6th subir raha memorial lecture

ON “BUSINESS AND TRUST”

Subir RahaMemorial Lecture

by Arun MairaChanCellor - Central University of himaChal Pradesh,former member - Planning Commission of india and former Chairman - boston ConsUlting groUP, india

30th November 2016, Tagore Chamber, Scope Convention Centre, Scope Complex, Lodhi Road, New Delhi - 110003

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table of contents

INTRODUCTION

WelCOme RemaRks

BUsINess aND TRUsT

QUesTION aND aNsWeR sessION

laUNCh Of INDUsTRIal WaTeR BeNChmaRkINg sTUDy fOR INDIa

VOTe Of ThaNks

PROfIles

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sUbir raha1948-2010

IntroductIon

The Subir Raha Memorial Lecture is an annual event organized to honour Late Mr. Subir Raha, the Founder President of the Global Compact Network India and Former CMD, ONGC. His vision and foresight has been instrumental in leading GCNI to become the first local network to be established as a legal entity in 2003. Late Mr. Raha set up the organization in November 2003 and led it till May 2006.

The lecture since its inception has been attended by Corporate Leaders, CMDs and Senior Manage-rial Personnel from leading private and public sector companies and other key-stakeholders including academia, NGO’s, senior bureaucrats, industry cham-bers and representatives of the UN system in India. The Lecture series was started by Global Compact Network India (GCNI) in 2010, to pay tribute to the achievements of the great leader, and is delivered by experts and luminaries from different walks of life. Since its initiation in 2010, five memorial lectures have been organized by GCNI.

welcome remarks

By

mr. dinesh K. sarrafPresident, Global Compact Network India andChairman & Managing Director, Oil and Natural Gas Corporation Ltd

Mr. Arun Maira, presently Chancellor, Central Univer-sity of Himachal Pradesh, Former Member of Planning Commission of India and Former Chairman of Boston Consulting Group, India ; Dr. S.P.S. Bakshi, Vice Pres-ident (Northern Region) and Chairman-cum- Manag-ing Director, Engineering Projects (India) Limited; Dr. Uddesh Kohli, Senior Advisor, United Nations Global Compact, my fellow GC members, members of the Global Compact Network India, colleagues from ONGC, friends from the media, ladies and gentlemen.

As President, Global Compact Network, India, it is my pleasant duty to welcome you to the 6th Subir Raha Memorial Lecture to honour the memory of our erst-while charismatic and beloved Chairman & Manag-ing Director of ONGC as well as founding President of the Global Compact Network, India Late Mr. Subir Raha. He was instrumental in setting up the organ-ization in November 2003 and led it till May 2006. Though he has left us for a better world, his vision, deeds and actions continue to inspire and motivate us even today. His passion, vision and foresight have led Global Compact Network India today to become one of the leading networks among the UNGC family.

Each year, Global Compact Network India, which has benefited immensely from the leadership of Late Mr. Raha, hosts a memorial lecture to honour his memory. We at GCNI are indeed honoured today to have Mr. Arun Maira, address us at the sixth Subir Raha Memo-rial Lecture on a very timely and pertinent theme of ‘Business and Trust’, an issue which is ever so more crucial for each one of us here.

Our esteemed Guest today, Mr. Arun Maira, former member of Planning Commission of India and former India Chairman of Boston Consulting Group quite honestly, needs no introduction as he is the one who led the development of strategies for the country on issues relating to industrialization and urbanization, and drove the formulation of policies and programmes in these areas. I approached Mr. Maira to deliver this lecture and Sir, I am extremely grateful to you that you graciously accepted our invitation.

As a host, I reserve the privilege of a formal, albeit a brief introduction of Mr. Maira to the august House.

Mr. Arun Maira was appointed as a member of the Planning Commission of India. He has led three rounds of participative and comprehensive scenario building for the future of India: in 1999 (with the Confederation of Indian Industry), 2005 (with the World Economic Forum), and 2011 (with the Planning Commission of India). In his career spanning five decades, Arun Maira has led several organisations, including the Boston Consulting Group in India. The other leadership posi-tions he has held include being the chairman of Axis Bank Foundation and Save the Children, India. He was also board member of the India Brand Equity Founda-tion, the Indian Institute of Corporate Affairs, the UN Global Compact, and WWF India. With his vast expe-rience and expertise, Mr. Maira is indeed a thought leader. He is invited to speak on various forums and has written several books that capture his insights. Today, Mr. Maira has chosen to speak on ‘Business and Trust’, a subject quite relevant in today’s context.

