Quality Times - Institute Of Directors

Volume. XVIII No. 07/2013 

July 2013 

S. K. ROY 

Chairman, LIC of India 

addressing the Masterclass 

BOARD 

GETS 

TRAINED 

FOR 

Masterclass for Directors 

Month's Featured Articles 

This Month's Featured Articles 

This 

European Leaders 

Must Lead from the Front 

* Pascal Lamy - P4 

IOD 

Institute of Directors 

Addressing Environmental 

Challenges and Opportunities 

*Prof. Colin Coulson-Thomas- P8 

Building 

Tomorrow’s 

Boards 

Strategies and Innovations for 

Sustainable Development in Organisations 

*Maj Gen T M Mhaisale - P12 

Good Corporate Governance: 

a game changer for sustainable strategies 

* Miriam Garnier - P17 

Building and Leveraging a 

High Performance Board For Sustainability 

*Andrew Wilson - P25 

Now! 

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CORPORATE BOARD 

to Strategies for 

Greening the Economy 

From The Editor 

EDITORIAL BOARD 

Lt Gen JS Ahluwalia, PVSM (Retd.) 

Pradeep Chaturvedi 

Manoj K. Raut 

Ashok Kapur, IAS (Retd.) 

Editor 

Pradeep Chaturvedi 

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The World Business Council for Sustainable 

Development has defined eco-efficiency as: ecoefficiency 

is achieved by the delivery of competitively 

priced goods and services that satisfy human needs and 

bring quality of life, while progressively reducing 

ecological impact and resource intensity throughout the 

life-death cycle, to a level at least in line with the earth's 

carrying capacity.” Similarly the concept of ecoefficiency 

but so far less explored in corporate 

sustainability is the concept of socio-efficiency, i.e., the 

relation between a company's value added and its social 

impact. While it can be assumed that corporate impact 

on environment is usually negative, this may not be true 

for the social impact. Depending on the type of socioefficiency, 

one can either try to minimize the negative 

social impact, or maximize the positive social impact 

while pursuing the value-added activity. Both ecoefficiency 

and socio-efficiency promote economic 

sustainability of the businesses in the long run. 

Green technologies are often produced in developed 

and more industrialized developing countries using 

intermediate inputs originating from a wide variety of 

developing countries that are integrated in global supply 

chains. Trade in intermediate goods, which accounts 

for about 40% of world merchandise trade, is thus an 

important entry point for developing countries to supply 

green markets. Participation in supply chains generate 

economy-wide gains, such as employment, 

improvement in technology and skills, productive 

capacity upgrading, and diversification into valueadded 

exports. 

The technologies now on the frontier could fuel a 

CONTENTS 

European Leaders Must Lead from the Front 

Pascal Lamy 

Addressing Environmental Challenges and Opportunities 

Colin Coulson-Thomas 

Strategies and Innovations for Sustainable Development in Organisations 

T M Mhaisale 

Good Corporate Governance: a game changer for sustainable strategies 

Miriam Garnier 


Building and Leveraging A High Performance Board For Sustainability 

Andrew Wilson 

India: Growth to Resume 

Deepak N. Lalwani 

NEWS & VIEWS 

“Board Governance - key to Corporate Excellence” 

A Report 

Life Insurance Corporation of India trains its Management Board for Masterclass for Directors 

15th World Congress on Environment & Management 

decade of rapid innovation in products, services, 

business processes and go-to-market strategies. 

Companies will have new ways of developing and 

producing products, organizing their businesses, and 

reaching consumers and business to business customers. 

Business leaders will need to determine to end, how, and 

whether to take advantage of new technologies and be 

prepared to move quickly when others use emerging 

technologies to mount challenges. All business leaders 

must develop their own well-informed views of what 

green economic measures can ensure sustainable 

development practices in their enterprises. Leaders 

should think carefully, about how specific technologies 

could drive economic impact and disruption in ways that 

would positively affect their businesses. Management 

thinker Clayton Christensen warns companies against 

focusing too much on their largest most established 

markets and related value prepositions. 

th 

The 15 World Congress on Environment Management, 

being organized by IOD, during 19-20 July 2013 in New 

Delhi will provide an appropriate platform for industries 

to exchange their experiences on ensuring impact of 

green technologies on economic growth in keeping with 

the objectives of national economic growth. The 

corporate boards have to look into these aspects 

carefully and project appropriate management strategies 

for business growth. 

(Pradeep Chaturvedi) 

Programme 40 

Golden Peacock Awards - Schedule & Presentation - Calender-2013 

4 

8 

12 

17 

20 

25 

27 

28 

32 

33 

36 

45

European Leaders 

Must Lead from the Front 

Tommaso was unpretentious, determined and competent. He 

always thought — like Jean Monnet — that it wasn't enough 

to have ideas; you also had to propagate them, plant them in 

fertile soil. And this is precisely what he did, in finance, in 

economics and in monetary issues, with Europe at the centre 

of his endeavours. He was both an architect and an engineer. 

Two years ago, Tommaso left us. Many in this room lost a 

friend. We all lost a guiding light. We lost much-needed 

intellectual input precisely when Europe is suffering the 

gravest crisis in 50 years. 

The Crisis in Europe 

* Pascal Lamy 

The word “crisis” is not new in the European vocabulary. In 

fact, history has taught us that European integration has 

weathered many crises. 

Some of you in this room will remember De Gaulle and his 

“empty chair” policy in 1965 and 1966. 

With the recent death of Margaret Thatcher, we have been 

reminded of her fierce drive to reduce the UK's contribution 

to the European budget in the 1970s. This led to serious 

conflict over the financing of Europe which still remains to 

this day. 

In the 1990s, we saw the European Monetary System crisis, 

which was followed by the demise of the European 

Commission in 1999. 

More recently, Europe was shaken by the French and Dutch 

rejecting the European Constitution in their respective 

referendums. 

But today's crisis is not just another example of taking one 

step back to jump three steps forwards. This time, it is an 

existential crisis. It is a crisis about the pursuit of the very 

European integration process which started in the 50's. In fact, 

we are seeing a triple crisis unfold. 

First, a crisis in legitimacy. As the recent Eurobarometer and 

Pew polls show, support for the EU among the public is 

sharply declining. Part of this stems from the severity of the 

economic crisis which started in 2008 and which is having a 

serious impact on many European citizens. But another part 

results from the perceived “division of labour” between 

Brussels and European capitals: “austerity” for Brussels and 

“growth enhancing measures” for the capitals. And all of this 

comes on top of a longer term disaffection with Europe. 

Interestingly, these polls also show that Europeans do not 

want to return to their national currencies. They want the euro 

and they even accept that changes and reforms are needed. But 

they are not seeing concrete answers to their concerns. 

The second is a crisis in credibility. For the first time in 60 

years, the rest of the world is starting to have serious doubts 

about the solidity of the European project. This has led to an 

unprecedented process of “re-nationalisation” in the area of 

international relations. It is as if diplomats in foreign capitals 

were hedging their position in case there is a break-up of the 

European Union. 

The third is a crisis in the European social model. The social 

market economy model — Sozialmarktwirtschaft model — 

which makes the specificity of the European Union 

recognises that strong social protection systems improve 

competitiveness. As Olli Rehn well knows, it is not easy to 

convey this European model to the average Greek or to the 

average Portuguese or Spaniard today. They want to see this 

model transformed into concrete measures. In particular, 

since this crisis hides another one — a crisis in solidarity — 

the difficulties of the euro have shown that European 

solidarity mechanisms have not been sufficiently well 

designed to withstand a shock of the type we have seen since 

2008. 

The economic crisis in Europe is in reality the backdrop of a 

wider and deeper European crisis: a crisis in the very soul of 

European integration. Pandora's box has been opened, and 

voices pleading for the de-construction of the European 

project are becoming louder. 

Is further European Integration still the Way 

Forward 

But is further European integration the way forward This is 

the existential question that Europeans will confront at next 

year's European elections. And this is the question that the 

programmes of the different political groups must answer. 

European citizens will not care about parties or individuals. 

They will want to know about today's European integration 

project. 

4 

Quality Times - July 2013

Before we answer this question, we should look at the 

context. The world is becoming ever more globalised and 

interdependencies are on the rise. We are witnessing a 

rebalancing in world power, with the rise of emerging 

countries and the pendulum of power moving east. For the 

first time in world history, GDP of developing countries in 

2012 matched that of developed economies. Furthermore, 

the growth differential between developed and developing 

economies is becoming larger. By 2030, the middle class will 

more than double in size, from 2 billion today to roughly 5 

billion. In a nutshell, we are seeing a re-adjustment in 

strength and influence among countries and regions. 

In this evolving context, one can answer the question about 

the European project from an economic point of view. What 

we know is that market size does matter, especially in a 

market capitalist system in which we live, whether we like it 

or not. 

Europe has a strong advantage: its regional economic 

integration is the world's most advanced. In fact, other 

regions around the world such as the Eastern African 

Community, the ASEAN, the Eurasian Customs Union and 

Central America are moving in the direction of further 

integration. And a number of other regions around the world 

are also pursuing deeper forms of economic integration 

through the Trans Pacific Partnership, the Regional 

Comprehensive Economic Partnership or the Alliance of the 

Pacific to name a few. 

But Tommaso had a more complex view of the world, which I 

fully share. He believed that with globalisation, economic 

and political integration go hand in hand. Globalisation was 

not what moved Europe from a common market to an internal 

market and then to a monetary union. But this is the logic of 

regional integration in the 21st century. As the current crisis 

has shown us, we cannot have a monetary union without 

greater economic integration, and this in turn will inevitably 

demand closer political ties. This is not an intellectual dream. 

In my experience, this is simply the imperative stemming 

from the logic of ever-growing economic interdependence. 

Let me try to make this point through the prism of trade. As 

the report of the stakeholders that I convened last year to look 

at the future of world trade has recently concluded, our world 

faces the challenge of convergence. And convergence of 

markets today is more and more about identity issues, about 

values. This is what we see very clearly in regional trade 

agreements being negotiated, such as the EU-US 

Transatlantic Trade and Investment Partnership, the Trans- 

Pacific Partnership or the Regional Comprehensive 

Economic Partnership. It is less and less about tariffs and 

more and more about how to build common markets. And 

today this inevitably requires addressing value and culturally 

charged non-tariff obstacles to market integration. 

In sum, while further integration is a necessity, it has also 

become clear that we cannot think “integration” without 

thinking “identity”. In other words, integration today goes 

hand in hand with “values”. And this in turn requires closer 

political integration. As worldwide political integration 

remains a very distant horizon, the way forward is regional 

integration, an area where Europe still leads the way. 

Avenues for a closer European Integration 

Let me briefly mention what I see as the three key areas for 

closer European integration. 

The first one is to regain political energy for the European 

project and this requires breaking the glass ceiling on 

legitimacy. Legitimacy has always been a bone of contention 

in Europe. Today, the exit strategy for the euro crisis requires 

more stringent disciplines and stronger solidarity, which can 

only be achieved through greater legitimacy. But I do not 

think it is about institutional “re-juggling”. I think the 

problem is one of affection. Europeans simply do not feel that 

they belong to a community. 

We have tried all possible ways of adjusting Montesquieu's 

ideas to the needs of Europe. Europe has a legislative, an 

executive and a judiciary. But this tripod is not enough to 

create a supra-national political space. 

National stereotypes which we thought long forgotten have 

re-appeared during the crisis. What Romans called “affectio 

societatis” has proven to be dramatically thin in Europe. 

Rebuilding greater affection for the European project will 

require accepting that there are two sources of political 

legitimacy — the people and sovereign states — and that 

both are needed in a federal system. 

It will require an institutional system in which the executive 

can only be a neutral third party (the Commission), a senate 

of states (the Council) and a chamber representing the people 

— the European Parliament. 

It will also require a debate, maybe even negotiations, over 

the civilizational model of Europe, one that is based on a set 

of values more tightly knitted than the current description in 

the European Union's Treaty. 

Europe stands for a set of values enshrined in Article 2 of the 

European Union Treaty: freedom, security, justice, a social 

market economy, sustainable development, environment 

quality, social justice, cohesion, solidarity. It has found a 

balance between freedom, private initiative and social 

protection. 

But, even leaving aside political differences, I guess it would 

be fair to say that these generic values are not perceived or 

even felt the same way across Europe. They need to be 

sharpened and to be owned by Europeans. Political 

integration means changing anthropological perspectives, 

and establishing a framework in which “cousins become 

brothers and neighbours become cousins”. 

This new narrative for Europe can only be the result of 

positive choices. Not just a refusal of wars in European soil. 

Not just a common detestation of the horrors of the past. Not 

just a common nostalgia about the cradle of western 

civilisation. But a new positive, action-oriented narrative that 

unites Europeans in the belief that their future can be better 

than their past. 

This new narrative will not come as a result of “leading from 

behind”. It will emerge from explaining, debating and 

convincing, which will lead to “accepting”. 

The second one is to re-invent differentiation. Given what 

5 


integration means today, we must recognise that not 

everyone will be ready to move forward at the same pace. 

Differentiation is inevitable. 

This debate is not new to the European Union. But it would be 

fair to say that variable geometry has often been invoked but 

rarely practised. Today, finding answers to the question of 

differentiation is both urgent and essential. 

Is “enhanced cooperation” the right way forward What 

about the “open method” of co-operation Or opt-outs This 

is particularly relevant to the strengthening of the economic 

governance of Europe, in particular that of the euro-zone. 

Two things are clear, in my view. Whichever route is chosen, 

priority should be given to the Community method. And the 

Franco-German engine should be at the heart of any solution. 

Other formats have been tried and tested and have not 

worked. 

The third relates to two economic priorities of the EU: 

completing the banking union and improving European 

competitiveness. This conference will address at length the 

imperative of completing the banking union. Suffice it to say 

that this is an urgent task as well as a jump in the direction of 

further solidarity. 

I will therefore briefly focus on the issue of competitiveness. 

By competitiveness, I mean improving the performance of 

the European economy at large, not just that of the eurozone. 

Not just parts of the euro zone. Much of this has to do with 

domestic policies. A good dialogue between European 

countries, on the basis of facts and figures tabled by the 

Commission, could be very helpful to look at where and why 

certain measures have or have not worked. 

But a lot of this has to do with horizontal policies that require 

community action. Starting with better exploiting the 

European services sector. Untapped growth and jobs 

potential can be achieved through further opening of this 

sector at the European level. Developing a European energy 

strategy is another essential ingredient to combine price 

competitiveness with environmental sustainability. Investing 

in innovation and fundamental and applied research is 

another area which requires pooling more resources through 

a common budget. Establishing a level playing field for 

taxation would also be an important ingredient for better 

European competitiveness, for both producers and 

consumers. Finally a “European SMEs Compact” — another 

source of untapped potential for growth and jobs — could be 

developed. 

The task ahead for Europe is huge. Time is short. And there is 

urgency. In May 2014, Europeans will go to the polls to elect 

their representatives at the European Parliament. They will 

be looking for answers, for a sense of direction, for the way 

forward. European leaders must “lead from the front” and 

they must start soon. 

* Mr. Pascal Lamy is Director General, World Trade 

Organisation. This article is based on Brussels Economic 

Forum Third Tommaso Padoa-Schioppa Lecture on 19 June 

2013. 

ASSESSORS INVITED 

Would you like to be an assessor of these most prestigious awards 

GOLDEN PEACOCK AWARDS SECRETARIAT 

invites for specialists in the areas of 

Corporate Governance & Sustainablity 

We are constantly on the lookout for volunteer professionals or quality people 

nominated by their organisations who can become certified examiners for Golden Peacock Awards 

Please send your CV at info@goldenpeacockawards.com 

Golden Peacock Awards Scretariat 

M-52 (Market), Greater Kailash Part - II, New Delhi-110048, India 

Tel: 011 - 41636717, 41636294, 41008704 

Email: info@goldenpeacockawards.com 

A most rewarding and 

rich learning experience 

Supported by 

IOD 


Building 

Tomorrow’s 

Boards 

6 


Addressing Environmental 

Challenges and Opportunities 

*Colin Coulson-Thomas 

Directors and boards have to weigh a variety of contending 

factors when formulating visions and values and discussing 

and deciding corporate goals, objective and policies, 

including those relating to environmental challenges and 

opportunities. Choices have to made and there may be 

difficult trade-offs to consider at times of competitive 

pressure, uncertainty and insecurity. 

Boards do not exist in a vacuum. There are required to obey 

the law. In coming to decisions board members are expected 

to put the interests of the company before their own and in 

some jurisdictions company law requires that they take the 

interests of various stakeholders into account. 

The allegiance of stakeholders cannot be taken for granted. If 

relationships with them are to last they must be mutually 

beneficial. Particular attention needs to be paid to the 

evolving interests of customers. In competitive markets there 

will also be the aspirations, strategies and activities of 

competitors to be taken into account. 

Effective direction is all about achieving an appropriate and 

sustainable balance between contending interests. 

Sometimes this requires that one does enough to benefit 

particular stakeholders, but not at the cost of then having 

insufficient resources to address the interests of other groups. 

