Asian private sector focuses more on accountability, inclusion
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More Asian companies are committed to social responsibility and inclusion, as past growth has left the region with issues such as increasing inequality, lack of social cohesion, rapid urbanisation, water shortages, and a range of natural disasters related
This commitment will be shared at a conference designed to promote corporate social responsibility in Asia. Scheduled for September 17-18, the “CSR Asia Summit 2013” will take place in Thailand for the first time since 2009.
The summit will explore challenges and opportunities for the private sector to drive more inclusive and equitable growth in Asia, as the region faces tough questions: How is it possible to grow responsibly, ensure economic development is more inclusive, and make essential products and services accessible for all?
“It starts with a critical look at your company’s core business and the way it operates. Through engagement with shareholders, board members, staff, customers, suppliers, vendors, and members of the community, the most important issues and impacts will come to light,” said Professor Richard Welford, chairman of CSR Asia and the region’s thought leader on CSR.
“Addressing issues such as human rights, environmental sustainability, and corporate governance is not easy, but improves the competitive position of a company by reducing risks and improving its brand value.”
Sukich Udindu, CSR vice president of Minor International, who will be one of the panellists, said the Stock Exchange of Thailand had sent a clear signal to companies here.
Proactive approach
“Increased expectations for corporate accountability on social and environmental impacts, by shareholders and other stakeholders, are driving Thai companies to address these issues proactively and strategically in their core business practices at home and in their international operations,” he said.
To tackle Asia’s rising inequality and exclusion, Welford reminded companies that stable and cohesive societies form the basis of thriving economies, and are therefore in their own self-interest to help build. “Think about models that drive inclusive business, that extend your company’s economic footprint outwards to include those outside of the formal economy.”
In an exemplary model of inclusive business by a corporation, Coca-Cola chairman and chief executive Muhtar Kent made a public commitment in 2010 that the company would enable the economic empowerment of 5 million female entrepreneurs by 2020 (known as 5by20), with the help of partners in government, civil society, female participants and the private sector.
Gilda Custodio-Maquilan, sustainability manager for Coca-Cola Philippines, said: “Women around the world are already pillars of our business system. With 5by20, we are building on that foundation by implementing programmes to help women entrepreneurs throughout the Coca-Cola value chain – from fruit farmers to artisans. Our objective is sustainable communities through empowered women.”