Mr. Nandan Nilekani, Former Chairman, UIDAI, Government of India delivered the first memorial lecture on the theme ‘Unique Identification Project – Experi-ences and Lessons for Transparency’.

Mr. B. Muthuraman, Former Vice Chair-man, Tata Steel Limited delivered the second memorial lecture on the theme ‘Corporate Governance and Responsi-bility of Companies towards Community’.

Dr. Sam Pitroda, Former Adviser to the Prime Minister of India on Public Infor-mation Infrastructure and Innovations delivered the third memorial lecture, on the theme ‘Sustainable Development and Inclusive Growth in 21st Century: Possibilities and Challenges for India’.

Mr. U.K Sinha, Chairman, Securities and Exchange Board of India, (SEBI) deliv-ered the fourth Memorial Lecture on the theme ‘Expanding Paradigm of Corpo-rate Governance’.

Dr. Anil Kakodkar, Former Chairman, Atomic Energy Commission & INAE Satish Dhawan Chair of Engineering Eminence delivered the 5th Subir Raha memorial lecture on the theme of Good Corporate Governance’.

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Trust is a crucial factor in both businesses and govern-ment. There is shockingly large ‘trust deficit’ between hopes and expectations of people and the reality of what businesses are doing today. The leaders of both the institutions must relegate the lack of trust while calling for integrity both at the societal and personal level. Rebuilding trust between businesses and soci-ety has been high on the agenda of many corporate in recent years.

The stakes are getting higher as stakeholders’ expec-tation around transparency and corporate responsi-bility to ‘do good’ increase. These expectations have been enshrined in the Sustainable Development Goals (SDGs), the UN set off 17 global goals which set priori-ties for sustainable development through to 2030.

I am also pleased to inform you that UNGC’s prag-matism and visionary approach find resonance in the new SDGs, integrating the three ‘interdependent and mutually reinforcing pillars’ of economic, environment and social indicators for ensuring holistic and sustain-

able development for the humanity at large. No matter how large or small and regardless of their industry, all companies can contribute towards SDGs. While the scale and scope of global goals is unprecedented, the fundamental way the businesses can contribute remains unchanged. Global challenges are in need of solutions that the private sector can deliver, represent-ing a large growing market for business innovation.

Without any further ado, and my responsibility as a host to accord a formal welcome and to frame the context being dispensed with, all that remains for me is to express my sincere gratitude to Mr. Maira for his so graciously agreeing to deliver the 6th Subir Raha Memorial Lecture and sharing his perspective on - Business and Trust with us this evening.

I also thank our guests for investing their precious and valuable time in being with us on this solemn occasion.

Thank you!

busIness and trust

By

mr. arUn mairaChancellor, Central University of Himachal Pradesh, Former Member, Planning Commission of India and Former Chairman, Boston Consulting Group, India

Mr. Sarraf, thank you very much for inviting me this evening to be here with you on the occasion to remem-ber an old friend Mr. Subir Raha and the Founder President, Global Compact Network in India. I had the privilege of working with him when he was conceiving this idea. So, when Dr. Kohli said it is about Subir Raha and it is about the Global Compact, of course I had to come and it’s a pleasure to be with you all and meet his daughter. They both are lovely people and it is such a pleasure for me to talk about his achievements with you here.

The day before yesterday at a public function, which was about India going forward in the next twenty years, the erstwhile bureaucrat Mr. Vijay Kelkar was requested to say a few words. He came on to the stage and said the best time that he had in shaping public policy in India was when he was the Secretary of Petro-leum. Mr. Vijay Kelkar worked with petroleum compa-nies directly to make them into world class companies and recalled the time that he and I had working in the late 90’s. So, it is nice to be among family and friends. Thank you very much for inviting me again.

I have chosen to speak on the subject of United Nations Global Compact which is about trust and busi-nesses and there are five things I wish to talk about today. One is the value of trust, second is the state of trust in institutions in the world today, third is how business can win trust, fourth is making the distinction between liking and trusting and the fifth is about the need for an institutional reforms about the purpose of the business and it’s institutions.

