Wednesday, 22 September, 2021

Business sustainability depends on relationships with employees, owners

Speakers tell at seminar

Business sustainability depends on relationships with employees, owners

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Entrepreneurs are taking steps to ensure their business growth through reporting CSR activities like medical facilities, education and building awareness about environmental threats and climate changes among the employees, said speakers.

They said the entrepreneurs also understand that resilience of environmental and social threats would ensure more productivity of the industry and enhance the employee’s contribution to the development of the economy.

“So, sustainability of the company depends on how a company manages its relationships with employees, suppliers, customers and the community,” they observed.

The speakers forwarded these observations at a webinar on “Environmental, Social, and Corporate Governance (ESG)-Global Perspective” organized by the Institute of Chartered Accountants of Bangladesh (ICAB) on Saturday, said a press release, reports BSS.

LGRD Minister Md Tazul Islam joined the programme as the chief guest. ICAB President Mahmudul Khusru delivered the address of welcome while Nasir Uddin Ahmed, Member Council and Past President of ICAB conducted the session as the session chairman.

Asif Chowdhury, Senior Manager, Ernst & Young LLP, United Kingdom and Adeeba Nuraina Risha, Research Associate, BRAC Institute of Governance and Development (BIGD) jointly presented the keynote paper. ICAB CEO Shubhashish Bose made the introductory remarks and Vice President Sidhartha Barua made concluding remarks.

Professor Dr. Khondoker Mokaddam Hossain, Founder Director, Institute of Disaster Management and Vulnerability Studies (IDMVS) dept, University of Dhaka and Dr. Jaynal Uddin Ahmed, Professor, Department of Management, North- Eastern Hill University, Meghalaya, India participated in the webinar as panel speakers.              

Speaking on the occasion, the LGRD Minister said governance is a system of rules, regulations, practices, and processes, by which a company is directed, operated, monitored, controlled and balance the interests of company's stakeholders.

He said, “Successful businessmen attain sustainable business growth by taking together corporates, stakeholders, public and environment. While doing so, the roles of Auditors are commendable, as they act as a link between corporates and public.”

Tajul also said chartered accountants are doing very critical jobs especially in the field of auditing. “Auditing is essential to corporations and society because it is a medium to build a good relationship between corporations and stakeholders," he added.

ICAB President Mahmudul Hasan Khusru said, investors, regulators, consumers and media see how the company uses energy, manages its waste and pollution and deals with environmental risks and acts in the wake of disasters.

Citing examples from Europe and America regarding legal requirements and regulatory frameworks of corporate social responsibilities (CSR), ICAB President said noncompliance of CSR policies are often undertaken as legal punishment in those countries.

Their laws enforce corporations to make decisions based on long term sustainability of the corporation rather than on profits and dividends alone, he added.

Khusru also said, in Bangladesh, the practice of CSR is rather of negative impact, as structural approaches - through which CSR is administered and regulated - are often lacking practical applicability.