Critical Questions for Policy Makers and 

Boards 

Deciding between short, medium and long-term interests and 

inter-generational issues are particularly problematic. How 

does one weigh and take account of the interests of future 

generations who cannot today 'vote with their feet' and take 

their business, talent, allegiance or investment elsewhere 

Political decision makers in democracies sometimes 

postpone decisions such as replacing costly infrastructures, 

reducing harmful emissions or repaying debt in order to 

reduce their impacts on current voters. This postponement 

increases the scale of adjustment that will need to be made by 

future generations and the financial burdens that this will 

impose upon them. 

In relation to energy policy, delays in formulating a strategy 

and commissioning new power stations can also significantly 

increase the costs upon businesses. 'Green energy' can be 

expensive. The wrong decisions can put a country's industries 

at a competitive disadvantage in world markets. 

UK Cabinet Office minister Francis Maude has called for civil 

servants to be less risk averse and more willing to question and 

challenge, including having more robust debates in private 

with ministers on policy issues. Going with the flow and 

obsequiousness can prevent suggested policies from being 

thought through. 

Will corporate decision makers display greater leadership 

Journalists and activists may call for action now to address 

current, imminent and future challenges but this can pose 

dilemmas for directors and boards in competitive markets. If 

'doing the right thing' involves higher costs compared with 

those of competitors from countries where there is less 

pressure to change will customers stay loyal and pay the extra 

amounts 

Will talented people accept pay differentials in order to fund 

higher costs for more energy from renewal sources Will 

investors hold shares providing a lower rate of return from a 

company that has higher operating costs as a result of its 

'enlightened' policy towards sustainability and the 

environment 

The Importance of Timing 

Commentators and activists can easily say that challenges 

should be viewed as opportunities, but innovation, changing 

operating, procurement and sourcing policies, and 

introducing new offerings, practices and technologies can 

involve up-front investment, risk and uncertainty. Acting 

more responsibly and sustainably is neither cost nor risk free. 

Timing can be critical. A proportion of new approaches and 

environmental initiatives will fail. Some innovations may 

result in cost penalties and unintended and harmful 

consequences. Early adopters may encounter teething 

problems that harm relationships with key customers. 

The pace of technological change in many areas is relentless. 

Move too soon and one may become locked into a technology 

that turns out to be more costly than those adopted by later 

entrants at a time when further development has occurred. 

Ultimately stakeholders will only benefit if attempts by 

companies to turn environmental and other challenges into 

8 


opportunities are themselves affordable and sustainable. 

This brings us back to the role and work of the company 

director and questions of how best to handle these and other 

issues at an individual company and collaborative level, and 

nationally and internationally. In each of these arenas a board 

can have a view of what is in the best interests of a company 

and its stakeholders. 

Ignoring what is happening in the marketplace and in the 

national and international context can be risky and 

irresponsible. A board should be alert to external proposals 

that might impact upon its operations and activities - 

including perhaps putting it at a competitive disadvantage - 

and seek to influence any action that is taken. 

Focusing on the Discrete and Manageable 

A combination of challenges may seem so intimidating that 

corporate boards and public decision makers appear 

incapacitated by their magnitude, rather like a rabbit frozen 

in the glare of the headlights of an approaching car. 

Sometimes breaking what may at first sight seem 

insurmountable into a series of specific issues can make it 

easier to resolve them. A particular problem can invite a 

discrete solution, while general appeals for moderation and 

restraint go unheeded. 

It was as recently as 1985 when an article in Nature by Joe 

Farman and his British Antarctic Survey colleagues first 

alerted many people to the emergence of a hole in the ozone 

layer. Caused by man-made chlorofluorocarbons (CFCs) 

released from products found in many homes, the depletion 

of this protective barrier threatened to increase the risk of 

skin cancer and other damage caused by ultraviolet rays. A 

particular problem had an identifiable cause. 

Following a period of denial and early industrial opposition 

collective action was forthcoming. Less than two and half 

years after the Nature article, 24 countries signed the 

Montreal protocol to phase out CFCs and other chemicals 

that posed a danger to the ozone layer. The agreement has 

subsequently been ratified by all UN member countries and 

the hope is that the ozone shield will be re-established. 

Rather than fret about what is insuperable and what they 

cannot influence, corporate, public and voluntary body, and 

political decision makers, should focus upon what they can 

achieve individually and collectively. In order to make 

progress this may require breaking general problems down 

into discrete and manageable elements. 

Concrete action in particular areas can demonstrate progress, 

build confidence and help to establish an appetite for further 

initiatives. 

Determining Corporate Strategies 

It is for a board to determine what is possible and desirable for 

an individual company when formulating corporate and 

sustainability strategy. To do this its members will first need 

to identify and understand relevant and significant trends and 

developments in the external business, market, economic, 

social, technological and political environment. These 

should be prioritised in terms of their significance and 

likelihood of their impacts, which should then be considered 

along with corporate responses. 

Impacts could be short or longer-term, mild or intense, at a 

local level or more widespread and mitigating action to 

confront challenges or steps to capitalise upon opportunities 

could vary from local to corporate and may or may not 

require wider collaboration. Examples of impacts could 

range from resource constraints and shortages as a result of 

unsustainable activities to the results of climate change. 

There will be steps that individual managers and business 

units could take and other responses that would benefit from 

working with customers, suppliers, business partners or other 

organisations with compatible interests. Some responses 

could be operational such as a drive for efficiency and the 

more effective use of resources. Others could be more 

strategic, such as identifying specific business opportunities. 

In some cases Government action might be sought. While a 

company could seek to reduce harmful emissions and 

comply with environmental standards, new laws and 

regulations - and more consistent and active enforcement - 

might help to create a level playing field vis-à-vis 

competitors. Enabling action could include steps to reduce 

obstacles and barriers to change, while the case for incentives 

could also be put. 

The companies that are most successful at identifying 

business opportunities are those whose directors and staff do 

not just look at the impacts of external developments upon 

themselves. They also consider likely impacts upon their 

customers, and what they can do to help their customers to 

cope with environmental challenges and/or exploit any 

opportunities that might arise. 

Government Action 

In discussion of political action and inaction the roles and 

responsibilities of senior civil servants who advise and 

support them is sometimes overlooked. Public sector 

leadership can present particular challenges and, as with 

corporate leadership, Sir Leigh Lewis a former Permanent 

Secretary has identified courage as one of the qualities that is 

required. One sometimes needs the courage to make a start 

and take the individual steps necessary for a demanding 

journey. 

Government largesse and action can impact upon 

sustainability in a number of ways. One's first through often 

turns to legislation and regulation, and measures in these 

areas should encourage and enable innovation and 

environmentally desirable activities as well as seeking to 

prevent harmful ones. Financial initiatives can similarly 

include incentives as well as penalties. 

Enacting measures is one thing, enforcing them is another 

and this does not always happen due to a variety of factors, 

including on occasion favouritism. In some countries bribes 

are paid to avoid penalties and obtain favours. Such practices 

can be a barrier to innovation and growth. Where honesty and 

integrity is the norm wrongdoers may avoid sanction because 

9 


Mark the following Dates in your Diary 

(Dates are tentative pl confirm from the website www.iodonline.com) 

..........UPCOMING EVENTS…….. 

15TH WORLD CONGRESS ON ENVIRONMENT 

th 

MANAGEMENT & 24 IOD Annual Day 

And presentation of Golden Peacock Awards for Environment, 

Occupational Health & Safety and Eco-Innovation and IOD 

Distinguished Fellow Awards 

19 - 20 July 2013, New Delhi (India) 

TH 

8 INTERNATIONAL CONFERENCE ON 

CORPORATE SOCIAL RESPONSIBILITY 

And presentation of Golden Peacock Awards for Corporate Social 

Responsibility, (both National & Global) and Innovation Management 

13 - 14 December 2013, Bengaluru (India) 

LONDON GLOBAL CONVENTION 2013 

on CORPORATE GOVERNANCE & 

SUSTAINABILITY 

And presentation of Golden Peacock Awards for Corporate Governance, 

Sustainability, (both National & Global) and HR Excellence 

1 – 4 October 2013, London (UK) 

24TH WORLD CONGRESS ON TOTAL QUALITY 

And presentation of Golden Peacock Awards for Quality, Training & 

Innovative Product/ Service 

7 - 8 February 2014, Mumbai (India) 

GOLDEN PEACOCK AWARDS 

For last date of submission of applications 

Visit: www.goldenpeacockawards.com 

MASTERCLASS FOR DIRECTORS 

leading to Certified Corporate Directorship 

for latest schedule Visit: www.iodonline.com 

IOD 

Building 

Tomorrow’s 

Institute Of Directors Boards 

For Registration: 

INSTITUTE OF DIRECTORS 

M-52 (Market), Greater Kailash Part-II New Delhi – 110048, India 

Board Nos. : +91-11- 41636294 , 41636717, 41008704 

Email: info@iodonline.com 

www.iodonline.com

a relevant Government department or agency lacks the 

resources to identify and pursue them. 

People sometimes underestimate the impact a Government 

can have as a customer. Public procurement can encourage 

more sustainable activities and practices by opting to buy 

from suppliers that are more economical in their use of 

resources. This may involve turning away from large 

incumbent suppliers to favour new entrants and more 

innovative businesses. There may be barriers to entry and 

participation in bidding for public contracts that could be 

reduced by conscious effort. 

Risks of Public Intervention 

Care needs to be taken to ensure that Government action does 

not lead to distortion, unfair competition, whether nationally 

or internationally, or new barriers to entry. Inviting public 

action can sometimes feel like bringing an elephant into a 

china shop. Like a large beast public decision making can be 

slow and progress lumbering. 

General laws and regulations can impose unwelcome 

burdens and may have an unequal impact upon different 

business sectors. Sometimes when forced to choose between 

competing interests and adopt a single approach a 

Government can be less flexible than markets. The 

operations of the latter can lead to multiple responses each 

addressing particular interests. Business reactions can often 

be simultaneously more entrepreneurial, innovative and 

tailored. 

One needs to think carefully about the arenas and forms in 

which public and/or private action is appropriate and how 

responsibilities should be allocated between individuals and 

organisations. Where public action and intervention is 

thought appropriate, one needs to consider whether this 

would be best done at local, regional, state or central 

Government level, or by an agency, either locally, nationally, 

regionally or internationally. 

Developing Mutually Beneficial Relationships 

with Government 

Directors of companies individually - and collectively 

through representative bodies can help Government bodies 

to achieve environmental and sustainability objectives by 

providing advice on implementation and looking out for 

barriers and distortions created by public measures. Just as 

established players act to protect their interests, ambitious 

business leaders can put the case for policy changes and new 

measures that would stimulate innovation and 

competitiveness. 

Individually and collectively they could also call for a level 

playing field to ensure they are not put at a competitive 

disadvantage vis-à-vis international competitors by the 

actions of a national Government. If successful, they may 

find that international responses are at the speed of the 

countries that are most reluctant to act. 

While public servants might be wary of those they perceive 

as lobbying in their own interests, they may welcome 

collaboration that is for the public good. Providers of public 

services should seek to work with those at whom these 

services are aimed and take steps to help them to make 

business, consumption and/or lifestyle decisions that are 

more responsible, beneficial and sustainable. 

Making it Happen 

Once a strategy and a way forward have been agreed, outside 

of the boardroom little may happen until it is communicated 

and shared. People need to be engaged. They need to be told 

why change is needed and what they can do to help to bring it 

about. For good reason Sir John Harvey-Jones entitled his 

book on his experiences as a company chairman “Making it 

Happen”. Too many strategies are dead and historic 

documents rather than living motivators and guides. 

Corporate leaders need to be effective communicators to 

reach, engage and motivate people. Ways need to be found of 

reaching people in a language that they can understand. 

Intellectual arguments such as those displayed at business 

school when tackling a case are not enough. A cause may 

need a voice. An effective and evocative argument that 

resonates, such as that presented by Rachel Carson in her 

classic book “Silent Spring”, may be required to secure 

attention and motivate action. 

Companies can also help their customers to take more 

responsible decisions when acquiring and using their 

offerings by making them more aware of available options 

and their consequences. As a result of this greater 

understanding they may be able to make more beneficial and 

less damaging choices from the perspective of the 

environment and sustainability. 

The 'new leadership' that is required in corporate boardrooms 

with its focus upon implementation and providing 'bottomup' 

support is conducive of more engagement, greater 

understanding and more effective action. 

The Value of Discussion 

th 

The 15 World Congress on Environment Management is an 

opportunity for directors to compare their own strategies and 

approaches for addressing environmental challenges and 

opportunities with those of their peers. They can discuss how 

boards might best handle the problems involved. They may 

discover governance arrangements that others have 

employed to achieve a better understanding of the interlinkages 

between issues and how best to resolve them. 

An issue for many boards is determining a course of action 

today that does not prevent other - and perhaps more lucrative 

options - in the future. Learning from the experiences of 

others and best practice case studies can lead to new insights 

into ways of conserving natural resources, using these 

effectively and achieving sustainable and profitable growth. 

*Prof Dr Colin Coulson-Thomas, A member of the business 

school team at the University of Greenwich, U.K and an 

adjunct professor at Manipal University. He has held 

professorial appointments in Europe, North and South 

America, the Middle East, India and China, and national and 

local public appointments. 

11 


Strategies and Innovations for 

Sustainable Development in Organisations 

* T M Mhaisale 

customers, the society, the government, the suppliers, 

various compliance authorities and so on. This means it is an 

all inclusive development which will ensure 360 Degree 

transformation. 

Innovation : Evolution 

The history of mankind is characterized by that human 

innovative zeal spanning over various eras. To begin with it 

was a nomadic era, then came an agricultural era followed by 

an industrial era. The IT era followed thereafter and the 

current era is the Knowledge era. The peculiarity of these eras 

is that their duration is shrinking in an 

accelerated manner, as can be seen in Fig 1 below. 

Introduction 

Innovation is the order of the day. One of the key factor for 

sustainable and scalable development of a nation, 

organization, society or individual is 'Innovation', which is 

embedded into the DNA of a progressive organization. 

Whether it is the President of USA or India, the business 

tycoons such as Steve Jobs and Bill Gates, or the 

management experts such as Peter Drucker, Tom Peters or 

Michael Porter; all of them have been unequivocal in 

espousing the centrality of innovation in the sustainable 

development of their nation, organization or humanity as 

such. The current decade has, in fact, been heralded as the 

decade of innovation by one and all. According to Johnson 

and Scholes, strategy is the direction and scope of an 

organisation over the long-term; which achieves advantage 

for the organisation through its configuration of resources 

within a challenging environment, to meet the needs of 

markets and to fulfil stakeholder expectations". In other 

words, strategy is about 'where is the business trying to get to 

in the long-term (direction)'. One of the ways of bringing 

about 360 Degree Transformation is through meticulous and 

fine-tuned strategies and innovations for sustainable 

development in organizations. 

What is a sustainable development Sustainable 

development is development that meets the needs of present 

generation without compromising the needs of the future 

generation to meet their needs. What are the critical issues it 

is supposed to address It is supposed to address critical 

environmental, social and economic issues, in a holistic 

manner. This calls for a focussed and collaborated efforts 

from various stakeholders. The 360 Degree transformation 

necessitates the inclusion of all stakeholders, the 

shareholders, management, employees, promoters, 

BC 

Fire 

Evolution of 

Innovation 

BC 

Spear 

1788 

Steam 

Engine 

1876 

2004 

iPod 

The pace of development of various technologies has got 

progressively accelerated. The various technologies / 

products such as fire, spear, steam engine, telephony, aeroplane, 

transistor, internet, Google search engine, iPod, 

iPhone, cloud computing and iPad got evolved in the same 

manner. In fact, the technology life cycle of gadgets has been 

reduced to just under an year. This is all driven by 

'Innovation'. 

Evolution of Innovation 

1903 

2006 

iPhone 

1946 

Telephony 

Aeroplane 

Transistor 

2008 

1968 

Cloud 

Comp. 

Internet 

1996 

Google 

2009 

iPad 

What is Innovation Defining innovation is something like 

catching a jelly. In fact, the shortest definition is something 

new introduced, or an introduction of something new. Is 

Innovation only a product It is the product, process, idea, 

services, a thought process such as the one advocated by the 

management guru in his classical book 'Fortune at the Bottom 

of the Pyramid'. As per the Chinese Ying Yang theory, 

innovation is driven by the necessity to keep any imbalance 

that is created between the forces in the universe, namely, 

earth, fire, water, wood and metal; in order to restore the 

harmony between them. 

12 


We have a lot of innovative products such as ATM, iPad, 

iPod, iPhone, Nano; processes such as Internet; customer 

goods such as Rs.1 Cavin Care sachets, powerless coolers; 

services such as mobile banking, dabbawalas; thought 

processes such as 'Shakti Amma' by HUL and 'Fortune at the 

Bottom of the Pyramid' by CK Prahalad; or healthcare 

products such as eye care solution by Shankar Netralaya or 

creation of Synthio (Synthetic Biocell). The list only grows 

longer and longer. This apart, it must be understood that 

the innovation is of two types : closed and open. The earlier 

era right till early twentieth century was characterized by the 

closed innovation paradigm. This was attributable to the 

knowledge landscape or the knowledge environment 

prevalent till then. It was primarily inward looking. Hence 

all the great disruptive innovations such as the steal engine, 

incandescent bulb, telephone, aircraft, et al; were all 

closed innovations. The individuals, more predominantly 

the organizations ( and even the nations) resorted to closed 

innovation paradigm. However, the advent of 

communications, Info Tech and the Internet have converted 

the globe earth into a seamless globe. The knowledge 

landscape has now changed and the open innovation, which 

is primarily outward looking, is the order of the day. 