Trust is not built through legal contracts between parties. It is built by doing the right thing. The value of trust in my personal stories is about what trust in the business or in the business house co-operations do to people in the society. When I joined the Tatas in 1965, all Indians thought that the most trusted institution in the country after the government was Tata and below that there were public sector companies coming up which people were learning to respect them slowly. When I joined Tata, I was not sure whether I did the right thing. One should have joined the government but not the businesses making money. One day, I arrived at the Santa Cruz airport in Bombay while returning from the business trip to Singapore. During those days in the late 1960’s, we were not permitted to travel abroad and to travel abroad the person and the company had to explain to the Reserve Bank of India why travel was necessary. You were also not allowed to go for more than one week and you were given a personal-ized sum of around 8 pounds a day and expected to pay for your hotel, travel and everything out of it. After coming back, one had to return the balanced money and account details of money spent abroad.

In my first trip abroad as no one else in my company in Bombay had been abroad. So, I thought maybe I could buy something which was not available in India. I did bring back a bag full of ball pens, paper weights, toys for people’s children as there were so many people to give things to. I arrived at the airport and joined the line at customs as they were very strict and each one had


value of trust

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While we talk about what can business do about winning trust, let us talk about the state of trust in the institutions. There are three sets of institutions that I wanted to put into the framework which includes citizens at the very top, the government on one side and the businesses on the other. The governments believe in the purpose to serve people and this is the only way they will be allowed to function. They have to win the trust of the people to remain in the power and to get elected. We have a lot of Public Private Partnership projects in this country where government and businesses trust each other but we don’t have trust in businesses and government and therefore we are not progressing. The trust has to improve between the businesses and the people, people and the government and between government and corporations. When government and the businesses trust each other people began to say that there is a collision going on for vested interests. Citizens eventually asks, how does the partnership serve people if government and businesses are happy with each other? In such situation, businesses also start to suffer as the government has to regulate the business and start poking its nose in businesses. Naturally, the government must honour the citizens first and they should do something to control businesses because people do not trust businesses.

In the last few years, not just in India but in different parts of the world, post the financial crisis people accused the government of sleeping. How could they have let the businesses do what they have been doing? We are the tax payers not they, so why they are given so much importance while policy formula-

to stop. I was a young person and was very nervous as I had a big bag. When my turn came the custom officer was delighted to have caught a person and asked what all I have brought? I produced all the bills and meanwhile the queue which was once delighted that a person has been caught, was now becoming very impatient. The Senior Custom Officer came and asked about the problem. The agent said that Sir, this person says that he has got only 500 rupees stuff and look it is all over the place. The Senior Officer asked me where I worked. I said that I work in Tata Steel. He then said to the agent that if he works with the Tata he is telling the truth and the Senior Officer started putting my stuff back in the bag. This was the reputation of the busi-ness company for which people and the society says it is a very trustworthy organization and everyone who works at the organization works that way. So, building value for your organization is about building trust in your organization by your action.

The second story is about some foreign ventures of ours which were facing problem because our local partners were not able to manage investment and make profit. The Foreign Bank wished to close down the venture which would have been very embarrassing for us. So, the bankers came to Mumbai and said that they are going to fold this company by just informing us. We did not know what to do because in those days as we could not send money to foreign to help sustain-ing the venture. Our Chairman offered a letter saying that we will do whatever can be done in terms of better management and the best people to make this company turn around. He committed that though we cannot send money abroad, it is our guarantee to you that the company will turn around. The banker laughed but he had to accept the letter as Indians could not send money. He took this letter to the Deutsche Bank in Germany who had been bankers to the Telco joint venture with Daimler Benz for years and they said to him that a letter signed on the Tata letterhead by the CEO of a Tata company is better than the finan-cial guarantee of a bank. So, in business transactions the reputation you build up has a lot of value though you cannot convert it immediately into money value. It improves the life of people like mine was improved and I am so proud of myself. Trust was very important to make it a great success which they were otherwise not able to do if they had not been so trusted.

they know I care for them. Businesses are spending more time in glossy reports about what they do but they are not listening to people. So, stop propagating the good work you have done, save your money and just go out and listen to people. Be vulnerable, be able to take criticism of yourself and when they know that you are listening and accepting the criticism, trust and rela-tionship can begin. If you stop listening when they start telling what matters to them and which they believe you are not honoring it, you do not know but you lost it already. And once you heard what people care about you must honestly report that what you have done in a transparent fashion and not in a marketing fashion.


trust Us. surely you Know Who We are.

i will trust you, if i perceive you are acting in my interest.

state of trust in institutions

how business Can Win trust?

tion? But the first reaction after the financial crisis from the different economists and the businesses itself was that the government should educate the people that if businesses are overly controlled, then the econ-omy will suffer and the people will suffer in turn. It is government’s job to educate people that businesses are good for the people. Free businesses and loose regulations are for the good of people.

