrs

THTHURSDAY, 8 OCTOBER, 2015

Venue: Millennium Hotel London, Mayfair, 44 Grosvenor Square, London W1K 2HP

REGISTRATION & WELCOME TEA / COFFEE 0800 – 0845 hrs

Plenary Session I Opening Session 0855 –1030 hrs

Welcome address Lt Gen J S Ahluwalia, PVSM ( Retd)President, Institute of Directors, India

Special Address Atul ChauhanChancellor, Amity University

Theme Address Ravi ParthasarathyChairman, Infrastructure Leasing & Financial Service Ltd.(IL&FS)

Guest of Honour The Rt Hon Lord Swraj Paul of Marylebone, PC,Founder & Chairman, The Caparo Group Plc , UK

Inaugural Address His Excellency Ranjan MathaiHigh Commissioner of India to UK

Chairperson's Address Rt Hon Baroness VermaParliamentary Under Secretary of State, Department for International Development, Govt. of UK

Chief Guest Address

THWEDNESDAY, 7 OCTOBER, 2015

TEA / COFFEE BREAK 1030 – 1100 hrs

Plenary Session II Global perspectives on Corporate 1100 – 1215 hrs Panel Discussion Governance

• Principle based Corporate Governance-implementing Compliance and Risk frame work – emerging dimensions

• Rethinking Corporate Governance – Competing global models, and their convergence

• Showcasing Global Best Practices on Corporate Governance

• Extending good governance principles to SMEs and family Businesses

Panelists Andrew RatcliffePresident, The Institute of Chartered Accountants in England & Wales (ICAEW)

Vindi BangaSr. Partner, Clayton Dubilier & Rice &Ex. Chairman, Hindustan Unilever, UK

Fianna JurdantSenior Policy Analysts, OECD Directorate for Financial and Enterprise Affairs, France

Jabulane MabuzaChairman, Telkom South Africa Limited

Interaction with audience

Plenary Session – III Building Tomorrows Boards for 1215 –1330 hrsPanel Discussion Leading Effective Corporate

Governance and Sustainability

• Ideal Board composition for driving growth

• Leveraging a high performance Board for Sustainability

• Boosting gender diversity in the boardroom

• Dynamic aspects of ownership, role of institutional investors, and Board's control structure in emerging markets

• Changing role of Independent Directors

Panelists Helen Brand OBEChief Executive, Association of Chartered Certified Accountants (ACCA)

Ramanathan RamananMD & CEO, CMC Ltd. - A TATA Enterprise, India

Prof Colin Coulson-ThomasChairman, Audit and Risk Committee, United Learning, UK

Chris NewbyExecutive Director, EMEA General Counsel, AIG

Interaction with audience

LUNCH BREAK 1330 – 1430 hrs

Plenary Session – IV Stakeholder Paradigm and Shared 1430 –1545 hrsPanel Discussion Leadership issues in the Boardroom

• Engaging stake holders strategically,to advance organizational objectives

• Emerging role of Company Secretary in the boardroom

• Ethical Business Practices and Organizational integrity

• Governing education and training – key to Human Capital Growth

• Debugging digital governance – the future ahead

Panelists Andrew HardingManaging Director, Chartered Institute of Management Accountants |(CIMA)

Atul MehtaPresident, The Institute of Company Secretaries of India

Rajeev JainCEO, GVK Mumbai International Airport

Sudhir DeroasManaging Director, TRF Limited, India

Interaction with audience

TEA / COFFEE BREAK 1545 – 1615 hrs

Plenary Session - V Path for Sustainable Business 1615 - 1730 hrs Panel Discussion Development

• Embedding Sustainability in business competitive Strategy

• Leading initiatives for building a Sustainability paradigm for Corporate Sustainability and inclusive growth

• Transparency, Integrity and Ethical Corporate Governance – A key for Sustainability

• Making Sustainable choices, through energy monitoring and green credentials

• CSR and Social Media- driver of economic growth and shared values

Panelists Ganesh AyyarCEO and Executive Director, MphasiS Limited

Vincent NeatePartner & Head UK Climate Change & Sustainability, KPMG

S. Vijay IyerManaging Director, Rio Tinto India

Sacha RomanovitchChief Executive Officer, Grant Thornton UK LLP

Namita VikasSr. President and Country Head-Responsible Banking, YES Bank Ltd.Panel Discussion

Interaction with audience

Plenary Session - VI Effective Corporate Governance 1730 – 1830 hrs Panel Discussion and Sustainability:

MANDATE OF THE BOARD

Moderator Sudeshna SenForeign Editor, The Economic Times

Panelists S. ChakrabortyChief Executive, Innovative Financial Advisors

Interaction with audience

COCKTAILS & NETWORKING 1830 hrs

Plenary Session – VII GOLDEN PEACOCK 1900 hrs AWARDS NITE

Introduction Dr. Graham WilsonLeadership & Organization Development ,OXFORD, UK

Welcome Address Lt Gen J S Ahluwalia, PVSM (retd)President, Institute of Directors, India