However, certain innovations in the strategic sectors 

such as defence, aerospace and nuclear field are still to a 

large extent following the closed innovation paradigm. The 

classic cases of open innovation are Intel, IBM and the 

classic cases of closed innovation is PARC Lab set up by 

XEROX Corporation at Palo Alto as also the other strategic 

industries such as Northrop Grumman, Boeing, EADS and 

so on. 

Factors Affecting Innovation 

Knowledge sharing is power. Knowledge in an isolated 

pocket has no potential to cause any significant impact on the 

society, it has to be shared. Moreover, the innovation cycle 

must be followed completely to harness its power by 

following I-3 cycle – Innovate, Imitate, Implement. 

There is a very interesting concept of Innovation given by 

Tom Peters in his book 'The Circle of Innovation'. There are 

15 ideas which encapsulate the various challenges of today's 

world affecting the 'Innovation'. Although it may not be 

feasible to touch upon all of them, a few of them are pertinent 

to be pondered over. In an organization run by a CEO, two 

key executives play a vital role in the company, Chief 

Innovation Officer (CIO) and Chief Financial Officer (CFO). 

Here CIO has to play a role of a creator and Destroyer, 

whereas the CFO has to play the role of a Preserver . Hence 

role of CIO is akin to that of Lord Brahma and Shiva, whereas 

the role of CFO is akin to the role of Vishnu. It is here that the 

contradiction is inherent and CEO has to play a decisive role. 

This is what is happening in case of product driven 

companies such as Google, Apple, 3M, etc. One must also 

understand that there is a lag between the mushrooming of 

an innovation and the adoption of the same for mass market. 

The classic examples of this is the cell phone, which was the 

innovation of the 1980s, but could be converted into the 

'More for Less for More (MLM)' model only about 20 

years later. The same was the case with the Internet. The 

innovation surfaced in 1968 when Four CRAY 

Supercomputers spread geographically across the USA 

were connected to form a network in order to provide the 

massive computational power required by the US Defence 

Forces, leading to the birth of the Internet. However, it 

was only in early 1990s that the Internet became a universal 

phenomenon. 

Requirements for an Innovation to Flourish in 

an Organisation 

What are the requirements for an Innovation to flourish in 

any organistion These are enunciated below : - 

(a) A Sound Eco-system: A sound eco-system which 

ensures scalability and sustainability of these 

innovations. Many organizations have a sound 

ecosystem built up which makes the process of 

innovation sustainable. Apple, 3M, Tata Motors, 

Google again score on this account. 

(b) Firm Commitment from Top Management: The top 

management Has to be firmly committed towards it. 

This is evident in Google; where 20% of the time is 

allowed to be spent on allied projects, 70% on core 

projects and remaining 10 % entirely on individual 

projects. As a result Google Image, Google Map are the 

byproducts of this philosophy which has earned great 

revenue. 

(c) Strong Technical Infrastructure and R&D: Technical 

Infrastructure and R&D base has to be strong as it 

enables innovation. A company like Google has a 

server farm comprising of thousands of servers which 

are networked. Moreover, strong prototyping 

capabilities are a must. In fact, companies like Google, 

Sony, Apple take about five days in prototyping. 

(d) Visionary Leadership: A visionary leadership which 

can see beyond the horizon and has a passion for 

innovation such as Steve Jobs, Bill Gates, Ratan Tata, 

etc. 

(e) Provision of Venture Fund: Venture fund must be 

available to the innovators. This is so, as many ideas and 

innovations get stifled due to lack of funds. The same 

could be tapped from banks, own funds or risk capital 

from SIDBI or venture capitalists. 

(f) 

Organisational Culture and Ethos: Organisational 

culture and ethos in terms of freedom for 

experimentation, incentive and promotion scheme for 

creativity, mentoring, et al; must be in place. 

(g) Monetising Mechanism: Monetising mechanism of 

Innovation which is essential as is existing in 

organizations such as Apple, 3M, Google, etc. This 

gives a big incentive, as any revenues accruing to the 

company will benefit the innovator too. 

(h) Early Ownership of Idea and Innovation: 

Encouraging an early ownership of an idea to the 

innovator as that is the single biggest motivator. Apart 

from motivating him, it also induces an element of 

accountability as far as execution of this idea and 

innovation is concerned. This is so as innovation is 

summation of ideation and execution. 

13 


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(j) Sharing of Ideas and Innovations: The sharing of 

these ideas and innovations through a structural forum 

or platform is an absolute necessity in order to diffuse 

these. This will also prevent the ills of swamps, silos 

and stereotyping in an organization as common 

operating picture is available to all. 

(k) Virtuous Cycle of Science, Engineering and 

Technology: Constant convergence between science, 

engineering and technology leads to a virtuous cycle, 

whereby all three elements strengthen each other. 

Convergence between IT and communications is a case 

in point. 

(l) Diversity of Viewpoints: Any innovation-centric 

company has the involvement of not only the scientists, 

engineers and technologists, but also mathematicians, 

historians, artists, painters, environmentalists and so 

on. This ensures that perceptions of experts in diverse 

fields is incorporated in the product, which will 

improve upon its acceptability. Apple, Google, 

Microsoft, practice this trend rigorously. 

Capture of Ideas and Innovations 

Capturing of these ideas and innovations grass-root level is 

the starting point. However, capturing the ideas in an 

organization is no simple task as there are a number of 

barriers. Some of the barriers experienced are: - 

(a) Fear of Losing the Ownership: The employees 

suffer from the mindset beset with fear of losing the 

ownership of idea. 

(b) Poor Technical Infrastructure: The technological 

infrastructure in the form of connectivity and 

networking is not very well developed in the 

organization. 

(c) Lack of Forum for Sharing of Ideas and 

Innovations: There is lack of structural knowledge 

sharing platform, as a result of which there are no 

means of sharing the ideas and innovations, and hence 

capture them. 

(d) Lack of Understanding by Employees: Lack of 

understanding by employees of the value of solution in 

the form of product, process, service or the thought 

process which the innovation is offering. 

(e) Low Level of Education: Sometimes, low level 

education of majority of people also affects the temper 

of innovation, although valuable innovations may come 

from the least educated employee as well. 

Drivers of Sharing of Ideas and Innovations 

As brought out earlier, ideas and innovations must be shared 

and the organizational policy must address the issue of 

dissemination of these. There are certain drivers for sharing 

these ideas and innovations. These are:- 

(a) Economic and Operational: Prime driver is the motive 

to exploit innovation potential to maximise / optimise 

operational efficiencies, thereby bringing out 

improvement in financial performance. This is 

normally done at the national level. At the company 

level, they either try to augment their business potential 

or gain monetary benefit by sharing the same through 

sharing of these innovations in the form of royalties, 

share of profits or milestone payments and so on. These 

are being practiced by INTEL and IBM. 

(b) Networking and Knowledge Management Tools: 

Rapid advances in technologies such as IT and computer 

networking alongwith the Knowledge Management 

techniques, has fostered the spread of innovation 

culture. The changing knowledge landscape coupled 

with the emergence of a seamless globe due to 

improvement in connectivity have facilitated the open 

innovation paradigm where the ideas and innovations 

are readily shared. 

(c) Change in Mindset: Due to increased awareness as a 

result of better communications, connectivity and 

media coverage, the mindset is getting more and more 

oriented towards open innovations, so as avoid the 

reinvention of wheel. 

(d) Globalisation Phenomenon. The globalization 

phenomenon has resulted in convincing the companies 

about the process of not only innovations but also 

sharing them, in order to sharpen the competitive 

advantage further. This will be a formidable driver as 

the world becomes networked and inter-dependent. 

(e) Emergence of a Collaborative Environment: The 

mindboggling speed of technology evolution and the 

emerging competition has forced even the large 

companies to resort to the collaborative arrangements of 

a c o n s o r t i a , w h i c h b r i n g s i n m u t u a l l y 

supplementary skill-sets and strengths to both the 

organizations. The classic examples are the execution 

of say an ERP project where the hardware is provided 

by one vendor, the software suite is provided by the 

second vendor and the system integration is carried out 

by the other vendor, or the collaboration between 

INTEL and MICROSOFT in order to support the 

development of products. This trend will only 

witness a greater acceleration in days ahead. 

Environmental Issues 

Environmental issue is the most critical at present. The 

global warming as well as depletion of ozone layer are 

posing serious problems to the entire globe as such. In order 

to address these issues, various initiatives are being driven 

globally. The Montreal, Kyoto and Copenhagen protocols 

lay down the framework for such initiatives. The ISO 18000 

certification for various organizations enables the 

organizations to streamline their procedures so that this issue 

is addressed. One such initiative is 'Green Touch', by Bell 

Laboratories and supported by a consortium of companies 

and institutions. The broad aim of this initiative is to make 

telecom networks 1000 times energy efficient by 2015. Four 

broad areas in green energy are; smart grid (combination of 

conventional energy, wind and solar energy), energy efficient 

buildings, energy efficient devices and energy efficient 

materials. Collaborative ventures such as 'Green Touch' 

project will provide more dividends. The concepts of smart 

15 


grid have been even implemented in advanced countries. 

The integration of the non-conventional energy resources 

such as solar energy, wind energy with the conventional 

energy is reducing carbon print. The concept of carbon 

neutral and water neutral organizations is springing up. In 

fact, the Indain conglomerate ITC has already declared itself 

to be water neutral, meaning thereby it is no more the net 

consumer of water. The organizations must not view the 

environmental issue as merely a compliance issue, but make 

it as an integral part of their business model as has been done 

by ITC and others. 

Endeavour in all these must be to make optimum use of the 

various forces of nature such as sun, wind, water, heat and so 

on. This will restore the harmony in nature without having 

adverse impact on our ecology. Besides, the innovative 

solutions arising out of the products, processes and 

technologies must be optimally harnessed as this again will 

try to correct the imbalance in ecology. 

Social Issues 

Any business needs to be socially and environmentally 

geared. The business is socially driven through allocation of 

resources towards CSR(Corporate Social Responsibility) 

projects. Here again, the objectives must be clearly stated and 

quantified, and resources aligned towards meeting these 

objectives. The CSR also becomes a sound business 

opportunity, as the organization embarks on addressing the 

serious concerns of the society. Excellent examples are 

Nano and Swach by Tata, iPad by Apple, smart grid 

concept, which have proliferated from the social concern 

and have become enormous business opportunities. 

Therefore, the strategy needs to be accordingly formulated 

which will not only address the serious CSR compliance 

issue, but also will become a sustainable source of revenue. 

The business model must be all inclusive. Google, Tata 

Motors, Nokia are excellent examples of this approach. 

Eco-system for Sustainable Development 

It is the sound eco-system which ensures scalability and 

sustainability of the innovative organizations as can be seen 

from Tata Motors, Google, Apple and 3M. This eco-system 

must be built up around sound strategy and innovation. The 

various barriers for capture of ideas and innovations must be 

effectively addressed. An organizational culture and ethos of 

experimentation and creativity must be nurtured in an 

organization. The failures have to be tolerated and lessons 

derived from them. This apart, venture funds have to be 

allocated for the same. The ownership of the innovation must 

be established not only to drive ideation, but execution as 

well. The technical infrastructure and the R&D base of the 

organization needs to be strengthened. Stress has to be given 

on interconnection between science, engineering and 

technology through sharing on platforms or forum, which 

creates a virtuous cycle as can be seen in IT and basic 

electronics such as transistor; or convergence between 

telecom and IT. Various drivers for sharing of ideas and 

innovations have to be put in place and harnessed optimally. 

This demands that linkages be established with various R&D 

institutions of repute, customers to get their view-point, 

financial bodies in order to ensure their participation, 

government departments such as Ministry of Science and 

Technology, Quality Control organizations and suppliers as 

well. This ensures whole-hearted participation from one 

and all, making the process sustainable. Besides, the 

organizations must have a very good and evr-growing 

knowledge base of their own alongwith a sound knowledge 

management strategy. A mechanism of capturing the ideas at 

grass-root level has to be evolved and assiduously nurtured. 

This has to be systematically combined with business 

strategy, which should be a bold, future-oriented statement. 

Here business opportunities need to be clearly identified, 

which can be growth drivers, many of these coming from the 

Innovative eco-system of the organization. The next step is 

development of key business objectives that will help one 

attain this strategy. The third step is development of specific 

measures and metrics to track progress. The balanced 

scorecard strategy has to be adopted in order to address the 

environmental, social and economic issues. This needs 

imparting skill-sets for making people ready for future, 

appropriate investments and fostering of a totally innovative 

culture. Optimum synergy has be ensured between the 

various stakeholders in the organization. This ensures all 

inclusive implementation so vital for any sustainable 

organization. This balanced scorecard is adopted by more 

than 83% of the top 1000 companies of the world. The 

innovative companies such as Tata Motors, Google, eBay, 

Shankar Netralaya have intertwined innovation and strategy 

in a holistic manner, through a sound eco-system and the 

same has manifested itself in their sustainable development. 

In fact, innovation combined with a balanced strategy and its 

execution has catapulted many firms such as Apple from 

virtual bankruptcy to prosperity and growth. 

Conclusion 

It must be appreciated that it is innovation and strategy 

together, which will give an extremely competitive 

advantage to any organization. Both innovation as well as 

strategy need to be all inclusive and must address all the 

three issues : environmental, social and economic in a 

holistic manner. This approach alone can ensure sustainable 

development of an organisation. These issues must not be 

perceived as merely compliance issues, but also as business 

opportunities, so as to derive the double benefit of 

sustainability, scalability and prosperity for all the 

stakeholders. This calls for an effective eco-system in an 

organization, which is a holistic blend of innovation and 

balanced score-card strategy. 

* Maj. Gen. T M Mhaisale is M.Tech from IIT Delhi and MBA 

as well as MMS. Currently, he is with the Management 

Institute at Pune and is an Independent Management 

Consultant and Trainer. His area of interest has been 

Innovation and Technology Management. 

16 




* Miriam Garnier 

Governance structure and strategy in classical 

economics 

Traditional strategic literature, since Chandler in 1962, has 

widely argued on the impact of strategy on structures, 

including governance structure, namely through 

diversification and divisionalization. Despite Mintzberg 

view (1990) of an iterative sequence between strategy and 

structure, the evidence that good corporate governance is a 

driver for sustainable strategies has been much less 

documented. 

Most studies try to find evidence of the link between 

performance and quality of governance, which is a 

fundamental pillar of the agency theory . Performance is 

supposed to be the result of strategy, which is itself a result of 

governance. There is no universal concept of good 

governance. As a consequence, conclusions are sometimes 

surprising: in a 2010 study on "Corporate Governance and 

Performance of French Listed Companies"4, the authors 

affirm that on the period 2005-2007, French firms with 

superior governance quality underperform other firms by an 

average 1.5% per year. Governance indicators and 

methodological biases (facts or questionnaire based studies) 

make it difficult to get a definite view on the matter. Baghat, 

Bolton and Romano published in 2007: The Promise and 

Peril of Corporate Governance Indices, (Yale and ECGI) in 

which they state that: "there is no one best measure of 

corporate governance, the most effective governance 

institution appears to depend on context, and on firms' 

specific circumstances" and that no governance index fits all 

cases. 

Other studies try to link governance structure and strategies. 

In order to balance costs and benefits of governance structure 

for strategic optimization, one could use two theories, the 

theories of efficiency of coordination modes (including cost 

of transactions, Coase 

5 

and Williamson 

6 

) and the competitive 

7 

edge theory (including Porter ). Aggregating both 

specificities of assets (motivating transactions) and resources 

(core competencies) is a tentative to justify governance 

structure through optimized strategies. But how governance 

quality impacts the firm's capacity to collectively produce 

sustainable strategies is still not explained. Uncertainty, 

ambiguity and bounded rationality have to be overcome by the 

Board to advise and monitor the management 

8 

. 

Codes, Rules and Laws do not frame the strategic function 

of supervisory boards 

This cannot be found in the array of sources of corporate 

governance codes: from best practice recommendations 

published by professional trade-unions or stock-exchanges to 

mandatory legal disposals, notwithstanding the "comply or 

explain" rules. Legal traditions might be rules or principles 

oriented. One could think that rules and principles have been 

established with an objective of global sustainability on the 

local market. To summarize, they generally encompass two 

major areas: the responsibility for financial reporting, with 

strict accounting enforcement and external auditors' 

implication on the one hand; and other general management 

orientation responsibilities, such as executive remuneration, 

duty of supervision on the other hand. There may be rules 

concerning conflicts of interest, independent directors, "fit 

and proper" standards, age limits, length and number of 

mandates. But specific rules on strategy handling do not exist, 

as far as we know. Generally, procedural rules are scarce, on 

the ground that every Board's culture is different. A macro 

analysis could be done to check the impact of various 

corporate governance rules for sustainable strategies. The 

tremendous number of external variables makes the task 

unrealistic. 