For many years in our country businesses have been asking government to get out of the way and to leave business running to them. The reaction came that people do not trust businesses and the businesses are saying that tell them we are good for them. So, now we are putting government in front to win the trust. And then falling back into a situation where the bureaucrats and the government will regulate us. Then, what should business do in this situation? We have to win the trust of the people. A direct line has to be drawn between the people and the businesses. People trust you if they know deeply that you care about them. This is the relation I want to establish between me and citizen, not just by saying it in words, but by providing evidence through action, that we do care for them.

This leads to some fundamental questions: How would I know what people care about? What matters to them? And which aspect therefore I should honour so that

building value for your organization is about building trust in your organization by your action.

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The key responsibility of the Chief Executive is to run a business and make more profits for shareholders. Should it be done by turning a blind eye on how my business is trampling the rights of some people? How does it matter as long as my shareholder value and profits are going up?

I know the public sector is not like that but they are told that you should be like that. Running a business these days is all about being like a good private sector CEO- earn respect and profits, and accountability to shareholders, in a very frequent manner. The rest of the society is considered to be a socialist organization. However, today the businesses are expected to also be socialist organizations, which is ideologically diffi-cult to accept.

This leads me to other fundamental questions - are we a socialist country or a capitalist one? Here, we as a United Nations Global Compact are being asking to be responsible citizens. But the Chief Executives and their boards are saying that you have charged us to play a role which is to run the company to make profits. I was with the government and had been in the private sector for 40 years before that. There was a discussion and I was the only from the private sector, and there were some very important NGOs and other stakehold-ers. So, I just asked this question that how many of you have invested your money in the mutual funds and everybody responded yes. Then I asked what would you like the mutual fund do to you? Make more money? Who runs the companies in which the mutual funds are invested? These are people like me and what do you expect me to do? You want me to make more money for you and I am making more money for you. So, if you as an activist and representative of the citizens want me to play a different role then you must in your actions allow me to play that role.

There is a relationship between institution of businesses, the institution of people who represent citizens and there is government who regulates. Unless, the relationship between the three is properly defined it will be very difficult for the

I can give you the money but I do not trust you as an entity or human being. I like it because I can get a good meal with you but that does not mean I trust you. So, better way to win trust is not only spending money on Corporate Social Responsibility (CSR) activities but think deeply about other things also. The difference between CSR as we have started practicing by putting it into 2% law and the Global Compact ten principles is justice. If you read the ten principles of the Global Compact they nowhere asking you to spend money on anything and they are not asking you to measure yourself. And 2% spending in CSR is about measuring. And now, if you have to give money into the public sector co-operation which is going to consolidate everybody’s money and give it to Prime Minister’s fund, it is just a tax that you have paid, but the giving of 2% or 5% of your profit will not earn you the trust. Someone who gives zero amounts and looks after the communities and environment by all their actions, should they be trusted more? Global Compact has 10 principles, the first of which is commitment to Human Rights. So, think about everything that you do as a corporation impinging on human rights? Are you a responsible citizen impinging on rights of others and what are you going to do about it? And the last one is tenth principle which is about the anti-corruption. In India, paying money to facilitate running of business is corruption, although it helps the businesses to give more results to the share holders, despite it violating the principles of Global Compact.

Mr. Maira I have a question about business risk. The public perception is not positive towards business risk. As we all know, whenever business undertake something new like when ONGC started Samridhi, there is a huge risk at that point that it may or may not succeed. I can see from media if any company fails there is a huge backlash and complete breakdown of trust and very rare to get the second chance to build back. How do we sensitize the public to this reality of risk that there can be failure but it’s an honest effort that in any business you can have equal chance of failure and success?

Business is about taking risk. Limited Liability Company Institution idea was created in the 17th century to enable investor to take risk. Risk means that you can lose but also you can gain a lot. When you gamble you are taking a chance. In that case, you can lose everything but you may gain a lot. So, the idea of Business Corporation as a Limited Liability Company is to enable risk to be taken. If, I am taking a good genuine business risk on the behalf of all the shareholders and if something went wrong people will find it hard because they have put in money but they might excuse if you don’t have any personal angle. In instances like Mallya, the thing is that he lost nothing but the employees lost a lot. So, you can say that in his case people mistrust businesses is not because thing went hard but because of the values of governance and Mallya himself. So, we have to be completely cautioned, that we took a sincere risk for the sake of money in the business, not my money but people’s money.