Special Address Hon. Alok Sharma MP

Member of Parliament for Reading West, UK

Atul ChauhanChancellor, Amity University, India

Guest of Honour Rt Hon Baroness VermaParliamentary Under Secretary of State, Department for International Development, Govt. of UK

Chief Guest Address

Presentation of Golden Peacock Awards for Corporate Governance, Sustainability & Innovation Management

BANQUET 2045 hrs

THFRIDAY, 9 OCTOBER, 2015

Venue: Millennium Hotel London Mayfair, 44 Grosvenor Square, London W1K 2HP

MORNING TEA / COFFEE 0800hrs

Plenary Session –VIII Strategizing Sustainability & CSR : 0845 – 1030 hrs Case study presenters Leadership & Lessons Learnt

Sustainability Excellence: Case studies

Chair Dr. Tayeb Kamali, Ex. Vice Chancellor, Higher Colleges of Technology (HCT), UAE

Plenary Session – IX Measuring Board Effectiveness 1030 – 1145 hrs

Panel Discussion • Global trends in Board performance, accountability and evaluation

• Emerging trends in performance rating of board and individual directors

• Financial Reporting to Integrated Reporting System- A paradigm shift

• IFRS and Financial disclosures - Assessing corporate performance and compliance

• Incorporating risk centric Internal Audit System

Panelists Deepak N. Lalwani OBEfounder and Director, Lalcap Ltd.

Haifa Al Khaifi, Finance Director (CFO), Petroleum Development Oman

Interaction with audience

TEA & COFFEE BREAK 1145 – 1200 hrs

Plenary Session – X Special Session 1200 –1300 hrs

Special Address - I Measuring Corporate Social Responsibility Programmes

Professor Sir Andrew Likierman, Dean, London Business School (LBS), UK

Special Address - II Dynamic world of Corporate Governance: Challenges, Trendsand Developments

Melanie McLaren, Executive Director of Codes & Standards, Financial Reporting Council (FRC)

Interaction with audience

LUNCH BREAK 1300 – 1400 hrs

Plenary Session– XII Embedding CSR and Ethical Ethos in 1400 –1515 hrs the Boardroom

• Business Agenda for CSR & Sustainability

• The Value of values in Business - Realigning moral compass of the boardroom

• Sustainability paradigm for corporatesustainability and inclusive growth

• Social innovation for economic growth and business sustainability

• Key Trends for Sustainability in Business for 2015’

Speakers Raghav Chandra, IASChairman, National Highways Authority of India (NHAI), Govt. of India

Katherine The-WhiteManaging Director, Futureye, Australia

S K SadhuEx. Sr. Vice President, Ambuja Cement, Holcim, India

Dhian UbhiChief Executive, Reliability Networking Ltd., UK

Michael SpanosManaging Director, Global Sustain

Interactive Session

Plenary Session – XI Birmingham : City Focus (Industry, 1515 –1630 hrsInteractive Discussion Education & Culture)

Delegation from The City of Birminghamin Interaction with audience

Ben DigbyHead of Group, International (Regional Lead Middle East & Africa)at CBI (Confederation of British Industry)

Saqib BhattiPresident, The Asian Chamber of Commerce (affiliated with the Birmingham Chamber of Commerce)

Professor David BaileyAston University Economic Restructuring and Industrial Policy

Neil RamiChief Executive of Marketing Birmingham

Paul NoonRegional Director, UKTI

Closing Remarks and Networking over Coffee / Refreshments

TEA & COFFEE 1630 hrs

End of the Programme

** Subject to change and modifications * Confirmation awaited

For further information, contact:- The GLOBAL CONVENTION Secretariat 2015Institute Of Directors, IndiaM-56 A (Market) Greater Kailash Part – II New Delhi – 110048, INDIA

Tel. +91-11- 41636294, 41636717Fax: +91-11-41008705

Email: info@iodonline.comWeb: www.iodonline.com

Mr. K.S Mohan, AVP, Temenos India Pvt. Ltd.

Mr. Venkatraman Jayakumar, Director, Autosys Engineering P Ltd.

Mr. Anupraj Gauni, Director, Autosys Engineering P Ltd.

Mr. Veeraputhiran Thandayudhapani, Director, Autosys Engineering P Ltd.

Mr. Banabihari Panda, General Manager, Indian Bank

Mr. Sarvesh Kumar Singh, Director, ICON Clinical Research

Mr. R. Kannan, Managing Director, Emerge Learning Services P Ltd

Mr. Krishnakumar Tyagarajan Athreya, Director, Prime Management Services

Mr. Sukumar Rajgopal, Founder & CEO, Tiny Magiq Innovations Pvt. Ltd.

Mr. M.V Rajasekar, Managing Director, Newell Rubbermaid

Ms. Nirmala Lilly, COO, Infinity Hospitality Services

Mr. Rangarajan KE, Partner, E & Y

Mr. Veerabhadraiah Chinnaswamy, Managing Director, KTPO

Mr. Ravikanth M D, CFO & Secretary, Thejo Engineering Ltd

Mr. V Parthasarthy, Company Secretary, V Mahesh & Associates

Dr. R.T. John Suresh, Managing Director (Hon), ESRON

Mr. Balvinder Singh Kalsi, President - South Asia & ASEAN, E.I. Dupont India Pvt Ltd

Ms. Rashmi Mohanty, Head - Treasury, Vedanta Ltd.