Learning from how Governance can be a game 

changer for sustainable strategies 

Therefore I propose another reasoning, which I have 

developed in the Six S for Success methodology9. Long 

term sustainability implies adaptive capacities to an always 

changing context. Each firm can be hurt by external 

17 


"environmental" factors, as depicted in the Porter's model of 

Five forces natural catastrophes, financial crises, 

competitors'game, etc…- as well as internal factors - 

inappropriate core competencies (Penrose10, 

Richardson11). What is necessary to ensure adaptation 

capacities of the firm Why and how is the corporate 

governance an essential driver for sustainability The best 

answer lies in my view in the application of the Evolutionary 

Theory of Economic Change12 and the emergence 

theory13to governance. The evolutionary theory, as a theory 

of change in nature, is an interesting tool to integrate both 

internal and external factors in the adaptive capacity of firms, 

and create a sustainability model. Economists have used the 

biological and anthropological theories when Darwin was 

still alive. But this evolutionary view of economics has really 

been re-launched since the eighties, with Winter and Nelson. 

It is interesting to see that on the way between 

paleoanthropology and economics, paleoanthropologists 

themselves were interested in understanding how human 

species adapt to their economic environment, as the eminent 

Professor Pascal Picq14, of the College de France, dared to 

do. In most evolutionary literature though, governance is not 

distinguished from the management in its managerial 

intentionality. I will present today three proposals as 

prerequisites to build a governance model which leads to 

sustainable strategies, that is to say with emerging capacities. 

The evolutionary theory models the process of natural 

selection: in a special and temporal space which is not stable 

and linear, there are variations arising in species and then 

selection among variety, in a coevolution mode with other 

species. We apply these features to corporate governance. 

1. Build scenarios of punctuated equilibria 

• Kodak versus Fujifilm 

Let's compare Kodak and Fujifilm's fates. Kodak, 

established in 1880 and a long-time pioneer in the field of 

photographic film, decided not to develop numeric 

photographic process, although it had discovered it in 1975. 

In January 2012, Kodak filed for Chapter 11 protection. Its 

main competitor, Fujifilm, with the same mission, "to 

preserve memory and emotions", has managed its 

reorganization to become "an innovative leader in a variety of 

business fields": highly technological products both on 

consumer and business markets, nanotechnologies in solar 

films, semiconductor materials, medical systems, optical 

devices, etc…. The Chairman and CEO, Mr Shigetaka 

Komori, states: "The Fujifilm Group faced a crisis due to the 

rapid progress of digitalization, which started around 2000. 

We could easily be carried away by the torrent of global 

change and sink if we fail to make appropriate decisions in 

preparation for the future". 

• Evolutionary lessons on adaptive strategies 

Paleo-anthropology gives us a typology of adaptative 

strategies: "transaptation", "exaptation", which combined 

lead to adaptation. Or "mesaptation", or "desaptation", that is 

unsustainable development, and death. Transaptation is 

structural optimization, leading to specialization. It is 

appropriate for stable environments, with regular variations. 

In strategy, we would call this: focus on a limited strategic 

repertoire. For radical changes, it doesn't work and leads to 

"mesaptation": this was the case of mammoths, from the ice 

era to ours. Exaptation is a functional change: the structure is 

used with another finality. For example, Thalidomide, the 

unfortunately famous medicine against tiredness with 

teratogenic effects on pregnant women, has found an 

excellent use in the treatment of leprosy effects (except for 

pregnant women). On the contrary, "desaptation" is keeping 

activities or services which were perfectly adapted to 

previous situation, but no longer fit the environmental needs. 

Adaptation occurs when there is "transaptation" and 

"exaptation" at the same time. The theory of punctuated 

equilibriums provides the tempo of the evolutionary process: 

there are long periods of gradual changes interrupted with 

periods of rapid changes. The species/firms which are to 

survive are those which have the best adaptation capacities: 

they have to adapt their history, structure and functions. 

Genetics give us the key of the biological process. Species 

transform their genotype (DNA code) trough 

epigenetic15processes to adapt to new situations. 

Epigenetics is the science of hereditary changes in the genes 

function, occurring without alteration of the DNA sequence. 

All cells are similar but a few cells will transform to adapt to 

environmental stress. The RNA interference is an 

interpretation of the DNA code (such as a histone 

modification). For example, a DNA methylation process 

neutralizes alleles from one of the parents: this is the parental 

print. 

• The Board as RNA 

A firm has got through its history a structure and functions: 

this is its "pre-adaptation" state. Among all adaptation 

possibilities, and knowing the history and structure of the 

firm, its DNA, the Board of Directors has to decide which 

interpretation of the firm's structure should be expressed. 

Among all possible paths, the Board will select which 

genes/capacity will stay "silent", and which will be expressed 

through the chosen strategy. In order to do this, the Board 

must anticipate what the future environment might be. 

This is my first conclusion: Board of Directors must work on 

scenarios on the basis of punctuated equilibria, with rapid 

changes and bifurcations. 

2. Organize for development and change, 

facilitate chance, even at Board level 

• Create routines which can evolve 

18 


19 

The management and human resources of the company are 

organized to ensure the development of the firm, in the sense 

of Lamarck, in an ordered, planned way. The organizational 

memory, called routines, is considered to be the primary 

element of the firm's evolution. A routine is a capacity which 

is repeatedly implemented in a specific context (know-how). 

Routines have been learned by the organization to face 

selected pressures. Although routines of know-how are 

highly valuable, they cannot be changed through individual 

commitment, but require a political commitment in the firm. 

It may be very difficult for a firm to change these collective 

routines when the environment changes. But change and 

adaptation can emerge trough silos breakings and 

interactions between teams of various departments. The 

more complex a company, the more interactions between 

departments should be organized. Reorganization of teams 

according to feed-back loops can boost creativity and value 

creation. It is also necessary to facilitate a culture of trials and 

errors, allowing for unsuccessful attempts. Local learnings 

must be integrated in collective representations (through 

common languages, symbols, etc..) to form a common 

culture, which is a coordination of representations. 

Board's monitoring of routines 

Coordination is the keystone of routines. Individual 

competencies are level N-1 routines, and governance, as the 

choice among strategies, is an N+1 level over routines (the 

organizational level). Boards have to check that the adaptive 

characters of internal routines have been tested. Before 

launching employees' work on stable routines, it is necessary 

to accept and even facilitate a creative disorder to innovate 

and develop new visions on the future. So, the role of the 

Board is to check that the firm is not killing this creative 

process, but is developing it. Cost reduction or productivity 

plans cannot be considered as sustainable strategies. 

Corporate culture must be assessed by the Board and 

anticipative actions taken to overcome the cultural lag17 

(Ogburn). Even inside the Board, prevalent mores (unwritten 

rules on seniority, hierarchy, relationship with management, 

etc…) might lead to rigidity of minds and attitudes and 

prevent participants to contribute and share information from 

their personal background. The Board is the ultimate place 

for solving conflicts and allowing "organizational truce". 

This is why it is a top-down impulse. Behavioral biases, such 

as CEO's overconfidence or dominance (especially in 

diversification/ acquisitions) cannot be defused if mores at 

Board level prevent open discussions18 between directors in 

camera, and between directors and managers. The role of the 

Chairperson is prevalent to organize the internal routine 

procedure which allows for a culture of information sharing 

and tolerance to diverging opinions. Although he/she has 

his/her own vision, he/she should be able to consider a wide 

array of options and conclude to the final decisions in a 

constructive way for all Directors. 

• The KODAK/FUJIFILM case 

Let's take the Kodak versus Fujifilm case again. On 

Fujifilm's website, one can read: "Fujifilm is adapting and 

innovating in our products, in the way we work and in our 

interaction with then world". Reference to history is located 

under the "History" thumb: the firm was created in 1934. On 

the Kodak's website, there is a repeated reference to the long 

history of the firm, but no reference to change and adaptation 

of the company (except the withdrawal of retirees medical 

benefits due to Chapter 11 disposals). Let's listen to 

Shigetaka Komori, Fujifilm's Chairman and CEO: "To be 

satisfied with the status quo means to stop making progress. 

We will make untiring efforts to promote innovation and 

reform ourselves for the future of our company and for 

society at large". Komori illustrates the crucial role of the 

Chairman in the change process: Shigetaka Komori accused 

former Fujifilm's management of being "lazy and 

irresponsible for not preparing better for the digital 

onslaught" (The Economist, 2012). My second conclusion: 

The Board must monitor the capacity of the firm to manage 

variety output (including itself) and claim the study of 

alternatives when strategic plans are presented by the 

management. 

3. Consider the firm in its Co-evolution 

ecosystem 

• Maximization of profit is not the driver of the 

evolutionary process 

In classical economic theories (Friedman), the perfectly 

rational homo economicus wants to maximize his profit 

instantly reacting to market signals. According to Winter, in a 

real situation of complexity and radical uncertainty 

20 

(Knight ), long term survival of firms is rather related to 

their access to best practices to solve decision-making issues. 

Instead of quantifying and adding inputs, it is necessary to 

include qualitative aspects of the output and deliberation 

process. Heuristics as adaptive know-how are essential in 

evolutionary view and governance should primarily focus on 

the sustainability of the firm with a satisfying level of 

remuneration for the shareholders according to the chosen 

risk profile. 

• United we stand, divided we fall 

The firm - as all species - is involved in a co-evolution 

process. Albert Jacquard writes: "the most decisive invention 

of bacteria for the world is cooperation. Their success is 

never individual; they can survive only if they join together". 

The Board gathers non- executive Directors coming from 

outside of the company. These Directors have the duty to 

understand interactions of the firm with its environment: as 

for species, there are predators (takeover bids), parasites 

(many entrepreneurs in France think the State is a parasite, 

Continued on P-26 



Programme Agenda* 

Day-1, Friday 

Day-2, Saturday 

Day-3, Sunday 

0830 hrs : Registration 

0900 hrs : Course Introduction 

0930 – 1100 hrs 

The Board's Legal Environment : 

The Duties, Responsibilities & 

Liabilities of Directorship 

1100 – 1115 hrs : TEA 

0900 – 1100 hrs 

Emerging Role of 

Independent Directors 

in the Boardroom 

1100 – 1115 hrs : TEA 

0900 – 1100 hrs 

Strategy Formulation 

& Performance 

Monitoring, 

using Balanced Score Card 

1100 – 1115 hrs : TEA 

1115 – 1300 hrs 

Corporate Governance : 

The Compliance Issues 

1115 – 1300 hrs 

Leadership for 

Maximizing Effectiveness and 

Accountability 

of Corporate Boards 

1115 – 1300 hrs 

Sustainability- Corporate 

Social & Environmental 

Responsibility 

1300 – 1345 hrs : LUNCH 

1300 – 1345 hrs : LUNCH 

1300 – 1345 hrs : LUNCH 

1345 – 1530 hrs 

Financial Literacy for Directors 

1345 – 1500 hrs 

Leading Change Creativity & 

Innovation 

1345 – 1530 hrs 

Sensitizing Board Directors: 

Organizational dynamics, 

Communication 

Business Negotiations 

and 

Influencing skills for Boardroom 

1530 – 1545 hrs : TEA 1500 – 1515 hrs : TEA 1530 – 1545 hrs : TEA 

1545 – 1730 hrs 

Driving Financial Performance 

1515 – 1730 hrs 

Corporate Frauds: 

Prevention & Risk Management 

(A Directors’ Guidance) 

1545 – 1800 hrs 

Learning into Practice : 

Simulation of Real Boardroom 

(A Practical Experience) 

Collection of feedback reports 



*Modules & sequence are subject to change 

20


TM 

leading to Certified Corporate Directorship 

A condensed program for 

Company Directors 

• 92nd Batch Bangalore : 26-28 July 2013 

• 93rd Batch Mumbai : 02-04 Aug 2013 

• 94th Batch Chennai : 09-11 Aug 2013 

• 95th Batch New Delhi : 23-25 Aug 2013 

GET A SPECIAL QUOTE 

To offer a specially designed course and customized training program for your all Board members and 

Senior Management covering certain topics related to function and responsibilities of Directors & legal liabilities 

What Participants Say 

It has been a privilege attending the Masterclass for Directors 

program, IOD is doing a tremendous work in this field. 

Shri S Krishna Kumar, former Union Minister 

“Excellent Program” 

Dr Christy Fernandez, IAS (retd) former Secy to the President of India 

“A very useful course”. 

D.R. Kaarthikeyan, former Director, Central Bureau of Investigation 

“Excellent Program” 

T.S. Vijayan, Chairman, LIC India 

CLAUSES * 

THE COMPANIES BILL, 2011 

Bill No. 121 of 2011 

TO BE INTRODUCED IN PARLIAMENT 

———— 

ARRANGEMENT OF CLAUSES 

———— 

CHAPTER I 

PRELIMINARY 

149.(3) Every listed public company shall have at least one-third of 

the total number of directors as independent directors and the 

Central Government may prescribe the minimum number of 

independent directors in case of any class or classes of public 

companies. 

150. (1) Subject to the provisions contained in sub-section (5) of 

section 149, an independent director may be selected from a data 

bank containing names, addresses and qualifications of persons 

who are eligible and willing to act as independent directors, 

maintained by any body, institute or association, as may by notified 

by the Central Government, having expertise in creation and 

maintenance of such data bank and put on their website for the use 

by the company making the appointment of such directors 

******************************** 

* Only relevant parts have been highlighted. Pl view details on 

www.iodonline.com or http://www.mca.gov.in/ 

www.iodonline.com 

“Balanced Scorecard, Finance for Non Finance Directors, Duties & 

Liabilities and Corporate Transformation are the best aspects”. 

Sanjay Jain, Managing Director, Accenture 

“One of the best and relevant program” 

Yogesh Lohiya, CMD, General Insurance Corporation 

“Sharing relevant knowledge is the best aspect of this course”. 

T.R. Doongaji, MD TATA Group Services 

“My greatest appreciation for the manner in which you presented 

your material, rich in content, depth of experience and overall 

expertise including international matters was mind boggling”. 

Felix D’Souza, Head Corporate Governance, Abu Dhabi 

“It was a great learning experience” 

Prof. Gregorio Flores, Texas, USA 

“I would like to recommend each 

Director to undergo this training program” 

F.K. Siddiqi Director, Hinopak Motors, Karachi 

IOD 


Building 

Tomorrow’s 

Boards


IOD, India was established on 12th July, 1990, as an independent, duly registered non-profit apex association of professional corporate 

directors. IOD is the premier organization for development, training and networking of directors to attain their leadership role. IOD India 

has since grown to associate with more than 30,000 senior executives, representing prominent organisations from both Private & Public 

sectors and Govt, from India and abroad.IOD aims at international cooperation on issues relating to boardroom practices, corporate 

governance, Quality, CSR, Sustainability and directorial practices. IOD India's 'Masterclass for Directors’, for training incorporate 

directorship and Golden Peacock Awards in 13 different disciplines, and other flagship initiatives aimed to improve the competitiveness of 

individual Directors and their organizations. The Masterclass programme trains successful participants to become independent directors 

of listed companies. The Awards help companies to become world class. Both have become global benchmarks. No business award 

today, receives the kind of recognition, and adulation among peers, that the Golden Peacock does. 

The IOD’s programs extend from monthly lectures to workshops, National Conferences and International Conferences on issues such as 

Quality , Environment , Climate Change , Corporate Governance, Corporate Social Responsibility and Sustainability, worldwide. 

What is Masterclass for Directors about 

Institute of Directors (IOD) believes that the problem of corporate misgovernance stems from the lack of effective training in company 

directorship.Till recently, Corporate Governance was not part of any regular course syllabus even in major business schools. This is despite 

the fact that recent board room reforms introduced in most countries, have put the onus of responsibility on directors. Directors are facing 

prison sentences for failing to discharge their fiduciary roles. IOD, in conjunction with the World Council for Corporate Governance, UK 

therefore, developed a highly innovative program that provides a unique learning experience on the roles and responsibilities of 

directorship and the state-of-the-art knowledge about the emerging issue of corporate governance. 

The new Company Bill 2012, makes it MANDATORY for every listed Public Company to reserve at least one-third of the total number of 

Directors as Independent Directors. The Govt's idea is to eventually introduce the requirement through administrative orders when it is 

confident that unlisted public companies too could graduate to higher governance requirements. The company law, which has been 

cleared by the Lok Sabha, defines Independent Directors differently from the way it has been defined by capital market regulator SEBI in 

the listing agreement that companies seeking to go public, sign with stock exchanges. 

Building an effective board of competent directors who are alert to what is happening in the business environment and has the personal 

qualities to question, handle uncertainty and sustainability is one of the hardest challenges in business. Twenty years after the Cadbury 

Committee (1992) rekindled interest in corporate governance, Institute Of Directors, India is much concerned with the conduct of directors 

and the quality of corporate boards and company direction. 

As such , IOD’s Masterclass for Directors, a 3 days weekend Certification training programme, offers a whole vista of opportunities, 

especially for those who wish to join the pool of Non-Executive Independent Directors and most relevant for companies to learn lessons 

from the downturn and update the executive directors. 

The program is especially tuned to suit the vital needs of independent directors, in the boardrooms. The new Company Law creates 

thousands of openings for Independent Directors. This Masterclass could become a pre-eminent qualification for such Independent 

Directorships. 

Why Masterclass for Directors 

Few businesses realise that the cambrian explosion of stakeholder’s aspiration has profoundly altered the market landscape. Unless 

Directors understand the enormity of changes and learn strategies to deal with them, they will be misfits. 