We all know that private sector promoters have a large amount of money and also

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QuestIon and answer sessIon

With that I am leaving you back with this quote and a challenge for the United Nations Global Compact Network India, for the public and private sector leaders here and may I also add the representatives of citizens. There has to be a dialogue between us and in that dialogue I would say the Corporations do not show off and Civil Societies does not get angry and just listen to them. Businesses really have good hearts but they have got a challenge because shareholders made them to do and value different things. So, if you want businesses to do something different we have to reframe the contracts between the institutions and let the leaders of the institutions do work and live by the new contract. And that is what United Nations Global Compact is all about. Thank you very much for giving me the time to be with you and share my thoughts with you.

Thank you.

better way to win trust is not only spending money on Corporate social responsibility (Csr) activities but to think deeply about other things also. the difference between Csr as we have started practicing by putting it into 2% law and the global Compact ten principles is justice.

businesses to act responsibly in a way the United Nations Global Compact asks them to. This is what the United Nations Global Compact Network is doing to initiate a conversation between the government side and the civil societies as the representatives. The United Nations Global Compact is the only United Nations organization which is run only by the private sector. So, this relationship has to be established and discussion for the roles of each of these entities is not going very far and of course we can run away from our roles by saying that just give your money and do not get into these discussions. Give me 2% CSR and leave us alone for having to check our functions.

Fortunately, there are people in businesses who care; there are people who made lot of money and say that the way I made money is not satisfying in terms of being backed by the business side of the world. Here, we got a newer form of enterprise called the social enterprise which is about performing efficiently, using and returning the money. The main purpose is not to make the money but to impact the life of the people and the environment in a good way. So, new forms of institutions must be developed. United Nations Global Compact India is inviting others to join and live by our values and let’s change the world together.

distinction between like and trust

need of institutional reforms about the Purpose and institutions of businesses

relationship between institutions of businesses and People and government

time to ConClUde noW

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avoid the community engagement and got into serious troubles. Until and unless the corporate develop a capacity to engage with the community, things are not going to change. How these situations occur and how do we correct that?

There is deep-seated mistrust, so all that we need to do is struggle. If people say that your profits are lower than someone else’s and then you may say I don’t care. Like the leaders in the UN Global Compact, you have to voluntarily decide to be a better person and different sort of corporations. When you choose this root you will be struggling because the world around you will not let you be different so easily. Also, it is important that we help each other to care and believe that all the institutions in the society should be respected. Citizens should be respected, we need trustworthy governments and they should be respected and we need business and corporations because you provide value in society. So, it is a triangle of trust and all three of us have to play roles in that.

I would like to know what role should government play for corporate and community engagement?

All that government can do is to prepare a national voluntary guideline and develop frameworks. The government in Denmark and France are asking businesses to talk directly to people. They require businesses to adopt practices in consultation with communities and then transparently reporting about them in a framework to communities. This is very different to 2% CSR. There is a big difference in the two approaches in getting citizen support for corporation. I fear that simply getting a 2% of CSR is making Civil societies like corporation but they are being very short sighted. NGOs need to play a bigger role in promoting trust in the world today.

they may have made ways to protect themselves but minority shareholders have little amount of money comparatively. For taking this risk, the minority has spent all their money on which they were depending for the rest of their life. For Example, suppose all of us have to take an equal haircut but for me there is no hair left but you still have some. So, this is not fair. Your understanding of the risk others are taking when they are investing in your business is very important. And as I say, if you close your business it’s not just minorities got affected, but the communities that are dependent on livelihoods. Not necessarily they are your direct employee as there are many possibilities by which they are depending on your business for livelihoods and the whole town got affected .

Then, the thought arises in public that these business people are only looking out for themselves and the government is bailing them out but what about us? So, it comes back to Limited Liability Company in one thing and one thing you have to honour what that requires you to do. The responsibility that you have as a CEO of Limited Liability Company, we must honour that. Beyond that, and that is what the Tata’s dilemma is, they work and they are now being saying that should we measure the performance of the person or should we measure other values also? So, these are the questions have to be understood by all of us.