Ms. Avni Malhotra, Country Director, Heifer International

Mr. Raj Kumar Sharma, VP - Sales, Arkadin Confer India Pvt. Ltd.

Dr. Harvinder Popli, MD, Zandria Farmaceutica

Mr. Sanjeev Ahuja, Director, Grenoble Consultants Pvt Ltd

Ms. Divya Rajput, Head - Business Innovation, IICA

Dr. Gopal Narain Saxena, Ex Member – Board, IFFCO

Dr. Amit Gupta, Chairman, JIMS

Mr. Binu Kumar, Director, Aarbin Technology Pvt. Ltd

Mr. V. Kalyanarama, Director - Projects & Services, CONCOR

Mr. M.K. Arya, Director, ESIC

Lt. Gen V.K. Mehta, Independent Director, Bharat Electronics Ltd

Mr. Vikram Srivastava, IPS (Retd), Independent Director, Bharat Electronics Ltd

Mr. Rajesh Gogia, GM - Sales, Idea Cellular Ltd

Mr. Sunil J Thakur, Senior Manager, Reliance Jio Infocom Ltd

Mr. Subir Gupta, Chief Executive, ERM India

Ms. Paromita Mukerjee, DGM - BIDS, HCL Technologies

Ms. Arundhati Gore, Director, ZED Technologies

Mr. Pankaj Sharma, Director, Happyminds IT Services and solutions Inc

Mr. Raghunandana K S, MD - Services, CISCO Systems India Pvt Ltd

Ms. Meera Shashidhara, Controller, mChek India Payment Systems Pvt Ltd

Mr. Soundar Raj C, Country Controller, NXP Semiconductors India Pvt Ltd

Mr. Srinath K.C, Group Manager, Aditya Birla

Mr. G Prithvi, Director, Add Technologies India Ltd

Mr. Naresh Kumar, Director, N.M.A & Co.

Mr. Ankur Mehrotra, Managing Director, Meteonic, Innovation Pvt Ltd

Mr. Raj Mohan S, Director, Alignbiz Technologies Pvt Ltd

Mr. DK Aravind, Director, Tecnotree Convergence Ltd

Ms. Bina C Balakrishnan, Consultant

Mr. Murali Sathyanarayana, Global Alliance Director, Atos India Pvt Ltd

Ms. Manvel Alur, Founder & CEO, EnSYDE

Mr. Abraj T Vettuparampil, Managing Director, MASA GmbH

Ms. Anu Bansal, Montessori Teacher

Maj Gen Jaideep Mittra, Executive Director, NewBridge Business Centre

Mr. Malhar Narayan Joshi, Management Consultant, Joshi Consultant

Mumbai Region

Institute of Directors, (IOD) Mumbai Regionth thcelebrated the 25 Anniversary of IOD on 11

August 2015, at CK Naidu Hall, The cricketclub of India, Churchgate, Mumbai-20.

The day's guests of Honour included Sri.Kiran Shantaram, Film Producer and FormerMayor of Mumbai Sri J S Saharia, IAS ChiefState Election Commissioner, Sri SwadheenKshatriya, IAS, Chief Secretary, Govt. ofMaharashtra, IAS, Sri H R Khan, Dy.Governor, Reserve Bank of India. Lt. Gen.J.S. Ahluwalia PVSM (retd.), President IOD,Mr. Govind Swarup, IAS, Chairman, IODMumbai Chapter, and so on.

The function started with the film on '25 years journey of IOD',which effectively communicated the formation of IOD and itscontribution to national and international corporate world,through improving the good and effective corporate governanceprocesses, and ethical and moral boardroom practices.Thereafter Lt. Gen. J.S. Ahluwalia President of IOD gave anoverview of IOD's Journey of 25 years, as the coveted and onlyprofessional association of directors in India. He also coveredsome of the forthcoming initiatives of IOD on boardroompractices. Mr. Govind Swarup, IAS (retd.) Chairman, IODMumbai Chapter introduced main IOD activities in the Mumbairegion. He highlighted the IOD's effort to make a global impactin the corporate sector, and also welcomed the Guests ofHonour.

Mr. Kiran Shantaram, Film Producer and Former Sheriff ofMumbai in his address appreciated IOD's effort to transform theboardroom practices to address the challenges faced by thecorporate world, over the last 25 years and also presentedspecial to Awards some of the respected fellows of IOD. Mr. J.S.Saharia, IAS Chief State Election Commissioner, in his addressappreciated IOD's contribution to raising the quality ofCorporate Governances in India, and also presented hisexperience as a corporate leader.

Mr. Swadheen Kshatriya, IAS Chief Secretary, Govt. ofMaharashtra in his address appreciated IOD's efforts totransform the boardroom practices, for addressing thechallenges faced by the corporate world over the last 25 years.

Mr. H R Khan, Dy. Governor, Reserve Bank of India in hisaddress traced the history of Corporate Governance in India upto Companies Act 2013, and appreciated IOD's services. He alsodiscussed the role of Corporate Directors. Mr. Sudipta Sen,CEO & MD, SAS Institute (India) Pvt. Ltd., delivered a verythematic address on “Analytics and the Governance”

The event concluded with drinks and Dinner, served at theCricket Club of India, Church Gate.

