Institute of Management Technology, (IMT) Nagpur in association with Vidarbha Industries Association (VIA) and National Human Resource Development Network (NHRDN), Nagpur chapter hosted a panel discussion on “Integrating Environmental, Social and Governance (ESG) into business strategies on March 14, 2024.The themes of the panel discussion were, ‘ESG matrix overview’, ‘Value proposition of ESG’ and ‘ESG-The ground realities’. The panel consisted of Dr. BigyanVerma, Director, IMT Nagpur, President, NHRDN, Nagpur chapter ,Professor Amitava Banerjee, IICA-MCA certified independent director, Dr. D G Garway, Director, Anacon Labs, Nagpur, CA Girish Deodhar, Chairman – VIA MSME Forum moderated panel discussion. Dr SuhasBuddhe, past Vice President of VIA, GirdhariMantri, Chairman – VIA CSR Forum.
In his welcome and inaugural address, Dr. BigyanVerma, highlighted the importance of looking out for the environment regardless of one’s profession. Integrating Planet, people and profits with general business functions is more crucial than merely looking at Corporate Social Responsibility (CSR) activities in isolation.This integration mitigates risks, attracts socially responsible investors, and drives innovation, ensuring long-term success and competitiveness.He also addressed on tackling environmental challenges like climate change by keeping ESG in the centre of the businesses.
This was followed by the address by Professor Amitava Banerjee, who put forth his insights on the relevance of CSR activities and how these activities brought about positive measurable changes in the society. In a comparative analysis, Professor Banerjee drew a distinction between Corporate Social Responsibility (CSR) and Environment, Social and Governance (ESG), on how the latter has a more global outlook than the former. His theme“CSR hai to ESG kuchahiye?” engaged the audience and he explained this with many examples. Hefurther dissected the term ESG and explained each of its components; sustainable sourcing of raw materials, ensuring ethical code of conduct by following labour codes, taking care of the wellbeing of one’s own organization and having a framework for anti-bribery laws in the organisation.Professor Banerjee concluded the benefits of ESG by saying “Do not look at what you will lose; look at what you will gain”.
Dr D G Garway, emphasised upon the challenges of adoption of ESG compliances, the regulatory framework for ESG, optimisation of natural resources, reduction of carbon footprint, ESG reporting, value proposition and various incentives for supporting MSMEs.
The discussion underscored a broader trend where investors, as a collective, are increasingly recognizing the importance of sustainability and ethical business practices. This shift reflects a growing awareness among investors of the long-term benefits associated with investing in companies that prioritize ESG factors, including reduced risk exposure, enhanced financial performance, and positive societal impact. The discussion concluded with a thought well supported by data that by embracing ESG compliance, companies can effectively attract and retain investor interest while aligning themselves with evolving market expectations and contributing to a more sustainable and equitable future. For a robust and profitable development in any industry it is important that there is a concerted and concentrated effort to inculcate sustainable and ethical business practices by incorporating ESG considerations into their operations. This will ensure their success and continued relevance in an increasingly aware global marketplace
CA Girish Deodhar, the moderator of the discussion highlighted the transition in investor preferences from a technology-focused investment approach to prioritizing companies that fulfil Environmental, Social, and Governance (ESG) compliance standards and the meaning of managing planet people and profits.
Dr Suhas Buddhe, spoke on how adopting ESG principles helps a business become more resilient to social and environmental issues while also building trust with stakeholders such as regulators, consumers, workers, and investors.
Girdhari Mantri, emphasized the imperative of educating small businesses on the integration of Environmental, Social, and Governance (ESG) principles into their operations for long-term benefits in the ending note. Understanding the significance of ESG enables small businesses to mitigate risks, enhance financial performance, build a positive reputation, attract talent, access new markets, and foster resilience in a competitive and socially conscious business environment. By incorporating ESG considerations, small businesses can not only align with evolving market expectations but also contribute positively to society while ensuring their own sustainable growth and success. Dr. Vijay Phate, vice-president NHRDN proposed vote of thanks. The panel discussion was attended by students from IMT Nagpur, faculty of B-schools and representatives of various businesses in and around Nagpur.