On corporate decrease the fact is that business mistrust is so deep rooted that we can conclude from the saying, “Tata ho ya Bata, har Kisi ne hum Ko loota”. That speaks about the mindsets of the country. History has come to a point today where the bureaucracy is too deeply entrenched in mistrust. How do we address it? Also, the corporate capabilities are not oriented to engage with communities. They want to go through the government directly ignoring the communities. We can see in the cases of Vedanta in Odisha and many other companies which tried to

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launch of IndustrIal water benchmarkIng study for IndIaMr. Arun Maira also launched the Industrial Water Bench-marking Study for India on the occasion of 6th Subir Raha Memorial Lecture in the presence of Mr. Dinesh K. Sarraf, President, Global Compact Network India (GCNI) and Chairman & Managing Director, Oil and Natural Gas Corporation Limited; Dr. S.P.S Bakshi, Vice President (Northern Region), GCNI and Chairman-cum-Managing Director, Engineering Projects (India) Limited; Mr. D.D Mishra, Chair, Asia Pacific Resource Centre, GCNI and Director (HR) ONGC; Dr. Uddesh Kohli, Senior Advisor, UNGC, New York and other representatives.

The Industrial Water Benchmarking Study for India presents a strong forum for different stakeholders to understand the nuances related to industrial water usage in India. The industrial water study represents a small yet significant first step that ONGC has taken in this direction. The study seeks to explore water related trends and challenges faced by the industrial sector in India.

The study focuses on two main sectors: Thermal Power Generation (which accounts for the

largest share of industrial water consumption), and

Iron & Steel (which poses a significant risk to the water bodies in the form of effluents and waste-water discharge).

Key takeaways from this study: There is a need to evaluate the true cost of wa-

ter to industries. This will improve the decision making process and provide a holistic view of the water value chain.

Fresh water is a limited resource and maximizing

its life cycle within an industry is a key priority. In-troducing circularity in water usage both from a process and business perspective can help indus-tries make a giant leap in that direction.

The need to engage right stakeholders to manage water usage is very important. Be it communities, regulatory agencies or expert groups – involving a diverse set of stakeholders can promote innova-tion and scale up solutions through customization and standardization.

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License tooperate

Statutory limits withrespect to waterwithdrawal

Impact of waterdischarge on environment

Water accessand availability

Impact oncommunities

Impact Intensity

Tim

efra

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for

risk

rel

evan

ceDecliningwater quality

Inefficiencies due totechnology obsolescence

RisinggovernmentscrutinyRising

waterprices/treatmentcosts

Need forsophisticatedapproach for watermanagement

Risingstakeholderexpectations

Conflictsrelated towater sharing

Climateseverities(floods anddroughts)

Immediate risks

High impact risks

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ProfIles

Arun Maira is the Former Member of the Planning Commission of India. Any discussion on policy and the future of India is enriched with Arun Maira’s views. In his career spanning five decades, Arun has led several organizations, including the Boston Consult-ing Group in India. In the early part of his career, he spent 25 years in the Tata Group at various important positions. He was also a member of the Board of Tata Motors (then called TELCO). After leaving the Tata’s, Arun joined Arthur D Little Inc (ADL), the interna-tional management consultancy, in the US, where he advised companies across sectors and geographies on their growth strategies and handling transforma-tional change.

Another decade later, he became the Chairman of the Boston Consulting Group, a position he held for eight years till 2008. The other leadership positions he has held include the Chairman of Axis Bank Foun-dation and Save the Children, India, and Chairman, Quality Council of India. He was also board member of the India Brand Equity Foundation, Indian Institute of Corporate Affairs, and UN Global Compact.

Recognizing his astute understanding of both macro

as well as micro policy issues, Arun has been involved in several government committees and organiza-tions, including the National Innovation Council. He has been on the board of several companies as well as educational institutions and has chaired several national committees of the Confederation of Indian Industries.

In 2009, Arun was appointed as a member of the Planning Commission, which is led by Prime Minister of India. At this minister-level position, he led devel-opment strategies for the country on issues relating to industrialization and urbanization, and drove the formulation of policies and programmes in these areas. He also advised the Commission on its future role.

Presently, Arun Maira is the Chancellor of the Central University of Himachal Pradesh, Chairman of Help Age International, a Member of the Advisory Board of the Global Economic Symposium, Chairman of the Foundation of MSME Clusters, and President of the Consumer Unity and Trust Society of India. He is invited to speak at various forums and has written several books that capture his insights. His most recent book, published in September 2015 is An Upstart in Government: Journeys of Change and Learning. His earlier books include Redesigning the Aeroplane While Flying: Reforming Institutions; Remaking India: One Country, One Destiny; Transforming Capitalism Improving the World for Everyone, and Shaping the Future: Aspirational Leadership in India and Beyond.

mr. arUn mairaChancellor, Central University of Himachal Pradesh, Former Member, Planning Commission of India and Former Chairman, Boston Consulting Group, India

Vote of thanks

By

dr. Uddesh Kohli Senior Advisor, United Nations Global Compact, New York

President, Global Compact Network India, Mr. Arun Maira, and Dr. Bakshi, Its my pleasant duty and I am privileged to propose a vote of thanks to Mr. Arun Maira. I have known him for almost 15 years now and heard him several times. Every time I find something different, something new and something which we can take home with us.