IOD

Institu

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IOD Bengaluru celebrated the silver jubilee of the Institute at Hotel Windsor Manor on August 10th, 2015. Over ahundred and fifty IOD Fellows/ Members and Masterclass alumni, eminent faculty and professional senior managersattended the function. The dignitaries on the Dias included Justice M.N.Venkatachalliah, Padma Vibhushan, formerChief Justice of India and National Chairman of the Institute of Directors, LT.Gen. J.S. Ahluwalia, President, IOD,Dr. K. Radhakrishnan, former Chairman of ISRO and the Chief Guest; Mrs. Jija Harisingh, IPS, former Chairman ofIOD Bangalore Region; Mr. Arun Balakrishnan, Chairman of the Bengaluru Region of IOD.

The d ign i t a r i e s on the Dias inc luded Jus t i ceM.N.Venkatachalliah, Padma Vibhushan, former Chief Justiceof India and National Chairman of the Institute of Directors,LT.Gen. J.S. Ahluwalia, President, IOD, Dr. K.Radhakrishnan, former Chairman of ISRO and the Chief Guest;Mrs. Jija Harisingh, IPS, former Chairman of IOD BangaloreRegion; Mr. Arun Balakrishnan, Chairman of the BengaluruRegion of IOD.

After the ceremonial welcome of the dignitaries on the Dias,Arun Balakrishnan read out brief profiles of the dignitaries andinvited, LT. Gen. J.S. Ahluwalia to brief the audience about for

Bengaluru Region

the coming activities of IOD.

Lt. Gen. J.S. Ahluwalia spoke about the glorious history of IOD,since its inception twenty five years ago and the contributionmade by Late Dr. Madhav Mehra and others. He highlighted themajor initiatives of IOD. The Golden Peacock Awardsinstituted by IOD have over the years become a hallmark forCorporate India. The Masterclass – a condensed trainingprogram is also now the best in class for preparing the executivesfor the Board positions, as well as a ground for aspirants to jointhe Boards as Independent Directors.

Justice M.N. Venkatachalliah talked about the challenges posedby the Companies Act 2013 for Independent Directors, as theprovisions have become quite Stringent. He also referred to theeconomic and fiscal challenges faced by the country, and therole of professional managers in meeting the developmenttargets.

The Guest of Honour Dr. K. Radhakrishnan, former Chairmanof ISRO, talked about the role of professional managementpractices in cutting edge technology institutions, such as ISRO,(Indian Space Research Organization). The issues raised by himstruck a chord on the eminent guests of the evening, who gavehim a standing ovation on conclusion of his address.

The local selection committee under Shri Arun Balakrishnanhad selected four illustrious Professional Directors forfelicitating with the local IOD awards. They were Dr. V. S.

Hegde, chairman & Managing Director of Antrix Corporationltd, Mr. Shanmukh, Director Personnel of Bharat ElectronicsLtd; Mr. Rajendra Kumar Kataria, Managing Director ofKSRTC and Mr. Nikhil Ranjan, CEO,William Penn. Ourcongratulations to all the them.

The function concluded with a vote of thanks by Dr. JijaHarisingh. IPS (Retd). During dinner, guests mingled with eachother and the dignitaries, thereby making the evening an event toremember in the history of IOD Bengaluru Region.

already visible. We need to use everyinstrument we have to reduce the possibilities ofconflict, because the price of conflict and thepotential for escalation of conflict are so high inour globalised world.

The conventional ways of dealing with theseconcerns is, of course, traditional diplomacy andthe promotion of economic integration. Inextreme situations, there has been recourse tomilitary action. Each of these approaches mayhave their advantages – they certainly have theiradvocates! But they also have certainshortcomings and limitations in today's world.

In just the past decade or so, we have moved withstunning speed into an era of electroniccommunications. Never have societies andindividuals been so connected. And theseconnections and linkages are growingexponentially.

It is my argument that we now have anextraordinary and historically uniqueopportunity to go beyond traditional discourse.Information and communication technologiesare so cheap and ubiquitous that access to peopleall over the world has never been so easy. Peoplehave never been so informed and the thirst forinformation is almost beyond belief.

Just a few months ago, travelling in one of themost remote and poorly developed areas ofSouth Asia, I saw an uneducated and emaciatedperson in rags, living in a sad broken hovel on themargins of life, talking on a mobile telephone – she was asking a relative in a distant big city whowas responsible for ordering drones to dropbombs close to her home. It was a sceneunimaginable and impossible in all of pasthuman history.

This is, of course, an extreme example. But the

This symposium embraces two constructs close to my heart – cultural diplomacy and theCommonwealth.

The Commonwealth has a special meaning tome. I was growing up in India at the time ofIndependence when Pandit Nehru made thedecision that India should be a member of theCommonwealth – and that historic judgementgave the lead for other former British colonies tofollow.