The Masterclass will open a whole new vista of opportunities for those intending to join the pool of Independent Directors 

• Shape professionalism in directorship based on “ International Best Practices.”Enhance the ability and effectiveness of Company 

Directorship and develop Good Corporate Governance at International standards. 

• Improve Competence in integrating effective Corporate Performance, Business Strategy, Governance and Directorship. 

• Create Competence in creating corporate competitiveness in National and International Business. 

• Three days program, followed by a successful submission of a dissertation, will lead to the award of “Certified Corporate Directorship’ 

• Provides one year complementary membership of Institute of Directors. 

• One year complementary empanelment in the ONEID’s Panel (Organization for Non Executive Independent Directors) for 

Independent Directors. 

• Identify the fiduciary and compliance responsibilities of directors, governance and ethical expectations of board members 

• Outline what risk is and how boards can implement risk management techniques, and reputation of the organisation. 

• Enhance your value and reputation to the board 

• Strengthen your ability to secure directorship opportunities

ADDRESSING MASTERCLASS 

Dr. Supachai Panitchpakdi 

(Secretary-General of the 

UN Conference on Trade 

and Development 

(UNCTAD) 

Dr M B Athreya 

Ph.D. (Harvard) 

Management Advisor 

The Core Values 

Oommen Chandy 

Chief Minister of Kerala 

Participants are trained to be globally oriented and focused in their 

pursuit of knowledge by encouraging both analytical and intuitive 

thinking. 

The range of teaching and learning methods used include lectures, 

case studies and presentations on strategic and contemporary issues, 

simulations through workshops, quizzes, assignments, and role 

playing . The faculty acts and works in close association with the 

participants to help them gain a better understanding of current 

economic and non-economic issues, disscussing live corporate 

situations. while grasping a more realistic and holistic approach to 

decision making. 

Masterclass is different, because it not only equips you with the 

state-of-art knowledge and information but also in a holistic, 

integrated and wholesome way. The teaching is designed to develop 

integrated skills, global thinking and spark innovation and 

creativity,making you view things differently. 

The rigorous academic curriculum will develop confidence, self 

esteem integrated thinking, A multi-disciplinary and integrated 

approach to align strategic global and ethical issues. 

Course Modules 

The program consists of 12 selected modules, encompassing current 

subjects to change that the directors need to know, to lead a worldst 

class organization in the 21 Century. 

* Subject to Change 

Contents 

I. The Board's Legal Environment –The Duties, Responsibilities & Liabilities 

of Directorship: The module to provide broad features of the companies Act 

and an essential understanding of the role, duties and legal responsibilities of 

directors and the working of a board, in terms of Companies Act, SEBI Rules and 

corporate governance concerns. 

II. Corporate Governance – The Compliance Issues: Examine the Board's 

Corporate Governance role, disclosure and diversity of information 

requirements and other associated compliance requirements. 

III. Financial Literacy for Directors: Financial literacy is critical to the effective 

fulfillment of a director's role. This module provides an understanding of the 

financial terms and concepts needed by directors in today's business world, 

IFRS & Toolsfor analyzing financial health of a company. 

IV. Driving Financial Performance: Highlight the director's role in driving 

organizational financial performance. 

V. Emerging Role of Independent Directors in the Boardroom: Independent 

directors have become a very important part of the boardroom effectiveness. 

What is required is independent directors with Independent mind who can add 

real value to decision making in the boardroom. How an Independent Director 

can add, value for the company 

VI. Leadership for Maximizing Effectiveness and Accountability of 

Corporate Boards : Good practices of effective boards, including composition 

and skills-mix, undertaking of Board reviews and how boards can add value, 

Director must know the management's capacity to deliver strategic outcomes. 

The module looks at the operating environment of directors and expectation of 

stakeholders. 

VII. Corporate Transformation and Risk Management: In today's 

competitive business, companies are confronted with the real threat of 

extinction, unless they anticipate the future and lead the challenge to create that 

future. The module looks at corporate transformation in the context of 

sustainability and risk management. Risks are endemic to every business. There 

is need to ensure that all significant risks are identified, evaluated and managed. 

Non-financial intangible risks include social, ethical, environment and 

reputational risks. It is necessary to examine the board's role in developing a risk 

culture appropriate to the business, and overseeing risk management to ensure 

improved performance. 

VIII. Strategy Execution and Performance Monitoring using Balanced 

Scorecard: With increasing expectations of various, stakeholders and 

regulators, there is an urgent need to integrate these in overall strategy. 

Implementing 'Balanced Scorecard' ensures that these strategies and goals are 

linked together and integrated with the vision and strategic intent of the 

organization. 

IX. Leading Change, Creativity and Innovation : Innovation emerged as the 

strongest weapon for gaining and maintaining competitive advantage. The 

managers talk about being innovative, but a few know how to create an 

organization that is innovative. Managing challenges of quality and excellence. 

The need is to switch from compliance to creativity that requires Innovating 

products and services that surprise the customer and seize opportunities. 

X. Sustainability-Corporate Social & Environmental Responsibility: 

Competitiveness depends on the productivity with which companies can use 

human, financial and natural capital. Becoming environmentally responsible 

means reducing pollution and minimizing waste. Doing Social Good, has also 

become a key competitive differentiator. Engagement with stakeholders today is 

director's biggest challenge. 

XI. Sensitizing Board Directors- Organizational dynamics, Communication, 

Business Negotiations and Influencing skills for Boardroom: It is vital to 

understand the complexity, dynamics and fast pace of modern business 

communication environment. The role of critical and creative thinking and 

applications of listening culture, collaborative and visual communication in the 

communication process, business ethics and intercultural interactions. The 

module will deal with the communication roadblocks, strategy to develop 

reports and presentations that command respect and proposals that persuade. 

XII. Learning into Practice (Simulation of Real Boardroom): A Case Study 

approach linking the information from the previous modules and providing 

opportunity for real-time experience of 'Quarterly boardroom meeting' 

situation. The mock meeting will deal with nitty gritty of board meetings papers 

and decision making process, and also cover discussion on boards 'Internal audit 

Committee' report.

Who Would Benefit 

This Course is designed for Non-Executive and Executive 

Directors, CEO’s and Senior Executives who report to Boards 

from Publicly listed, Private, Government and Not-for-Profit 

organisations mainly Company Chairmen, Directors, Presidents, 

CEOs, CFOs, Executive Directors, Bankers, Chartered 

Accountants, Company Secretaries, Fund Managers, 

Management Analysts, Financial Consultant & Academicians, 

Lawyers, concerned with efficient functioning of Corporations. 

Dissertation 

To give a practical exposure, each participant is required to 

prepare a project study in the form of dissertation within 6 weeks 

of the on completion of the course. The project topic should 

Panel of Masterclass Faculty 

Lt. Gen. J S Ahluwalia, President IOD 

Dr. MB Athreya PHD( Harvard), Management Advisor 

Lt. Gen. SS Apte, PVSM(retd) Advisor ILO 

Mr Vikash Bagaria, Director, Deloitte Haskins & Sells, Bangalore, India 

Mr R Bandyopadhyay Former Secretary, Ministry of Corporate Affairs, Govt. 

of India 

Mr Pradeep Chaturvedi , Advisor , FAO 

Mr Ravi Chaudry, Chairman, CeNext Consulting & Investment Pvt Ltd. 

Prof.(Dr) A K Rath, IAS (retd), Former Secretary , Ministry of HRD, Chairman 

& Professor, Centre for CG&SR at IMI 

Mr Amarjit Chopra Former President, Institute of Chartered 

Accountants of India 

Prof Colin Coulson -Thomas University of Greenwich,UK 

Prof. Mahesh Chandra, Hofstra University, USA 

Dr S. N Dash, IAS, Former Secretary, Ministry of Heavy Industries 

Mr Vinod Dhall (IAS), Former Secy, Min of Coy Affairs and Chairman of 

Competition Commission of India 

Dr Uddesh Kohli, former CMD of PFC, & Chairman, Consultancy Dev. 

Centre and VP Global Compact 

Mr R. Sri Kumar, IPS, Central Vigilance Commission 

Mr Parvatheesam Kanchinadam Infosys Technology Bangalore 

Dr Manu Kulkarni, Professor Emeritus 

Prof. (Dr) Aneeta Madhok, Dean, Faculty of Mgt Studies NMIMS, Mumbai 

Mr Ashish Makhija , CA and Corporate Consultant and Lawyer 

Mr Harsha Moily, Founder & CEO MokshaYug Access (MYA) 

Ms Balakrishna Murthy, Head of Dept (BUSINESS POLICY), NMIMS 

Dr. K H Mankad, Director (Finance) Reliance Energy Ltd. 

Maj. Gen . T M Mhaisale, VSM 

Lt Gen Surinder Nath, PVSM (retd), former Chairman UPSC & Vice Chief 

of Army & Independent Director, L&T 

relate to boardroom practice and could be chosen on any of the 

subjects covered in the programme. It provides opportunity to 

demonstrate independence, originality and to implement into 

practice the knowledge gained through the course. 

Certificate 

On successful completion of the course, including of dissertation 

project, the award of Certified Corporate Directorship will be issued. 

Empanelment of Independent 

Directors 

ONEID has have a large database for qualified Independent 

Directors, covering all major industries to meet corporate 

requirements of suitable Independent Directors. Organisation for 

Non-Executive Independent Directors (ONEID), is a part of Institute 

of Directors (IOD) to promote and maintain a panel of suitable 

qualified Independent Directors for Corporate Boards. The Company 

Bill 2012 makes it mandatory for all registered companies, to have 

one-third or more of the Board as Independent Directors. Details on 


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Building and Leveraging 

A High Performance Board For Sustainability 

*Andrew Wilson 

It is not only essential for successful businesses to respond to 

this challenge; society requires companies to operate in a new 

paradigm. A study prepared for the World 

Economic Forum found that the single most important 

priority to create a step change in sustainable consumption 

would be getting Boards to better understand the total 

environmental impacts ("total lifecycle impacts") of a 

company's products and services. 

Developing Appropriate Skills & Competence 

To respond to this changing environment requires the 

development of new skills, knowledge and attitudes - the 

fundamental competencies of Board members. Research 

undertaken by the author sought to define and describe the 

qualities, management skills and reflexive abilities of 

successful leadership. 

Introduction 

To effectively realise ambitions in good corporate 

governance and responsible business practice it is essential to 

ensure Board members understand and are able to respond to 

the challenges and opportunities of sustainable development. 

Many practitioners come across barriers to engaging senior 

decision-makers in their company. Previous research has 

identified "an unarticulated sustainability business case, 

group think, and the mindset of the Board chairperson" as key 

barriers. This paper will consider the theory and practice of 

building and leveraging a high performance Board to deliver 

sustainable business success. 

Understanding the Operating Environment 

It has long been recognised that one of the key challenges of 

strategic leadership is the ability to manage in an 

environment characterised as VUCA - one of volatility, 

uncertainty, complexity and ambiguity. For Board members, 

the issue is to lead and decide in a situation where you don't 

have all the answers, where recent history and previous 

tactics do not apply. Having the judgement, wisdom and 

patience to steer an organisation successfully through such 

unchartered waters is a core skill of a successful Board. Any 

good Board should have an oversight of strategic planning; 

understanding changing market dynamics; risk management; 

compliance; reputation etc. The Companies Act in the UK 

requires directors to have regard to the impact of the 

company's operations on the community and the 

environment. In the USA, Sarbanes-Oxley imposes 

responsibility to identify and disclose material issues. This 

type of regulatory pressure has placed sustainability at the 

heart of senior decision making. 

Leadership Qualities 

In understanding responsible business behaviour, the starting 

point is the leadership qualities that are in the domain of 

personal attitudes and beliefs. These are values-driven and 

relate to the moral aspects of decision making - distinguishing 

between right and wrong, good and bad. As such, they 

comprise those characteristics of the individual such as 

honesty and integrity. They are the deep seated personal 

qualities that change and develop only slowly over time. 

Management Skills 

Management skills can be seen as the antithesis of leadership 

qualities. They are amoral, normative and entirely 

instrumental. They describe those aspects of management 

practice that are the tangible manifestation of socially and 

environmentally responsible business behaviour. They 

include expertise in areas such as stakeholder relations and 

building partnerships. Unlike leadership qualities, these 

management skills are amenable to being taught and 

developed over the short term. 

Reflexive Abilities 

The reflexive abilities identified through the research are the 

synthesis of leadership qualities and management skills. They 

are the core characteristics of responsible behaviour and 

comprise a mixture of skills, attitudes and knowledge sets. 

These reflexive abilities can be considered as the key 

competencies required to integrate sustainability 

considerations into core business decision making. 

The presentation will consider in more depth five core 

reflexive abilities that are the key to effective Board 

25 


performance, together with a discussion of the implications 

for management development of Board members. 

Developing an Appropriate Governance 

Structure 

Assuming Board members have developed the necessary 

competencies for successful leadership, the other crucial 

issue to create the appropriate governance structures for 

embedding sustainability into the organisation. This final 

section of the presentation will look at the both the role of the 

Board (in terms of strategic planning; risk management; 

remuneration; selection and succession planning) as well as 

the role of external Advisory Panels or CR Committees. 

The paper will conclude with a consideration of ways to 

measure the effectiveness of the Board in implementing 

sustainability into the business. 

* Andrew Wilson an economist has a 20-year track record in 

consulting on issues of sustainable development. He is a 

Director at Corporate Citizenship, a specialist global 

corporate responsibility consultancy. 

Continuation From Pg:17 



when considering their social charges!), symbiotic partners, 

etc… Human beings have representations of the world, this is 

our distinctive and fundamental feature. The evolution 

theory teaches that superior adaptation is realized through 

new paradigms: this is what has led hominidae to this 

development. Although sociological study diverge on the 

real effects of diversity of profiles education, culture, social 

style, age, etc…- diversity among the Board will allow for a 

larger variety of risk perceptions, and risk appetite, which is a 

strategic process, will be more accurately defined. Let's take 

again what Fujifilm declares: "We are embracing change and 

diversity to become a more effective force for a better 

future". Unfortunately, when looking at the Board 

composition, diversity is invisible (but hardly more visible at 

Kodak). It maybe time for Fujifilm not only to embrace 

diversity and launch timid initiatives such as F-Power 

project, but to introduce it in its governance structure, as 

material operating losses occurred in 2009 and 2010. 

• Assuming the emergence function 

Considering the ecosystem means that the Board takes on its 

macroscopic duty of care towards stakeholders: it must 

assume that the whole firm is better than the sum of its parts. 

Presenting a report of the Board's annual activity to the 

Annual General Meeting of shareholders with the numbers of 

resolutions voted by item (such as review of risk appetite, 

directors profile, remuneration packages, executive pat, 

etc…) - without disclosing necessary secret decisions- would 

enhance the feeling of trust among stakeholders, replacing 

the present opacity of Boards' activity. From the investors' 

standpoint, it is difficult to price the governance in the share 

value. Share stocks bear a right to liquidation boni, a right to 

dividend and a voting right, in addition to an option on the 

future value of the stock. Although the implicit price of 

voting rights can be emphasized during takeover battles, not 

a single analyst is pricing the voting rights because 

governance is a black box22. Comparing again Kodak and 

Fujifilm, there is a tremendous difference in the way they 

report on their sustainability. Kodak's report encloses 14 

pages, Fujifilm's 73. In the Fujifilm's report only, a consistent 

framework based on values, vision and corporate behavior 

charter leads to an in-depth analysis of stakeholders 'interest 

analysis. 

My third conclusion: Non- executive Directors must have 

various perspectives on the firm's ecosystem to find the right 

balance in the firm's interactions with stakeholders and 

consequently, the right risk/return profile. The Board, guided 

by a strong chairperson, must feel entitled with this 

responsibility to value the voting rights of all shareholders. 

Conclusion 

Evolutionary and emergence theories are extremely useful 

universal guides for corporate governance leading towards 

sustainable strategies. 

Corporate governance can be a game changer for sustainable 

strategies under three conditions: be right on market timing 

through the opening to unsteady futures, monitor the variety 

factor as well as orderly processes, optimize performance 

with risks to preserve key partners in the ecosystem. 

* Miriam Garnier is a certified Director (ASC) & the 

Chairperson of Finance & Governance. She is a Director of a 

prominent French insurance company. 

26 


*Deepak N. Lalwani 

Panellists seated left to right: Alok Sharma 

MP - Vice-Chairman, Conservative Party, Sir 

Michael Arthur KCMG - ex UK High 

Commissioner (Ambassador) to India, Lord 

Meghnad Desai - House of Lords, James 

Lamont - Managing Editor, Financial Times, 

Avinash Vazirani - Fund Manager, Jupiter 

India Fund, Sunil Kakkad - Partner and Head 

of India Group, Lawrence Graham 

Deepak Lalwani - Director, India - Lalcap 

(Standing) 

India: Growth to Resume 

The Chartered Institute for Securities and Investment (CISI) 

and Lalcap jointly Organised a seminar titled " India: Is the 

growth story intact" in London on 4 June 2012. The CISI 

was formed in 1992 by London Stock Exchange 

practitioners. 