He speaks in a very simple and conversational style and today also he did the same. I should also thanks Mr. Sarraf for chairing this session and for guiding Global Compact Network India activities; and Dr. Bakshi who finally managed to join us despite his meetings. I would also like to thank Ms. Shuva Raha for attending this lecture. She has been making it every time whenever we have lecture and hope we keep this trend. Last but not the least, I thank all the representatives for coming here to attend Subir Raha Memorial lecture and making this programme successful.

Thank you very much.


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ProfIlesProfIles

dr. s.P.s baKshiVice President (Northern Region), Global Compact Network India & Chairman-cum-Man-aging Director, Engineering Projects (India) Limited

Dr. S.P.S Bakshi, Chairman-cum-Managing Director, Engineering Projects (India) Ltd., A Govt. of India Enterprise, is an M. Tech & MBA (HRD) with nearly 33 years of rich and comprehensive professional expe-rience in implementation of Infrastructure Projects on turnkey basis. Prior to joining EPIL, he had worked with NHAI & AAI at senior positions imple-menting prestigious Airport & Highway projects. He has been conferred upon Degree of Doctor of Philosophy (Honoris Causa) by Singhania Univer-sity, Rajasthan. Dr. Bakshi is an active member of various International & National professional bodies like the Institution of Engineers, India, the Institute of Transportation Engineers, USA, Indian Road Congress, etc. He is the member of-

• BoardofDirector,InternationalRoadFederation,Geneva.

• Vice President, Construction Industry Develop-ment Council (CIDC),

• VicePresident,IndianBuildingCongress,• VicePresident,GlobalCompactNetworkIndia

Dr. Bakshi is the recipient of many prestigious awards in recognition of his contribution towards Construction Industry.

dr. Uddesh KohliSenior Advisor, United Nations Global Compact, New York & Chairman Emeritus, Construction Industry Development Council

Dr. Uddesh Kohli, B.E. (Hons), MBA and PhD in Economics, is presently the Chairman Emeritus of Construction Industry Development Council, Chairman of Construction Industry Arbitration Council and Engineering Council of India. He is also Secretary General of International Federation of Train-ing & Development Organizations (IFTDO). He is former Chairman and Managing Director of a multi-billion $ Compa-ny-Power Finance Corporation and presently Independent Director on the Boards of several companies and has been a Member of the Board of Governors of the prestigious Indian Institutes of Management, Kozhikode and Bangalore.

Dr. Kohli has been involved with Global Compact since its inception. He participated, as CEO, in the launch meeting in UN on July 26, 2000 and his Company was one of the found-ing signatories of Global Compact in that year. He was instru-mental in the setting of the Global Compact Network in India and has been the Focal Point/Representative since inception. Dr. Kohli is the Executive Member of the Governing Coun-cil of GCN, India. He is also designated as Senior Adviser by the Global Compact Office of UN. He has worked as a Consultant with several other United Nations organizations and the Asian Development Bank. His wide ranging special-ization includes corporate governance, strategic manage-ment, development planning, project planning, appraisal & management, finance, energy, power systems, corporate citizenship, reforms and restructuring, public systems, and training.

mr. dinesh K. sarrafPresident, Global Compact Network India, Chairman & Managing Director, Oil and Natural Gas Corporation Limited

Dinesh K. Sarraf is the Chairman & Managing Director of Oil and Natural Gas Corporation Ltd (ONGC), India’s most valuable Maharatna Public Sector Enterprise and one of the most premier E&P companies in the world. ONGC is one of the Fortune’s Most Admired compa-nies in the world.

He is also the Chairman of ONGC Videsh Ltd, oper-ating across 16 countries, Chairman of Mangalore Refinery & Petrochemicals Ltd (MRPL) and five other ONGC Group companies (OPaL- ONGC Petro-addi-tions Ltd, OMPL – ONGC Mangalore Petrochemicals Ltd, MSEZ- Mangalore SEZ Ltd, OTPC- ONGC Tripura Power Company Ltd and OMEL- ONGC Mittal Energy Ltd). Mr. Sarraf graduated in Commerce from Shri Ram College of Commerce, Delhi University and holds a post graduate degree in Commerce from the same University. He is an associate member of the Institute of Cost and Works Accountants of India and the Insti-tute of Company Secretaries of India.