As Pandit Nehru said at the birth of Free India,“The achievement we celebrate is but a step, an opening of opportunity to the greater triumphsand achievements that await us.” I echo thattoday. The future of the modern partnershipbetween The Commonwealth and the UnitedNations is full of promise.

I address you today not as a diplomat but as abusinessman, parliamentarian, and as a strongbeliever in the importance of education andculture as a means of uniting our nations andhealing the rifts within our societies.

It is hardly necessary for me to remind you of thecomplexities of the age we live in. Theeconomic forces of globalisation are shrinkingthe world and creating an unimaginable commonplaying field. It may not be a level playing fieldbut it connects capital and production andmarkets with unprecedented speed. And yet, aswe have our hands in each other's pockets,political forces are more divisive and are tearingus apart with greater tension that at any othertime in recent decades.

Fearsome ideologies and fearful policies add tothese antagonisms. If this condition continues, itwill surely eventually result in tragic clasheswith great human costs – some of which are

*The Rt Hon Lord Swraj Paul Of Marylebone,PC, Founder & Chairman, The Caparo Group Plc , UK

potential for creating an environment of understanding and co-operation is vast. The traditional approach of foreign offices andchancelleries, of strategic command centres, now needs to besupplemented and expanded and re-fashioned by publicdiplomacy and cultural outreach. Indeed, I would further arguethat without the slipstream of public diplomacy and culturaloutreach, traditional approaches will be unlikely to achieve verymuch in the future. This is especially important for those of uswho value freedom and moderation, human rights and othersuch notions – important because we will need to engage,persuade and build co-operation with people everywhere asvicious ideologies and strange philosophies advance their own frightening agendas.

Negotiating in closed rooms, issuing official communiques andmilitary action is not going to build the co-operation, mutualrespect and understanding that is increasing the currency offoreign policy.

As we talk of the necessity for rearranging traditionalapproaches, we should be conscious of the influence whichcultural outreach has acquired in recent times and the results it can bring. There have been various efforts in the past likeFestivals of India, British Council activities, ConfucianInstitutes and American Information Centres around the world.

They have had an impact, as I know well because I wasintimately involved in creating the first Festival of India inBritain – a multi-cultural explosion that was a kind ofpioneering effort in 1982. These officially sponsoredhappenings have their place, but we need to go far beyond that tocultivate wider and more embracing efforts to deploy andsustain what has become known as “soft power.”

I draw your attention to a very successful cultural diplomacypolicy that the Indian Prime Minister, Narendra Modi, has beenvigorously promoting in the last year or so. Mr Modi seems tohave concluded that the contemporary world is moresusceptible to this approach and has been relentless inmobilizing India's cultural strengths in his foreign policy. Hehas used public platforms all over the world and engaged in re-branding Indian diplomacy through such highly successfulprogrammes as “Make in India” economics. Lobbying theUnited Nations to declare a World Yoga Day and celebrating itaround the world has probably done more for India's image thanmissile development.

Mobilizing the overseas Indian community to this endrecognizes the importance of community-to-communityrelations and goes well beyond what official institutions can do.The world would be a better place if other leaders followed MrModi's example.

There is now a vast international network, unprecedented insize, of businesses, non-governmental organizations and othersthat have a larger communications spread than manygovernments. The Coca Cola Company has over ninetythousand employees operating in over 200 countries versus theU.S. State Department which has around fifteen thousandemployees functioning in about 160 countries. Over fourmillion students are now studying abroad. The pathways areplentiful.

Universities are a major resource in experimenting with andengaging in cultural diplomacy. I have come to realise thisthrough my own work in higher education. I have been directlyinvolved in Higher Education since 1992 – first as Governor andthen Chancellor of the Thames Valley University; from 2006 tothe end of last year I was Chancellor of the WestminsterUniversity. For three years I was a member of MIT's VisitingCommittee and I am an Advisory Board member of ChapmanUniversity in California.

As Chancellor of the University of Wolverhampton for the last16 years, I have seen the growth and the ways in whicheducational institutions can build international goodwill andcontribute to improving relations between states.

At Wolverhampton, for instance, we have expanded ourregional offices, campuses and partnerships. We have regionaloffices in China, Malaysia, India, Oman, Nigeria and Cyprus.We have a campus in Mauritius and we deliver courses withglobal partners in China, Hong Kong, Singapore, Malaysia,India, Sri Lanka, Russia, France and Cyprus.

And the evidence is very clear – international students studyingalongside local students create the best kinds of global networksand prepare each other for a new kind of citizenship globalcitizenship. Building global citizenship, especially amongyoung people, is probably the best insurance we can haveagainst global disorder.

To an audience like this, I do not need to make much more of acase for cultural diplomacy, except perhaps to say this – culturaldiplomacy must not be regarded, or used as, propaganda. This isa trap of which we need to be very careful.

Joseph Nye, a much esteemed scholar in this area, said a fewyears ago: “In the age of information it is not just whose armywins but whose story wins.” To which sentiment I would add:“The story has to be credible!”