THE EMINENT PANEL OF SPEAKERS CONSISTED 

OF: 

• Sir Michael Arthur KCMG, ex UK High Commissioner 

(Ambassador) to India 

• Lord Meghnad Desai, former Director, LSE 

• Sunil Kakkad, Partner & Head of India Group, Lawrence 

Graham 

• James Lamont, Managing Editor, Financial Times 

• Alok Sharma, Vice Chairman, Conservative Party 

• Avinash Vazirani, Fund Manager, Jupiter India Fund 

THE DISCUSSION WAS FOCUSED ON FOLLOWING 

ISSUES: 

• Global and domestic economic tailwinds and headwinds 

affecting growth 

• Outlook for Indian markets for next 12 months + 

drivers/risks 

• Foreign investors : India favoured again 

• Influences ahead of 2014 General Elections 

• Politics, scandals and the issue of governance 

PANELLISTS' VIEWS EXPRESSED, INTER ALIA: 

Domestic economic headwinds included stubbornly high 

inflation which led to interest rates being kept high for longer 

than necessary, despite the slowing economy; high fiscal and 

current account deficits. Politics and policy paralysis 

remained a major headwind. This toxic combination hit 

capital investments and badly hurt consumer demand-further 

slowing down the economy 

Economic Growth Is Probably Near Its Low Point At 5% - The 

Lowest In A Decade. However, any revival from here will be 

sluggish because of impending general elections by May 

2014. 6% growth is possible in the coming year. 

The outlook for equity markets was positive for the next 12 

months. Despite the slowdown, investors see the economic 

potential of India through its large and diversified domestic 

market and young population. 

Foreign investors: There was a sharp divergence in 

investment intentions between Foreign Institutional 

Investors (FIIs) with strong inflows into capital markets, and 

other foreign investors into Foreign Direct Investments (FDI). 

FIIs have witnessed bumpy rides in other emerging markets 

and know India well now. 

Influences ahead of 2014 General Elections: Early elections 

are not expected. A coalition again is a virtual certainty. 

Economic progress hinges crucially on politics. A Modi vs 

Rahul Gandhi fight is seen. 

Politics, scandals and poor governance continue to hold back 

India. There was a need to de-link politics from economic 

decisions. In reality this is impossible, and limits India's 

economic potential. 

Overall, sluggish growth inching to 6% is expected in the 

coming year. 

* Deepak N. Lalwani OBE, FCSI, FCCA, Director - India 

27 


NEWS 

& VIEWS 

UN Global Compact Calls for Engaging Business in Post-2015 Development Agenda 

The UN Global Compact has delivered 

a report to the UN Secretary-General 

emphasizing the need to incorporate in 

the post-2015 development agenda the 

strengths of the private sector. The 

report, titled 'Corporate Sustainability 

and the United Nations Post-2015 

Development Agenda,' is the product of 

UN Global Compact consultations and 

surveys with thousands of businesses 

across different regions. 

The report will feed into preparations 

for the UN Global Compact Leaders 

Summit 2013, which will bring together 

chief executives from among the 

initiative's 7,500 corporate participants, 

as well as representatives from civil 

society, 

government and the UN, on 19-20 

September 2013 in New York. 

The report is divided into three sections, 

addressing: determining the core of a 

post-2015 agenda, including proposed 

sustainable development goals (SDGs) 

and targets; how to engage business and 

investors towards SDGs; and 

recommending ways that countries can 

advance inclusive and sustainable 

markets. 

Representatives of Global Compact 

LEAD companies, a leadership platform 

that includes 56 multinational 

corporations, shared their perspective in 

the report on worldwide goals to extend 

and amplify the Millennium 

Development Goals (MDGs). 

Suggestions include: to end poverty and 

increase prosperity via inclusive 

economic growth; provide quality 

education for all; achieve women's and 

girls' empowerment; provide universal 

health coverage; and provide water and 

sanitation for all. 

The report also highlights ways to 

engage business towards the post-2015 

development agenda, including by 

broadening the corporate sustainability 

movement and leveraging the potential 

of private finance and investment. 

Tata Group Companies lose Rs. 25,000 crore Market value in a week 

(June 17, 2013, Hindustan Times, pg- 

22). The Tata Group has suffered an 

erosion of over Rs. 25,000 crore in its 

market valuation within a week as 

reported by PTI on 17 June 2013 as 

shares of its companies lost ground 

amid a sharp selloff. As a result, the 

cumulative market value of nearly 30 

listed companies of Tata Group has 

fallen below the over Rs. 5 trillion mark 

to Rs.4,85,000 crore (about $85 billion). 

A week ago, the group's market 

valuation stood at near Rs. 5,10,000 

crore (nearly $90 billion), according to 

stock exchange analysis.The companies 

which took the hit included Tata 

Motors, TCS, Tata Steel, Tata Power 

and Titan Industries, although a few 

entities like Rallis and Tata Elxi 

managed to buck the down-trend over 

the past week. TCS, the group's most 

valued entity, lost around Rs. 4,000 

crore of market wealth to be valued at 

Rs.284,000 crore, while Tata Motors 

slipped by over Rs.9,000 crore to 

Rs.88,200 crore.Titan also lost over Rs. 

4,500 crore, while the erosion was 

around Rs. 2,000 crore each for Tata 

Steel and Tata Power. The cumulative 

market value of all listed companies in 

the country has fallen by about Rs.2 

lakh crore in this period to close to Rs. 

64.5 lakh crore. Tata Group has more 

than 100 operating companies, 32 of 

them listed, and accounts for 7.60% of 

the total market capitalization of Indian 

markets – the highest in the country. 

Govt. set to ease single-brand norms 

The government is set to issue fresh 

guidelines that will clearly stipulate that 

international chains entering India 

through the 'single brand' retail window 

can use multiple trademarks to sell their 

goods. 

Existing guidelines allow products to 

be sold under “single brand only” and 

also stipulate that the same brand 

should be used in markets other than 

India. The rules were framed over six 

years ago when the government opted 

to open a limited window in the retail 

segment amid stiff opposition to multibrand 

retail. 

The stipulation has raised policy 

headaches for the government as it 

discovered that entities such as Marks 

& Spencer are using multiple brands 

such as Indigo, Autograph and M&S. 

In fact, some government departments 

have also raised the issue, prompting 

the department of industrial policy and 

promotion, which is the agency 

responsible for foreign direct 

28 


NEWS 

& VIEWS 

investment policy, to consider a set of 

clarifications to clear the air. Even 

other retailers like H&M use multiple 

brands, such as Cheap Monday and 

Monki. Even Zara faces similar 

hurdles. 

The issues were possibly not thought 

through when the guidelines were 

framed. Companies will use multiple 

trademarks even if they come through 

the single-brand route as it results in 

product differentiation. As long as the 

S.K. Roy is LIC Chairman 

Mr. S. K. Roy has taken over as 

Chairman and Managing Director of 

Life Insurance Corporation of India 

since July 1, 2013. Roy would be at the 

helm of the insurance behemoth for a 

period of five years, after assuming 

charge on July 1. His career in LIC 

started in 1981 as a Direct Recruit 

Officer and worked in various 

assignments in different verticals and 

across geographies. He has been a 

trademarks belong to the company (that 

comes through the single-brand 

window), there should not be any 

concern. 

The government allowed FDI in singlebrand 

in 2006 with the rider that 

sourcing has to be done locally. While 

several players entered the market, the 

rush did not start until last year after 

100% foreign direct investment was 

allowed and the local purchase clause 

was dispensed with. Several new 

Director of Oriental Carbon & 

Chemicals Limited since January 28, 

2009 and North Eastern Development 

Finance Corporation Ltd. since June 18, 

2011. On May 31, 2013, he assumed 

charge as MD along with Thomas 

Mathew & Sarkar. 

He is a Guest Faculty at the National 

Insurance Academy, Pune. He has 

undergone training Programmes at the 

players led by Swedish furniture 

retailer IKEA have now got permission 

to set up stores. 

The fresh set of clarifications on 

single-brand retail follow a similar 

exercise for the multi-brand segment, 

which has failed to attract any 

international investor although players 

such as Walmart, Tesco and Carrefour 

have been waiting to enter the segment 

for several years now. 

Indian School of Business, Hyderabad 

and the Asian Institute of Management, 

Manila. Mr. Roy holds a Post Graduate 

degree from Delhi University and a 

Ph.D. from the University of Warwick. 

CBDT tightens Disclosure Guidelines 

The Central Board of Direct Taxes 

(CBDT) has widened the scope of 

details required to be provided in the 

transfer pricing report, which includes 

issue of shares to its overseas related 

entities, such as group companies. 

Form 3CEB, which is the transfer 

pricing documentation report, now 

requires a company to disclose details 

of “international related party 

transactions of purchase or sale of 

marketable securities or issues of equity 

shares”. The revised form was recently 

notified by CBDT. The transfer pricing 

report in the revised form certified by a 

chartered accountant, is to be filed by a 

company along with its tax return. For 

the financial year ended March 31, 

2013, the due date for such filing is 

September 2013. 

This new disclosure requirement, in 

light of the huge demand raised on Shell 

India for undervaluing the issue of 

shares to its overseas group companies, 

has caused a stir in corporate and 

professional circles. In 2009, Shell 

India issued shares to two overseas 

companies at par value of Rs. 10 each. 

A few months ago, the tax department 

held that the value of each share was 

Rs. 183. The short receipt, which 

aggregated to Rs. 15,200 crore, was 

held to be taxable in the hands of Shell 

India. 

One of the arguments raised by Shell 

India in its defence is that issue of 

shares results in a capital receipt and 

thus cannot be taxed. As of now, the 

matter is pending before the Bombay 

High court. 

The Finance Act, 2012, had amended 

the definition of an international 

transaction with retrospective effect 

from April 1, 2002, to include capital 

financing. However, tax experts state 

that even if issue of shares by an Indian 

Company to an overseas related party is 

an international transaction, it should 

not give rise to 'chargeable income' in 

the hands of the Indian company and 

there should be no transfer pricing 

adjustment and consequential tax 

demand. 

Recently, the Hyderabad Income Tax 

Appellate Tribunal (ITAT) took a 

similar stand in the case of Vijay 

Electronics. The Hyderabad ITAT 

held that capital investments (issue of 

shares) do not create chargeable 

income and cannot be brought within 

the scope of transfer pricing 

provisions. 

“A change in disclosure requirements 

of Form 3CEB is an indication that 

litigation will increase as tax 

authorities may take steps to scrutinize 

and tax all Shell-type transactions. 

The matter can now be resolved only 

at the judicial level,” sums up an 

advocate. 

29 


NEWS 

& VIEWS 

Infy sales force gets Best Salary Deal 

Infosys's global sales force was the 

biggest beneficiary of the salary 

increase announced. It has become one 

of the company's weakest links. 

About 45 senior sales 

professionals have quit the company 

across geographies in the last 18 

months, said sources familiar with the 

development. Dissatisfaction with 

salary is said to have been the reason 

for most of those exists. 

Digambar Ganjre, principal at Infosys, 

quit the company last year after being 

associated with it since 2000. Ganjre 

led customer relationship management 

projects with a team of over 70 

consultants. Manish Verma, who was 

the head of business development in 

Americas, quit the company last year. 

R. Arun Kumar, head of the global lifescience 

practice and responsible for 

growth and expansion of the lifesciences 

domain, resigned in 2011. 

The salary increase now may address 

some of the concerns. The global sales 

force has received an average 8% 

increase across geographies and 

effective May. On the contrary, 

everyone else gets their salary effective 

July and onsite engineers receive only a 

3% increase. 

The sales force is also begin reoriented. 

Infosys has put in place a mechanism 

to mine its top 50 accounts better. It 

has assigned dedicated client partners 

to high-potential clients whose key 

result areas is to scale up these 

accounts. It is following a consultingled 

approach to help clients solve their 

business problems, rather than just 

selling IT services. 

“This newly introduced client-partner 

is an important position in the 

organization, as reflected in the 

reporting structure. They directly 

report to one of the four vertical heads 

who are just one level below the CEO, 

Recently a review of leading IT 

companies like Infosys, HCL, TCS and 

Cognizant was conducted and it has 

noted that persistence and aggression 

differentiates one company from the 

other as they find themselves in the 

same kinds of economic challenges. 

TCS, Cognizant and HCL have all 

done significantly better than Infosys 

in customer acquisition and mining. 

Infosys's sales team did not quite adapt 

to changing market realities in a weak 

business environment. The 

management has made an attempt to 

reorient its focus to demonstrate 

flexibility in pricing large deals and 

hunting new clients. 

World Bank Highlights Climate Change Impacts on Africa, 

Asia and the Coastal Poor 

The World Bank has released a report, 

titled 'Turn Down the Heat: Climate 

Extremes, Regional Impacts, and the 

Case for Resilience,' which looks at the 

likely impacts of present day, 2°C and 

4°C warming on agricultural 

production, water resources, coastal 

ecosystems and cities across Sub- 

Saharan Africa, South Asia and South 

East Asia. 

The report, which was prepared for the 

World Bank by the Potsdam Institute 

for Climate Impact Research and 

Climate Analytics, builds on another 

World Bank report released in late 

2012 that concluded the world would 

warm by 4°C above pre-industrial 

levels by the end of this century if we 

did not take urgent concerted action. 

The report illustrates the range of 

impacts that much of the developing 

world is already experiencing, and 

would be further exposed to, and it 

indicates how these risks and 

disruptions could be felt differently in 

other parts of the world. It reaffirms the 

2012 assessment of the International 

Energy Agency (IEA) that in the 

absence of further mitigation action 

there is a 40% chance of warming 

exceeding 4°C by 2100 and a 10% 

chance of it exceeding 5°C in the same 

period. 

The report finds many significant 

climate and development impacts are 

already being felt in some regions, and 

in some cases multiple threats of 

increasing extreme heat waves, sea 

level rise, more severe storms, droughts 

and floods are expected to have further 

severe negative implications for the 

poorest. It warns that climate-related 

extreme events could push households 

below the poverty trap threshold and 

adversely affect food security. The 

report also predicts that with projected 

climate change, pressure on water 

resources is expected to increase 

significantly, and that energy security 

will become under increasing pressure 

from climate-related impacts to water 

resources. 

The report calls for immediate steps to 

help countries adapt to the risks already 

locked in at current levels of 0.8°C 

warming, but emphasizes that the worst 

projected climate impacts could still be 

avoided with ambitious global action to 

drastically reduce greenhouse gas 

(GHG) emissions, including through 

innovative ways to improve energy 

efficiency and the performance of 

renewable energies. 

30 


A 10-Step Program for India’s Economy 

* Jim O'Neill 

Jim O'Neill worked for Goldman Sachs Group Inc. from 1995 until April 2013, serving most recently as chairman of 

Goldman Sachs Asset Management, and as the firm's chief economist from 2001 to 2011. Before joining Goldman 

Sachs, he was head of global research at Swiss Bank Corp. 

O'Neill is the creator of the BRICs acronym, which was derived from his thesis that Brazil, Russia, India and China would 

dominate growth in emerging markets. He is a member of the boards of the Brussels-based policy-research centers 

Itinera Institute and Bruegel. He earned a degree in economics from Sheffield University in 1978 and a doctorate from 

the University of Surrey in 1982. He lives in London. 

1 Improve 

governance: 

Toughest but the 

most important 

Fix primary & 

2 secondary 

education: More 

steps required 

Improve colleges & 

3 universities: The 

goal should be to have 

excellent institutions 

Improve its governance. This is probably the hardest and most important task -- the precondition for the rest. 

There is no point having the world’s largest democracy unless it leads to effective governance 

Fix primary and secondary education. There has been some progress here, but a huge number of young people still 

get little or no schooling. 

Improve colleges and universities. India has too few excellent institutions. But we should develop more 

and make that an official goal. 

4 

Adopt an inflation 

target, and make it 

the center of a new 

macroeconomic 

policy framework. 

Introduce a medium to 

5long-term fiscal-policy 

framework, with a deficit of 

less than 3% of GDP and 

debt of less than 60% of GDP 

6 

Increase trade with 

neighbors 

Focus on Pakistan, 

Bangladesh 

$ 

Adopt an inflation target, and make it the center of a new macroeconomic policy framework. 

Introduce a medium to long-term fiscal-policy framework, perhaps with ceilings as in the 

Maastricht Treaty -- a deficit of less than 3 percent of GDP and debt of less than 60 percent of GDP. 

Increase trade with its neighbors. Indian exports to China could be close to $1 trillion by 2050, almost 

the size of its entire GDP in 2008. But India has little trade with Bangladesh and Pakistan. There’s no better 

way to promote peaceful relations than to expand trade -- and that means imports as well as exports. 

Liberalize 

7financial markets. 

Liberalize financial markets. India needs huge amounts of domestic and foreign capital to achieve its potential – 

and a better-functioning capital market to allocate it wisely. 

Innovate in 

8 farming 

Innovate in farming. The whole nation, 

still greatly dependent on farming and needs enormous improvements & support. 

Build more 

9 infrastructure 

Build more infrastructure. It’s obvious how much more India needs to build more 

Infrastructure. Adopt some of that Chinese drive to invest in infrastructure. 

Protect the 

10 environment. 

Protect the environment. India can’t achieve 8.5 percent growth for the next 30 to 40 years unless it takes steps 

to safeguard environmental quality and use energy and other resources more efficiently. Encouraging the private 

sector to invest in sustainable technologies can boost growth in its own right. 