He has experience of over three and half decades in the oil and gas industry, having started his oil and gas career in Oil India Ltd. He joined ONGC in 1991 and handled various key assignments at corporate offices.

He was elevated to the post of Director (Finance) in ONGC Videsh in 2005 where he served till 2007.

it is important for all of us to embrace sustainable development goals (sdgs) as we move ahead on the growth curve and india is uniquely positioned to adopt the universal goals which is the first step in creating awareness and understanding. Un - gCni will be the enabler, aggregator and fast tracker of these global goals. going forward, these sdgs will determine the success of every nation.

During this period, OVL made significant acquisitions in Syria, Brazil, Colombia, Venezuela, Cuba, Egypt and Myanmar. In December 2007, he joined back ONGC as Director (Finance).

In 2011, Mr. Sarraf went back to ONGC Videsh assum-ing the charge of its Managing Director. As MD he transformed ONGC Videsh into an aggressive growth engine for ONGC Group by clinching many high value deals within a short span of time. In March, 2014, he joins back ONGC as its Chairman & Managing Director.In recognition of his excellence in financial manage-ment and contributions, he has been conferred with several accolades including the best CFO Award in Oil & Gas Sector in India BY CNBC in 2009 and 2011.

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ten Universal Principles of the United nations global Compact

human rightsPrinciple 1: Businesses should support and respect the protection of internationally proclaimed human rights; andPrinciple 2: Make sure that they are not complicit in human rights abuses.

labourPrinciple 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;Principle 4: The elimination of all forms of forced and compulsory labour;Principle 5: The effective abolition of child labour; andPrinciple 6: The elimination of discrimination in respect of employment and occupation.

ungc PrIncIPles

On 1st January 2016, the 17 Sustainable Development Goals (SDGs) of the 2030 Agenda for Sustainable Development — adopted by world leaders in September 2015 at an historic UN Summit — officially came into force. Over the next fifteen years, with these new goals that universally apply to all, countries will mobilize efforts to end all forms of poverty, fight inequalities and tackle climate change, while ensuring that no one is left behind.

environmentPrinciple 7: Businesses should support a precautionary approach to environmental challenges;Principle 8: Undertake initiatives to promote greater environmental responsibility; andPrinciple 9: Encourage the development and diffusion of environmentally friendly technologies.

anti-CorruptionPrinciple 10: Businesses should work against corrup-tion in all its forms, including extortion and bribery.

sustainable development goals (sdgs)

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About Global Compact Network IndiaGlobal Compact Network India (GCNI), formed in November 2000, was registered in 2003 as a non-profit society to function as the Indian Local Network of the UN Global Compact, New York. It is the first Local Network in the world to be established with full legal recognition. It, also as a country level platform for businesses, civil organizations, public and private sector, aids in aligning stakeholders’ responsible practices towards the Ten Universally Accepted Principles of UNGC in the areas of Human Rights, Labour, Environment and Anti – corruption, broad UN goals including Sustainable Development Goals and other key sister initiatives of the United Nations and its systems.

At present, the India Network ranks among the top 10 out of more than 103 Local Networks in the world. It has also emerged as the largest corporate sustain-ability initiative in India and globally with a pan India membership of 250 leading business and non-busi-ness participants and 350 signatories, strengthen-ing their commitment to the UN Global Compact Principles by becoming proud members of the Local Network in India.

For More Details, Please Visit: www.globalcompact.in

AcknowledgementsProject Lead Shabnam Siddiqui, Executive Director, Additional Charge, Global Compact Network India &Director – Centre of Excellence for Governance, Ethics and Transparency (CEGET)

Event CoordinationDeep Chandra Papnoi, Senior Programme Coordinator

Report Coordination Ahmad Adeel Khan, Research AssociateAnkita Kumari, Programme Associate Tamanna Girdhar, Programme Associate

Special Acknowledgement

Oil and Natural Gas Corporation LimitedCopyright @Global Compact Network India, 2016

SCOPE Minar, Core 3, 10th FloorLaxmi Nagar, Delhi - 110092Phone: 011-22406712Email: [email protected]

Disclaimer: This publication is intended strictly for learn-ing purposes. The inclusion of company names and/ or examples does not constitute an endorsement of the individual companies by the Global Compact Network India Office. The material in this publication may be quoted and used provided there is proper attribution.

6th subir raha memorial lecture

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