It is appropriate that this symposium links cultural diplomacywith the Commonwealth. The Commonwealth is a huge, butsometimes imprecise association of 53 diverse nations. Inmany ways, it is a celebration of diversity – not everyone agrees

on everything – but everyone agrees on the value of theinstitution. There are often very serious political divisions andsometimes they have been irreconcilable. If theCommonwealth was a political association alone, it would havebroken apart long ago. What undergirds it, and gives itusefulness, is the cultural interaction – the network ofeducational programmes, technical assistances and aidexchanges, information dialogues and many other interactionslike the Commonwealth Games.

The question that is often asked is this: “Does theCommonwealth have any value or substance other than itsculturally common programmes?” I think the answer is two-fold. First, it demonstrates how cultural interaction canengender political understanding. Political understanding doesnot always result in political effectiveness or collectiveagreement and action. But it inevitably creates a safety net thatprevents a downslide to the worst possibilities.

Second, it provides avenues of communications that otherwise would not be available. In today's environment, leaders oftentalk at each other, not with each other; balcony diplomacyovertakes meaningful communications. The Commonwealthis a staircase where nations and leaders are constantly moving ina free-flow. It is not an escalator where all movement is in onedirection and to go against the flow is dangerous.

Personally, I believe that the cultural plinth on which theCommonwealth stands can be enhanced. To that end, and tomaximise the value of the Commonwealth institution, I proposethe creation of a Commonwealth Assembly.

At present, leaders only meet bi-annually under the banner ofCHOGM. A Commonwealth Assembly would be an ongoingdeliberative body that would bring together leaders or theirrepresentatives together with some of the best Commonwealth talent. This would advance communications, enrich exchangesand enable the Commonwealth to do more than it has done inareas of international importance. It would enable theCommonwealth to act with much more impact on matters ofworld significance outside the Commonwealth.

It could also provide more opportunity for all Commonwealthnations, big and small, especially small nations, to participate inintra-Commonwealth activities. Just as the United Nations hasits Security Council and the European Union has its Parliament,the Commonwealth could benefit considerably from aCommonwealth Assembly.

Unless we advance the antidote of international co-operation,confrontation will bring even more disaster than it already has.A symposium like this is encouraging to those of us who are

seeking ways to enhance co-operation.

In Europe, we have to decide who is a member of the EU andwho is not.

Even in Britain we need to decide whether we are in or out.Perhaps the time has come for those who are already in the EU –and want to remain in it – to consolidate their position.

I would suggest a period of six months for the present membersre-affirm their commitment to stay in the EU. And any newcountries that want to join should also be given up to six monthsto meet the necessary criteria. Then new candidates should beconsidered for entry only after a period of say 10 years.

The same standards could be applied to membership of theEurozone. Those who want to be in should join if they can meetthe conditions – those who don't can stay out and reassess thesituation after 10 years.

It would stabilize the Euro, stabilize world trade, make theEurope and the Eurozone much more attractive to investors andend some of the present controversies.

This year we celebrate the 70th Anniversary of theEstablishment of the United Nations. The Commonwealth, aswe know it today, is in its 66th year.

The United Nations has served a great purpose for the last 70years but perhaps now it is a past relic whose structure andcontribution needs to be re-evaluated. The organisation is madeup of 193 member states, so there is no justification in today'sworld for the veto still being held by so few countries.

The Commonwealth and the United Nations exist to combatthreats to international security and to share values such asdemocracy and human rights.

Cultural diplomacy will help them to further these ideals and, inmy personal and professional experience, there is no greaterway of improving tolerance and understanding than education. I leave you with the words of Nelson Mandela who said“Education is the most powerful weapon which you can use to change the world”.

I wish your deliberations much success.

New members of the monthAugust 2015

• Mr Nayan Rawal, Advocate, Nayan Rawal & Associates

• Ms Sushma Bhayani, Executive-Business Development & Delivery, IBM

• Mr Manoj Kumar Singh, General Manager HRD, Western Coalfields Limited

• Mr Chintan Sharatchandra Shah, Director, Open V Storage Private Ltd

• Mr Vijay Thurimella, Senior Manager Support, Napier Healthcare Solutions

• Mr Bhuwan Prakash Saxena, Chief Engineer Civil, ONGC

• Mr Dilip Chalil, Executive Director, Chalil Consulting Private Limited

• Mr Nat Malupillai, CEO, eGovernments Foundation

• Mr. Anupraj Gauni, Director, Autosys Engineering P Ltd

• Mr. Veeraputhiran Thandayudhapani, Director, Autosys Engineering P Ltd

• Mr. Banabihari Panda, GM, Indian Bank

• Mr. Sarvesh Kumar Singh, Director, ICON Clinical Research

• Mr. R. Kannan, Managing Director, Emerge Learning Services P Ltd

• Mr. Krishnakumar Tyagarajan Athreya, Director, Prime Management Services

• Mr. M.V Rajasekar, Managing Director, Newell Rubbermaid

• Ms. Nirmala Lilly, COO, Infinity Hospitality Services

• Mr. Rangarajan KE, Partner, E & Y

• Sri Veerabhadraiah Chinnaswamy, Managing Director, KTPO

• Mr. Ravikanth M D, CFO & Secretary, Thejo Engineering Ltd

• Mr. V Parthasarthy, CS, V Mahesh & Associates

• Dr. R.T. John Suresh, MD (Hon), ESRON

• Mr. Balvinder Singh Kalsi, President - South Asia & ASEAN, E.I. Dupont India Pvt Ltd

• Ms. Rashmi Mohanty, Head - Treasury, Vedanta Ltd.