Encouraging the private sector to invest in sustainable technologies can boost growth in its own right. I’ll have a lot more to say about the details as 

this project moves forward. For now, suffice to say that India’s potential is vast and given the will, it can be tapped. 

IOD 

Building 

Tomorrow’s 


Issued In Public Interest by 



Board Nos. : +91-11- 41636294 , 41636717, 41008704 • Email: info@iodonline.com 

Sources: Bloomberg & Times of India

A Report on IOD TNSC's first Conference 

held on June 7, 2013 in GRT Grand, Chennai 

“Board Governance – 

Key to Corporate Excellence” 

Tamil Nadu State Chapter of IOD (IOD TNSC) embarked on the idea of 

getting better visibility in the region to support the membership drive 

etc., by conducting a one day conference on Governance on 7 June 

2013. 

The Executive Committee deliberated and cleared a most appropriate 

theme to be a fountainhead from which emerged the most relevant and 

current topics. 

FICCI was the Joint Partner for the conference given their thought 

leadership activities on Governance and large member database. 

Institute of Cost Accountants of India (ICAI), consented to be the 

Knowledge Partner to provide the requisite support with speakers and 

delegates. The sponsors included GRT Jewellers ,GRT Group of Hotels, 

Grant Thornton India, Sify Limited,Town Benefit Fund 

(Kumbakonam) Ltd. and Gemini Coolinsystems Project P.Ltd. 

Padma Shri. K. RaghavendraRao, CMD, Orchid Chemicals and 

Pharmaceuticals and Chief Guest for the Conference in his Special 

Address stressed upon the need to have better Governance process in 

tune with the changing business models. 

In the Technical Session 1– “ Evolving Roles and Responsibilities of 

Directors” which was chaired by Mr. S. Ramasundaram, CEO, 

Nagarjuna Oil Corporation Limited and the speaker was Mr. M. P. 

Vijayakumar, CFO, Sify Limited, the expectations from the present day 

directors and their shortcomings were discussed with recommendations 

to close the gap. 

Technical Session 2 was on “Civil and Criminal Liabilities of 

Independent Directors”. Chairman of the session Mr. K.K.Balu 

(Former Vice Chairman, Company Law Board)and the speaker Mr.R. 

Shankaranarayanan (Advocate, Madras High Court) presented the 

legal nuances involved in the activities of directors .. 

Technical session 3 on “ Board Challenges During 

Downturns” was modelled as a panel discussion with Padma 

Shri CA. T. N. Manoharan, Past President, Institute of 

Chartered Accountants of India as Moderator and the panel 

included Dr. S. K. Gupta, Technical Director, ICAI, Mr. K. 

Pandiarajan, Founder, Ma Foi Group, Lt.GenJ.S.Ahluwalia 

President, IOD, Mr. R. Ramesh, Managing Director, Cubane 

Speciality Chemicals P Limited and Mr.N.Srinivasan. 

The Technical Session 4 was on “ Directors – a perspective 

under the new Companies Act”. The panel discussion was 

moderated by Mr. Henry Richard, Registrar of Companies, 

Chennai with Mr. S. A. Muraliprasad, Director, SAM 

Consultancy Services P Limited, Mr. Chinnasamy Ganesan, 

Partner – Audit, BSR and Associates and Ms.Chandra , 

Member Advisory Committee, IOD TNSC as panellists. The 

amendments to roles, duties and liabilities were laid out 

clearly and debated upon to give the audience a fair idea of 

the proposed legislation. 

32 


Life Insurance Corporation 

of India trains its Management Board for 


Wherever an economy is evolving, so the IOD has something 

to offer – whether it is inspiration for the most senior board 

members or practical skills for middle and senior 

management. 

In the last 23 years, 'business' has shed its reputation as an 

exploiter of people and has become a crucial catalyst for social 

change, and the IOD has been an exemplar of good practice. 

Today, it is not only involved in the transformation of 

boardrooms but is itself also creating an equitable and just 

society. It coaches, trains, educates and develops company 

directors and business leaders to improve both the quality of 

their business and the quality of life for all their stakeholders. 

The IOD sees business problems not in isolation but as 

reflecting the microcosm of society, and it advocates 

integrated solutions that help businesses to become 

competitive while also adopting the social and environmental 

agenda. The IOD is the only organisation of its kind that 

provides a holistic approach to businesses advocating triple 

bottom line benefits by focusing on people, profits and the 

planet in an integrated way. Indeed, the IOD was promoting 

this approach, and running workshops for Directors who 

wished to apply it, several years before it was ratified by the 

UN in 2007. 

What sets the IOD apart is its foremost belief that the problems 

facing humanity such as poverty, pollution and inequality 

have a better chance of resolution when addressed in a holisic 

and integrated manner. Secondly, business alone has the 

power and technology to make a difference and therefore 

needs to be at the table and not on the menu! Business 

valuations today are determined not so much by the magnitude 

of profit or loss but by the public perception of how 

sustainable their activities are. 

The IOD seeks to educate businesses that it is in their own 

interest to make sure that globalisation, business's biggest 

benefactor, is seen to work for the poor. 

The IOD's Masterclass for Direcotors is one of the flagship 

initiatives that aim to improve the competitiveness of 

individual directors and their performance. The Masterclass 

programme qualifies successful participants to become 

independent directors of listed companies. 

Independent Directorship and Corporate Governance are the 

most crucial issues of our times. Investor interests will no 

more be served by simply putting famous names in the boards 

like decorations on the mantle-piece. Corporations need to 

recruit directors of independent mind qualified to perform the 

onerous responsibilities of directorship in the complex world 

of today's business. 

IOD's Masterclass for Directors offers whole vista of 

opportunities those who wish to join the pool of Non 

Executive Independent Directors and most relevant for 

companies to learn lessons from the downturn. 

The course aims to make participants not only aware of the 

complexities of board functioning but helps them internalise 

skills of how to make effective interventions that minimise 

risks confronting the boards and enhance the credibility, 

brand and market valuation of the company. The state of the art 

subjects like Role of directors in transforming the organisation 

to face a multi reality world of constant change and surprise, 

innovation management, effective risk management , 

leadership issues , Mergers & Acquisitions, Stakeholder 

management, communication skills, asking the right 

questions, Director's Duties and Responsibilities, Strategic 

role of the Board, Corporate Social and Environmental 

Responsibility, Customer Relationship Management, Finance 

for non-Finance Directors and HR Practices for Business 

Success will be part of the course . 

Recently LIC trained its senior management Board for 

Masterclass for Directors . Other Boards those who have 

trained recently include HUDCO, India Trade Promotion 

Organisation (Ministry of Commerce), TE Connectivity etc. 

33 


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Building 

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Boards 

15th World Congress on 

19-20 July 2013 

The Ashok Hotel, New Delhi, India 

Managemen 

&24th IOD Annual Day 

Theme: Driving Green Economy for 

Sustainable Development and Inclusive Growth 

Also Presentation of 

GOLDEN PEACOCK AWARDS 

Environment Management, Occupational Health & Safety, Eco Innovation 

M F Farooqui, IAS, Special Secretary, Ministry of Environment & Forest, Dr S.Y. Quraishi, Former Chief Election Commissioner of India, Lt. Gen.J.S Ahluwalia, PVSM (Retd), President, Institute of Directors, 

Hon’ble Sheila Dikshit, Chief Minister of Delhi, H.E. Peter N. VergheseAO, Australian High Commissioner, P. Uma Shankar, IAS Secretary, Ministry of Power, Govt of India during Award Ceremony 

Sponsored by 

Supported by 

Associate Partner 

National Safety Council 

Registered in India

Theme : “ Driving Green Economy for Sustainable Development and 

Inclusive Growth” 

Dr. S.Z. Qasim 

Chairman 

World Environment Foundation 

Invitation 

I extend you a warm invitation to participate in the 15th World Congress on 

Environment Management, scheduled during 19-20 July, 2013 in New Delhi, 

India. The theme of the Congress is Sustainable Development through Green 

and Inclusive Economy, being organized by the World Environment 

Foundation, and the Institute of Directors. Your participation will be valuable 

in developing a Strategy for the future we all want. 

The Heads of the Governments and high level representatives met at Rio de 

Janeiro, Brazil, during 20-22 June 2012 with the full participation of Civil 

Society to renew their commitment to sustainable development and to ensure 

the promotion of economically, socially and environmentally sustainable 

future for our planet, and for the present and future generations. 

Eradicating poverty was recognized the greatest global challenge facing the 

world today, and an indispensible requirement for sustainable development. 

In this regard, the global leaders are committed to freeing humanity from 

poverty and hunger, as a matter of urgency. 

It was therefore, realized that an intense need existed to further mainstream 

sustainable development at all levels, integrating economic, social and 

environmental aspects and recognizing their inter-linkages, so as to achieve 

sustainable development in all its dimensions. 

Experts recognize that poverty eradication, promoting sustainable pattern of 

consumption and production, protecting and managing the natural resource 

base of economic and social development are the overarching objectives of 

an essential requirements for green and sustainable development. 

The Congress will be addressed by Sustainability Experts, Policy Makers, 

Environmental Professionals, Academicians and NGOs, and will be a major 

networking event to evolve a suitable corporate model for environment 

focused sustainability. 

I look forward to welcome you, at the Congress. 

Yours sincerely, 

Dr. S.Z. Qasim 

M.F. Farooqui, IAS, Additional Secy., Ministry of Environment & Forests, Govt. of India, Lt. Gen. J.S. 

Ahluwalia, PVSM (retd.) President, WEF, V.K. Agnihotri, IAS,Secretary General, Rajya Sabha G.B. 

Pradhan, IAS, Special Secretary, Ministry of Power, S. Machendranathan, IAS, Additional Secretary, 

Ministry of Steel. 

OBJECTIVES 

1. Develop a strategy to fulfill the vision for the future that rests on the core 

values of Economic Growth, Human Rights, Equality and Sustainability. 

2. Mainstream business challenges, and promote sustainable patterns of 

consumption and production. 

3. Discuss corporate governance factors for Business Excellence, through 

sustainable development. 

4. Integrate economic, social and environmental aspects and recognizing their 

inter-linkages at corporate level. 

5. Develop strategy for conservation and efficient use of natural resources 

including water and forests. 

CONGRESS TOPICS 

1. Green Economy – A Driver of Growth and Employment. 

• Role of Corporates in ensuring green growth solutions and sustainability 

• Embedding environment strategy into core Business Excellence Model. 

• Integrating and measuring economic, social and environmental 

development in the economy. 

• Regulatory framework and fiscal incentives to reward green growth. 

2. Leading Transition through Green Economy. 

• Framing Environmental Goals and Monitoring Environmental Outcomes. 

• Investing in Enhanced Capacities and Mechanisms at Local, National and 

International Levels to achieve Sustainability through Green Economy. 

• Enhancing Effectiveness of Global Institutions to support Green Economy 

to fulfill Human Needs, while avoiding Environmental Degradation. 

• Strengthening Access to Information, Public Participation in Decision Making 

and Access to Justice in Environmental Matters. 

3. Resource Efficient Business Growth: Material Minimization 

Strategies. 

• Development of Guidelines for Promotion of Green Products. 

• Promoting Green Public Procurement 

• Creating Centers of Excellence, to Promote Green Products and Processes. 

• Minimising Input Material Use, Reducing Waste, and Recycling Waste. 

4. Challenges of Sustainable Urban Infrastructure Development: Developing 

Sustainable Cities and Human Settlements. 

• Inclusive, Equitable and Sustainable Growth of Towns and Cities with 

proper Civic Amenities. 

• Providing Safe Drinking Water Supply. 

• Providing Sanitation, Sewerage and Municipal Solid Waste Management. 

• Building Affordable Housing and providing Safe Urban Transport. 

• Creating Centres of Green Growth in Urban habitats 

• PPP in Urban Infrastructure Development 

5. Sustainable Energy for All 

• Implementing Sustainable Energy for All – UN Strategy 

• Introducing Low Carbon Technologies for Fossil Power Generation 

• Limits of Efficiency improvements in End-use Devices 

• Promoting Renewable Energy Options 

• Making sustainable choices, through energy use monitoring and verification. 

6. Water Management: A Crisis that cannot be Watered Down 

• Increasing Water supply through interlinking of Rivers, Water Harvesting, 

and Desalination of Sea Water. 

• Improving Water use efficiency in Agriculture, industry and domestic sectors. 

• Reducing Water Waste, Recycling and Reuse. 

7. Natural Resource Conservation: Preserving Bio-diversity. 

• Land use for Forest cover and for Agriculture 

• Land Acquisition, Rehabilitation and Resettlement 

• Protecting Environment – Cumulative Environment Impact Assessment for 

Vulnerable Regions. 

• Community Involvement in Forest Management and Minor Forest Produce. 

• Biodiversity, Marine Environment and Wildlife and Preserving Wetlands 

• Mining and its Impact on Forest Cover. 

8. Potential of CSR Strategies for Environment Protection. 

• Ensuring Environmental Sustainability. 

• Providing Employment and Vocational Skills to promote Green Economy. 

• Promoting Social Business Projects of Environment Friendly Nature 

9. Integrating Corporate Reporting System for Sustainability and Carbon 

Footprint. 

• GRI, emission inventory and sustainability reporting system. 

• Green Rating and Carbon Neutrality on reliable and verifiable GHG and 

environmental data. 

• Public Reporting on Sustainability Performance and its Impact on Business 

Performance.

IIMS Rana,Chairman, Railway Board, receiving Golden Peacock Environment 

Management Award from His Holiness The Dalai Lama in 2002 

GUIDELINES FOR PAPER PRESENTERS 

All paper presenters are required to send their papers by e-mail to 

sushil@iodonline.com. A brief CV of 100 words with passport size colour 

photograph are also required. Speaker guidelines are available on our website 


MARKETING OPTIONS 

Golden Peacock Award Presentation in London 

The tariff for A-4 size paper, colour Advertisement in the Congress Souvenir is 

as under: 

Place Rate Indian ( `) 

Back Cover 70,000 

Inside Front Cover 60,000 

Inside Back Cover 50,000 

Full Page Color 40,000 

SPONSORSHIP 

The Congress offers a unique opportunity to project your organisation’s commitment 

to Environment Management. The event will be attended by eminent corporate heads, 

environmentalists and opinion leaders from across the world. Here is your chance to 

advertise your commitment to ‘Sustainable Business Growth through Green 

Economy’ and build your company’s brand image. The Sponsorship rates are as 

follows: 

Indian (in `) International (in US $) 

Golden Peacock Awards, instituted by Institute of Directors in 1992, are now regarded as a 

benchmark of corporate excellence worldwide. The Award has been instituted to celebrate and 

honour the best as recognition of their unique achievements to build the brand. The selection is an 

elaborate process, by a team of professionals and independent Assessors. The winners from the 

short listed finalist are then chosen by jury of eminent personalities headed by Justice P.N. 

Bhagwati,Chairman Golden Peacock Awards & former Chief Justice of India. 

Principal Sponsor 10, 00,000 20,000 

Platinum Sponsor 7, 50,000 15,000 

Gold Sponsor 5, 00,000 10,000 

Silver Sponsor 3,00,000 6,000 

Associate Sponsor 2, 00,000 4,000 

QUALEX 2013 

Registration Fee: Rs. 30,000 

Qualex 2013 is a rare platform to display your environment friendly products and 

services and promote your distinctiveness among the world’s most discerning 

participants. Two day rental for a shell scheme includes a fully furnished stall 

(approximately 2m x 2m) with lighting, facia, two chairs and tables, and one 

complimentary non-residential delegate registration. 

CONGRESS SOUVENIR 

A Congress Souvenir will be released on the Inaugural Day of the 15th World 

Congress on Environment Management. This will be distributed to all delegates, 

members and associates, industry leaders, concerned govt. departments, decision 

makers, eminent persons, NGO’s, and environment and sustainability organizations 

etc. worldwide. 

Hon’ble Shri P. Chidambaram, Union Minister of India, addressing the Golden Peacock Awards Nite in New Delhi 

The Golden Peacock Awards Secretariat invites applications for the following institutional 

awards, for the year 2012: 

• Golden Peacock Environment Management Award (GPEMA) 

• Golden Peacock Eco-Innovation Award (GPEIA) 

• Golden Peacock Occupational Health and Safety Award (GPOHSA) 

The application forms and self-assessment criteria can be downloaded from 

website www.goldenpeacockawards.com 

LAST DATE FOR SUBMISSION of Award Applications : 20th June, 2013 

The above Awards will be presented during the 15th World Congress on Environment 

Management in New Delhi. 

From (L-R): Dr. S.N. Dash, IAS (retd.), former Secretary, Minister of Heavy Industries , Shri 

Ramanand CMD, Instrumentation Ltd., Shri. B.P. Rao, Chairman & MD, Bharat Heavy 

Electricals Ltd., Shri. C.S. Verma , CMD, Steel Authority of India 

From (L-R): Dr. Matthew Hibberd, University of Sterling, UK, Dr. M.P. Bezbaruah, former 

Secretary, Tourism and Dr. Jeurgen Bischoff, Director GTZ-ASEM, Germany, Dr. Madhav Mehra 

Prof. Vladimir Y. Smordian, University of Delaware, USA, Justin Dargin, Harvard University, 

Marcia Nirenstein, Coalition of Green Capital, USA.

Participants at the last Congress 

Registration package for 15th World Congress on Environment Management (Non Residential Registration fee) 

(Inclusive of tea/coffee, all refreshments, lunch and Dinner Conference Proceedings & Souvenir) 

Indian (in ` ) International (in US $) 

Categories Single Single 

Corporate Delegates 12,000 250 

NGOs Delegates/Paper presenters 7000 150 

Students* 5,000 100 

Accompanying Spouse 5,000 100 

*For student registration, a certificate from the Head / Registrar / Director indicating studentship at the institution would be required. 

Note: If sending more than one delegate, please fill in personal details separately.(This form may be photocopied/ reproduced) 

Registration details : 

Registration fee is non-residential and non-refundable 

Changes in nominations are acceptable 

The fee in Indian Rupees is applicable to Indian Nationals only. 

Confirmation of registration is possible only if the form is received with the fee and is subject to space availability. 

10% discount for 3 or more participants from the same organization (one billing address), and for IOD India members. 

Early Bird Discount 15% discount,if registered before 30 May, 2013 

10% discount, if registered between 20 June, 2013 

REGISTRATION FORM 

To register, please complete this registration form in BLOCK LETTERS and return it to the Conference Secretariat at the address below by email/post/fax, 

together with payment of registration fees. Registration will not be effective until the payment has been received. To register by email, please fill in Digital 

Registration Form and e-mail to info@iodonline.com. To book online, visit www.iodonline.com. 

I am interested in participating in the "15th World Congress on Environment Management" programme as a Delegate / Speaker / Sponsor / Partner / Advertiser 

__________________________________ 

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For overseas participants. For visa invitation letters : 

Name (as mentioned in the passport)___________________________________________________________________________________ 

Father's/Husband's name ___________________________________________________________________________________________ 

Passport No._______________________________Date and place of issue____________________________________________________ 

Date and place of birth___________________________________Valid up to___________________________________________________ 

Citizenship ________________________________ 

Are you a member of IOD, India (Yes / No): ___________________Membership No._______________________________________________ 

Payment details 

The total amount for INR` / in US $ _______ may be paid by either of the following (please tick appropriate payment box): 

(A) Cheque at Par or Demand Draft payable to a bank in New Delhi, India , payable to Institute of Directors , New Delhi 

(B) Bank Transfer to Corporation Bank , M 3&4 , Greater Kailash Part-II , New Delhi- 48, India,Tel No. 011- 29210667 , Account Name : Institute of Directors 

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NAME 

For details : 

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IOD 


Building 

Tomorrow’s 

Boards 

15th World Congress on 

Environment Management 

& 

24th IOD Annual Day 

19 - 20 July 2013, The Ashoka Hotel, Chanakyapuri, New Delhi (INDIA) 

PROGRAMME* 

Theme: Driving Green Economy for 

Sustainable Development and Inclusive Growth 

FRIDAY, 19th July 2013 

Registration 

Plenary Session - I 

Welcome Address 

Chairman's Address 

Opening Session 

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

Justice M. N.Venkatachaliah, Chairman, Institute of Directors and 

former Chief Justice of India 

08:30hrs 

onwards 

0915 – 1010 hrs 

Guest of Honour 

Chief Guest Address 

Arun Maira, Member, Planning Commission of India 

Hon'ble Smt. Sheila Dikshit, Chief Minister of Govt of the NCT of Delhi 

Conferment of IOD Distinguished Fellowship on 

Dr. Sutanu Behuria IAS, Secretary, Ministry of Heavy industries 

Tea / Coffee Break 

1010 – 1040 hrs 

Plenary Session – II 

Opening Remarks 

Special Addresses 

Inaugural Session 


Dr Bhaskar Chatterjee IAS, DG & CEO, Indian Institute of Corporate Affairs 

Dr Sudhir Krishna, IAS, Secretary, Ministry of Urban Development, GoI 

Hem K. Pande, IAS, Additional Secretary, Ministry of Environment & Forests 

Patrick Suckling, High Commissioner, Australian High Commission in India 

1040 – 1200 hrs 

40 


Inaugural Address 

Hon'ble Manish Tewari, Union Minister of State for Information 

and Broadcasting, Govt of India 

Presentation of Golden Peacock Awards for 

Occupational, Health & Safety - 2013 

Plenary Session - III 

Chairman 

Speakers 

Green Economy – A Driver of Growth and Employment 

• Role of Corporates in ensuring green growth solutions and 

sustainability 

• Integrating and measuring economic, social and environmental 

development in the economy 

• Regulatory framework and fiscal incentives to reward green growth 

H.E Mr Gudmundur Eiriksson, Ambassador of Iceland in India 

Stefan Helming, Country Director, GIZ India 

Ajay Poddar, Chairman & Managing Director, Syenergy Environics Ltd 

S. Chandrasekhar, Managing Director, Bhoruka Power Corporation Ltd 

1200 - 1300 hrs 

Lunch 

1300 – 1345 hrs 

Plenary Session – IV 

Speakers 

Leading Transition through Green Economy 

• Framing Environmental Goals and Monitoring Environmental Outcomes 

• Investing in Enhanced Capacities and Mechanisms at Local, National & 

International Levels to achieve Sustainability through Green Economy 

• Embedding environment strategy into core Business Excellence 

• Enhancing Effectiveness of Global Institutions to support Green 

Economy to fulfill Human Needs, while avoiding Environmental 

Degradation 

• Strengthening Access to Information, Public Participation in 

Decision Making and Access to Justice in Environmental Matters. 

Dr. Dieter Mutz, Director, Indo-German Env Partnership Programme, GIZ India 

Prof Mahesh Chandra, Dept of IT, Hofstra University, New York 

Ulhas Parlikar, Director – Geocycle Business, ACC Ltd 

Niranjan Khatri, GM (Environment), ITC WelcomGroup 

Dr. Kanak Madrecha, Principal Consultant, Dubai 

1345-1515 hrs 

Plenary Session - V Challenges for Sustainable Energy and Urban Infrastructure 1515 – 1630 hrs 

• Inclusive, Equitable and Sustainable Growth of Towns and 

Cities with Proper Civic Amenities 

• Providing Safe Drinking Water Supply 

• Providing Sanitation, Sewerage and Municipal Solid Waste 

Management 

• Building Affordable Housing and providing Safe Urban Transport 

• Creating Centres of Green Growth in Urban habitats 

• PPP in Urban Infrastructure Development 

41 


Speaker 

A. K. Bajaj, Former Chairman, CWC & Secretary, Govt. of India, 

Ministry of Water Resources 

Dr Herbert Acquay, Sector Manager, Environment and Water 

Resources Management Unit (South Asia Region), World Bank 

Dr. Rakesh Saxena, Professor, Institute of Rural Management, Gujarat 

Lydia Powell, Head, Centre for Resources Management, 

Observer Research Foundation 

Plenary Session – VI 

Speakers 


Integrating Reporting System for Sustainable Development 

• GRI, emission inventory and sustainability reporting system 

• Green Rating and Carbon Neutrality on reliable and verifiable 

GHG and environmental data 

• Public reporting on sustainability performance and its impact on 

business 

Ajit Singh, EVP - Corporate Infrastructure & Services, Larsen & Toubro Ltd 

Dr Aditi Haldar, Director, Global Reporting Initiative, India 

Namita Vikas, President & Chief Sustainability Officer, YES Bank Ltd 

Ranjit Singh, DGM, CSR & Sustainability, Maruti Suzuki India Limited 

1630 – 1645 hrs 

1645 - 1745 hrs 

Plenary Session - VII 

Panelists 

Plenary Session –VIII 

Welcome Address 

Chairman 

Guest of Honour 

Chief Guest 

IOD's Distinguished 

Fellowship Awards & 

Acceptance addresses 

CEO's Panel Discussion on 

'Driving Green Economy for Sustainable Development & 

Inclusive Growth : Role of CEOs' 

S. Narsing Rao, IAS, Chairman, Coal India Ltd. 

A. K. Purwaha, Chairman & Managing Director, Engineers India Limited 

S. P. S. Bakshi, CMD, Engineering Projects (India) Ltd. 

Prabh Das, Chief Executive Officer, HPCL – Mittal Energy Ltd 

S K Roongta, Managing Director, Vedanta Aluminum Ltd. 

Dr A. K. Balyan, MD & CEO, Petronet LNG 

A. K. Jain, CMD, Rajasthan Electronics & Instrumentation Ltd 

Preparation for Awards Presentation, Networking & Arrival of Chief Guest 

GOLDEN PEACOCK AWARDS NITE 


Justice M. N. Venkatachaliah, Chairman, Institute of Directors and 

former Chief Justice of India 

Sir James David Bevan KCMG, British High Commissioner to India 

Hon'ble Dr. M. Veerappa Moily, Union Cabinet Minister for Petroleum 

and Natural Gas 

Atul Chaturvedi, IAS, Chairman, Public Enterprises Selection Board (PESB) 

Parvez Dewan, IAS, Secretary, Ministry of Tourism, Govt. of India 

K. S. Raju, Chairman, The Nagarjuna Group 

R. K. Dubey, Chairman & Managing Director, Canara Bank 

R. G. Rajan, CMD, Rashtriya Chemicals and Fertilizers Ltd 

1745 –1900 hrs 

1900 – 1930 hrs 

1930 – 2100 hrs 

42 


PRESENTATION OF 

IOD Distinguished Fellowship & Golden Peacock Awards for 

Environment Management & Eco- Innovation - 2013 

Dinner 

2100 hrs 

Plenary Session – IX 

TH 

SATURDAY, 20 JULY 2013 

Stories of Success on Environment Management 

Case study presentations 

0845 - 1130 hrs 

Plenary Session – X 

Speakers 


Integrating Environment Initiatives into Business Strategies 

Neelam Kumar Valecha, President, Reliance Industries Ltd., Hazira 

Manish Singh, Regional Head- Health & Safety, South Asia, Middle 

East, Standard Chartered Bank 

Prof Rajendra Bharti, Director, Lal Bahadur Shastri Institute of 

Management 

1130 – 1200 hrs 

1200 – 1300 hrs 

Lunch 

1300 – 1400 hrs 

Plenary Session – XI 

Chair 

Plenary Session – XII 

Concluding Remarks 

Stories of Success on Occupational, Health & Safety 


V. B. Sant, Director General, National Safety Council of India 

Stories of Success on Eco - Innovation 


Lt Gen J S Ahluwalia, PVSM (retd.), President, Institute of Directors 

1400 - 1600 hrs 

1600 – 1730 hrs 

1730 – 1745 hrs 


1745 hrs 

Note: 

*Programme is Subject to Change, confirmation of few speakers are awaited 

IOD 

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Tomorrow’s 



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43 


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Building 

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Institute of Directors Boards

Golden Peacock Awards 

Calender-2013 

Schedule & Presentation 

Sl 

No 

Category 

Name of Award 

Last Date 

for submission 

(Tentative) 

Awards ceremony ( Tentative ) 

1 

NATIONAL 

Golden Peacock Award for 

Excellence in Corporate Governance 

10th August 2013 

2 

GLOBAL 

Golden Peacock Global Award for 

Excellence in Corporate Governance 


Awards presentation during the LONDON GLOBAL 

CONVENTION 2013 incorporating 13th International 

Conference on Corporate Governance & 4th Global Summit on 

Sustainability on 1 - 4 October 2013 in London, UK 

3 

NATIONAL 


Sustainability 


4 

GLOBAL 

Golden Peacock Global Award 

for Sustainability 


5 

NATIONAL 

Golden Peacock HR Excellence Award 


6 

NATIONAL 


Corporate Social Responsibility 

15th October 2013 

7 

GLOBAL 

Golden Peacock Global Award for 

Corporate Social Responsibility 


Awards presentation during the 8th International Conference on 

Corporate Social Responsibility on 13 - 14 December 2013 in 

Bengaluru, India 

8 

NATIONAL 

Golden Peacock Innovation 

Management Award 


9 

NATIONAL 

Golden Peacock National 

Quality Award 

15th December 2013 

10 

NATIONAL 

Golden Peacock National 

Training Award 


Awards presentation during the 24th World Congress on Total 

Quality, on 7 - 8 February 2014 in Mumbai , India 

11 

NATIONAL 

Golden Peacock Innovative 

Product/ Service Award 


12 

13 

NATIONAL 

GLOBAL 

Golden Peacock Business 

Excellence Award 

Golden Peacock Global 

Business Excellence Award 

10th March 2014 

10th March 2014 

Awards presentation during Dubai Global Convention on 

Business Excellence on 1 - 2 May 2014 in Dubai, UAE 

14 

NATIONAL 

Golden Peacock Environment 

Management Award 

10th June 2014 

15 

NATIONAL 

Golden Peacock Occupational 

Health and Safety Award 


Awards presentation during the 16th World Congress on 

Environment Management & 25th IOD Annual Day on 19 - 20 

July 2014 in New Delhi, ( India) 

16 

NATIONAL 

Golden Peacock Eco-Innovation Award 


45 


Golden Peacock Awards ® 

A Strategic tool to Lead the Competition 

Rt Hon Eric Pickles MP, Secretary of State for Communities & Local Govt. 

UK Addressing in London 

Sir Adrian Cadbury receiving Golden Peacock Award for Life Time Achievement in 

Corporate Governance 

GOLDEN PEACOCK AWARDS ( Global Category) 

Golden Peacock Global Award for Sustainability 

Golden Peacock Global Award for Excellence in Corporate Governance 

GOLDEN PEACOCK AWARDS (National Category) 

Golden Peacock Award for Sustainability 

Golden Peacock Award for Excellence in Corporate Governance 

Golden Peacock HR Excellence Award 

WHY IT IS SO SPECIAL 

• The only award, which has a meticulously 

defined and transparent selection criteria and 

is determined by a highly elaborate and 

independent assessment process 

• The award builds your BRAND EQUITY and 

worldwide recognition 

• Award winners are eligible to use the Golden 

Peacock Awards LOGO on all promotional 

literatures 

• Preparation for award application helps to 

inspire and align the entire workforce and 

rapidly accelerates the PACE OF SYSTEM 

IMPROVEMENT 

• Even, if you don’t win the award, the 

PREPARATION & FEEDBACK helps your 

strategic learning process to put you, on your 

way to achieving world-class status 

LAST DATE FOR 

Submission of application 


Guidelines and Application forms 

can be downloaded from 

www.goldenpeacockawards.com 

Instituted by 

IOD 


Building 

Tomorrow’s 

Boards 

Details: 

Golden Peacock Awards Secretariat 


M-52 (Market), Greater Kailash Part - II, New Delhi-110048, India 

Tel: 011 - 41636717, 41636294, 41008704 

Email: info@goldenpeacockawards.com • www.goldenpeacockawards.com 

® Registered Trademark

Date Publication: 5th July 2013 

Date of Posting: 6th - 7th July 2013 

Postal Registration No.: DL (S)-01/3051/2013-2015 

RNI No.68701/95 

Golden Peacock 

LEADERSHIP 

AWARDS 

Nominations Open 

APPLY NOW 

The Rt. Hon. Baroness Verma 

Kumar Mangalam Birla 

Anil Agarwal 

Azim H Premji 

Analjit Singh 

Dr. Ramdas M. Pai 

Sir Adrian Cadbury 

Rajashree Birla 

Kishore Biyani 

A.M. Naik 

Ravi Kant 

M.G. George Muthoot 

Vinita Bali 

Alexandre Jetzer 

Malvinder Singh 

Naina Lal Kidwai 

Golden Peacock Awards, instituted by Institute of Directors in 1992, 

are now regarded as benchmark of Corporate Excellence worldwide. 

Today Golden Peacock Awards Secretariat receives over 1,000 entries 

per year for various awards, from 25 countries worldwide. The Golden 

Peacock Awards has been instituted to celebrate and honour the best of 

best as recognition of their unique achievements to build a brand. 

The selection is an elaborate process done by a team of professional 

independent assessors. The short listed finalist applicants are then 

submitted to a jury of eminent people known for their independence and 

impartiality headed by Dr Ola Ullsten, former Prime Minister of Sweden 

and Justice P N Bhagwati former Chief Justice of India. 

Individual Leadership Awards are determined through nomination only, 

based on complete career profile and achievements. 

DETAILS: 

www.goldenpeacockawards.com 

The complete profile needs to be submitted along with all achievements 

at info@goldenpeacockawards.com 

Awards Presentation during the 

LONDON GLOBAL 

CONVENTION-2013 

on 1- 4 October 2013 at Hotel Tower in London 

LAST DATE FOR 

Submission of 

Application 


IOD 


Building 

Tomorrow’s 

Boards 

INSTITUTE OF DIRECTORS (India) 

M-52 (Market) Greater Kailash Part-II, New Delhi - 110048,India, 

Tel. +91-11- 41636294, 41636717, Fax: +91-11-41008705, Email: info@goldenpeacock.com 

Printed and published by J.S.Ahluwalia, President on behalf of Institute of Directors at Maximus Packers. 

49 - DSIDC Okhla Phase - 1, New Delhi and published at M-52 (Market), Greater Kailash-II, New Delhi - 110048

Quality Times - Institute Of Directors

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