• Ms. Avni Malhotra, Country Director, Heifer International

• Dr. Harvinder Popli, Managing Director, Zandria Farmaceutica

• Mr. Sanjeev Ahuja, Director, Grenoble Consultants Pvt Ltd

• Ms. Divya Rajput, Head - Business Innovation, IICA

• Dr. Gopal Narain Saxena, Ex Member - Board, IFFCO

• Dr. Amit Gupta, Chairman, JIMS

• Mr. Binu Kumar, Director, Aarbin Technology Pvt. Ltd

•

• Lt. Gen V.K. Mehta, ID, Bharat Electronics Ltd

• Mr. Vikram Srivastava, IPS (Retd), ID, Bharat Electronics Ltd

• Mr. Rajesh Gogia, GM – Sales, Idea Cellular Ltd

• Mr. Sunil J Thakur, Senior Manager, Reliance Jio Infocom Ltd

• Ms. Paromita Mukerjee, DGM – BIDS, HCL Technologies

• Ms. Arundhati Gore, Director, ZED Technologies

• Mr. Pankaj Sharma, Director, Happyminds IT Services and solutions Inc

• Mr. Raghunandana K S, MD - Services, CISCO Systems India Pvt Ltd

• Ms. Meera Shashidhara, Controller, mChek India Payment Systems Pvt Ltd

• Mr. Soundar Raj C, Country Controller, NXP Semiconductors India Pvt Ltd

• Mr. Srinath K.C, Group Manager, Aditya Birla

• Mr. G Prithvi, Director, Add Technologies India Ltd

• Mr. Naresh Kumar, Director, N.M.A & Co.

• Mr. Ankur Mehrotra , Managing Director, Meteonic Innovation Pvt Ltd

• Mr. Raj Mohan S, Director, Alignbiz Technologies Pvt Ltd

• Mr. DK Aravind, Director, Tecnotree Convergence Ltd

• Ms. Bina C Balakrishnan, Consultant

• Mr. Murali Sathyanarayana, Global Alliance Director, Atos India Pvt Ltd

• Ms. Manvel Alur, Founder & CEO, Environmental Synergies in Development (EnSYDE)

• Ms. Anu Bansal, Montessori Teacher

• Maj Gen Jaideep Mittra, Executive Director, NewBridge Business Centre

• Mr. Malhar Narayan Joshi, Management Consultant, Joshi Consultant

• Mr Shanker Viswanath, Founder, Capri3 Consultants

• Mr Venkatraman Jayakumar, Director, Autosys Engineering (P) Ltd

Mr. V. Kalyanarama, Director - Projects & Services, CONCOR

•

• Socio Research and Reform Foundation

Mr Atul Kumar Rastogi Executive, Director, TCIL

It is estimated that over 500 posts of Independent Directors lievacant in many Public Sector Undertakings.Information put out by the Ministry of Heavy Industry & PublicEnterprises reveals that 182 Central Public Sector Enterprises(CPSE) have a vacancy of a total of 530 independent directors.According to Prime DataBase (the agency that trackscomposition of boards of all listed companies) also revealed thatout of the 50 listed CPSE, 38 were either having less than theprescribed number of directors or were having any independentdirectors at all.Independent Directors are usually non-official directors on theboard of a company. They do not have any pecuniaryrelationship with the company or related persons, except sittingfees. Independent directors do not own shares in the company.The role of such directors is critical from the point of view ofcorporate governance.Mr. Pranav Haldea, Managing Director of Prime DataBase, saidthat the appointment of independent directors in PSU involves atedious process via their respective ministries. However, this isno excuse to have a vacancy for over 1 year. It sets a wrongprecedent for private sector in issues of good corporategovernance.

Following news on inaction of the government in appointing topmanagement in Public Sector Banks (PSB), the center appointed5 Managing Director & CEO in various banks. The center alsospecified that this came after a writ petition filed in the SupremeCourt.

Stepping aside of traditions, four out of the five appointmentscome from the private sector. The Finance Ministry is looking toallowing private sector candidates to join PSB in middlemanagement positions. Mr. Hasmukh Adhia, Secretary,Department of Financial Services, said at a press conference.

Mr. P. S. Jayakumar, MD & CEO of VBHC Value Homes, has been appointed Managing Director and CEO, Ravi Venkatesan,an independent director at Infosys, has been appointed non-executive Chairman of Bank of Baroda.

Ms. Usha Ananthasubramanian, who is currently Chairperson ofBhartiya Mahila Bank, has been appointed as MD & CEO ofPunjab National Bank.

In the case of Bank of India, Mr. M.O. Rego — who is currentlyDeputy MD at IDBI Bank — has been appointed MD and CEOof the public sector bank. Mr. G. Padmanabhan, retiredExecutive Director of the Reserve Bank of India, has beenappointed non-executive Chairman.

For Canara Bank, the Centre has appointed Mr. Rakesh Sharmaof Laxmi Vilas Bank, as the new MD & CEO. Mr. T.N.Manoharan, Director at Tech Mahindra's public healthfoundation, has been appointed non-executive Chairman ofCanara Bank.

Mr. G. Narayanan, retired Executive Director of IndianOverseas Bank, is the new non-executive Chairman of VijayaBank.

Mr. T.C.V. Subramanian, retired Chairman and ManagingDirector of Exim Bank, has been appointed the non-executiveChairman of Indian Bank.

The Centre has also appointed Mr. Kishore Kharat Piraji,Executive Director at Union Bank of India, as ManagingDirector and CEO of IDBI Bank

Adhia said that the entire selection process for the top posts in thefive major banks — Bank of Baroda, Bank of India, PunjabNational Bank, Canara Bank and IDBI Bank — has beentransparent and based on merit.

The selection of non-executive chairmen in the remaining sixPSBs will also be completed in the next three months. Theappointment of MDs and CEOs in two other banks will also be done as early as possible, he added.

he manufacturing sector has been given a major boostby the Indian government of late. Over the years, theTmanufacturing sector has contributed significantly to

India's GDP. The only problem is that the growth has also led toenvironmental degradation. The Indian Prime Minister's visionof 'Make in India' initiative is to revitalize the Indianmanufacturing industry, especially for small and mediumenterprises (SMEs) and make it an attractive investmentdestination. While the government develops world-classinfrastructure, it also needs to recognise that futuremanufacturing leaders will be created in classrooms. So, are weteaching or skilling them to be sustainable?

Currently, it can be said, only 10 percent of the manufacturing sector is actually on a sustainability framework as businessesare still deciding if they want to adopt sustainable measures or not. In developed countries, pressure from either consumers orthe government compel corporations to become sustainable intheir approach. In India, the low participation of corporations inCorporate Social Responsibility (CSR) and sustainabilityinitiatives suggests that there is a lack of awareness. Majority ofthe corporations are figuring out the alignment between theirbusiness objectives and CSR and sustainability goals byunderstanding the nitty-gritty of the concept and itsapplicability. The gap in the realisation of the need to havesustainable development along with CSR by the corporations,was what made the government authorities enforce a law. As thebenefits arising out of such investment is long term,corporations are yet to figure out the return on investment inthese green initiatives.

If India has to maintain a sustained GDP growth of 9-10 percentper annum, it is crucial that the manufacturing sector growssteadily at 14 -15 percent per annum over the next three decades.As of now, India has only been confined on developingindustrial parks and industrial estates largely due to the IT sectorboom. The recent push in developing industrial corridors islikely to boost the manufacturing sector along with the openingup of the sector for Foreign Direct Investment (FDI). Apart fromthe existing mechanisms such as Clean DevelopmentMechanism, PAT scheme and SEBI guidelines that have beenpropelling the corporations to incorporate sustainablemeasures, the government is coming up with different laws, orstricter regulations to ensure sustainable development. In orderto be energy efficient, there has also been a push for applicationof renewable energy which has direct link to the manufacturingsector. On an average, about 75 percent of global economic

production takes place in cities and India is no different. Theurban production will account for nearly 70 percent of thecountry's GDP by 2030. Therefore, India needs to ensure that itscities become sustainable by backing sustainablemanufacturing in India.

Having mentioned the need to incorporate energy-efficientresources to counter the effects of large scale manufacturing, wecannot leave out the most important sector of the Indianeconomy. Considered as the engines of growth, it is crucial tobring SMEs within the ambit of sustainable development plan.As SMEs have restrictive budgets, it can prove to be difficult forthem to go green while ensuring their business prospers. This isan area where government intervention is required to ensuregreen funds are available to them. The SME sector has beenlooking at sustainability differently and are not much inclinedtowards environmental issues, resource conservation or energyefficiency, rather their focus is majorly on pollution controlboard regulations, labour laws, minimum wages etc. In thecoming years, the SMEs need to understand their role inensuring sustainability, even though their carbon footprints arelesser. They need to adopt policies of water and energyconservation measures to reduce environmental impacts.

While India presents its case in the Conference of Parties (COP21), Paris, later this fiscal, India's manufacturing sector is underenormous pressure due to global competition, rapidtechnological advances, shorter product life-cycles,environmental and social damages. To implement sustainablemanufacturing, continuous research must be a priority for themanufacturing sector. CSR and sustainability measures canenhance a corporation's market credibility and lead to increasedproductivity, improved quality and increased market outreach. Through business sustainability and product innovation, themanufacturing sector will not only increase its share of GDP,but also grow without hampering the environment.

As Avram Noam Chomsky, the American philosopher says,"China is a great manufacturing center, but it's actually mostly an assembly plant. So it assembles parts and components, hightechnology that comes from the surrounding industrial - moreadvanced industrial centers - Japan, Taiwan, South Korea,Singapore, the United States, Europe - and it basicallyassembles them." India needs to ensure it innovates its waytowards sustainability. It was the dream of late former PresidentDr. APJ Abdul Kalam to see India as a developed nation by2020, let us all dream of a sustainable India.

Rahul ChoudhuryFiinovation

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