Businesses asked to be fair with stakeholders
Capital moves to economies that display good corporate governance.
Capital moves to economies that display good corporate governance. DESIGN: CREATIVE COMMONS
KARACHI:
German Consul General Dr Tilo Klinner has said businesses must look towards maximising sustainability and be fair with all stakeholders besides trying to increase their profits.
Addressing the annual conference on sustainability reporting, corporate social responsibility and governance organised by the Pakistan Institute of Corporate Governance (PICG) here on Tuesday, he said there was a time when Germany was a commissions-based society. “But the creation of a well-documented economy gave German corporations the impetus to be transparent and disclose full information.”
Welcoming guests from the country’s corporate sector, PICG President and CEO Fuad A Hashimi said almost 600 people have been inducted into PICG’s director training programme while 361 have already become certified directors.
PICG is also working on introducing gender diversity on corporate boards up to the target level of 35%, he said.
In a video interview from Istanbul, Emeritus of the Global Reporting Initiative (GRI) Chairman Professor Mervyn E King said capital moves to economies with good governance and stays away from countries with bad corporate governance.
“There’s $3 trillion out there for companies to create business opportunities, provided they embrace integrated reporting principles, whose essence is simplicity and materiality,” he said.
He added it was time the Pakistani chapter of the International Integrated Reporting Committee (IIRC) was launched, adding PICG was well-positioned to lead this effort.
Addressing the audience, Karachi Stock Exchange (KSE) Managing Director Nadeem Naqvi said Pakistan needs actual penalties to enforce change and engage businesses in governance and sustainability reporting while encouraging the use of social media to create awareness among the masses.
Siemens Pakistan CEO Guenter Zwickl said supply chain is the focal point of Siemens’ sustainability plan. Supply chain alone creates the biggest environmental footprint with regard to effective management of raw materials, energy, water and waste, he observed.
He said an important step towards Siemens’ sustainability is that the company is curbing graft and corruption within the organisation and moving towards a rigid compliance system.
Speaking on the occasion, KPMG Pakistan Senior Partner Masoud Ali Naqvi said rapid urbanisation is creating social discrepancies in Pakistan. He noted that with global food prices set to rise 70-90%, food security and middle class expansion will put increased pressure on the world’s resources.
Published in The Express Tribune, January 23rd, 2013.
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German Consul General Dr Tilo Klinner has said businesses must look towards maximising sustainability and be fair with all stakeholders besides trying to increase their profits.
Addressing the annual conference on sustainability reporting, corporate social responsibility and governance organised by the Pakistan Institute of Corporate Governance (PICG) here on Tuesday, he said there was a time when Germany was a commissions-based society. “But the creation of a well-documented economy gave German corporations the impetus to be transparent and disclose full information.”
Welcoming guests from the country’s corporate sector, PICG President and CEO Fuad A Hashimi said almost 600 people have been inducted into PICG’s director training programme while 361 have already become certified directors.
PICG is also working on introducing gender diversity on corporate boards up to the target level of 35%, he said.
In a video interview from Istanbul, Emeritus of the Global Reporting Initiative (GRI) Chairman Professor Mervyn E King said capital moves to economies with good governance and stays away from countries with bad corporate governance.
“There’s $3 trillion out there for companies to create business opportunities, provided they embrace integrated reporting principles, whose essence is simplicity and materiality,” he said.
He added it was time the Pakistani chapter of the International Integrated Reporting Committee (IIRC) was launched, adding PICG was well-positioned to lead this effort.
Addressing the audience, Karachi Stock Exchange (KSE) Managing Director Nadeem Naqvi said Pakistan needs actual penalties to enforce change and engage businesses in governance and sustainability reporting while encouraging the use of social media to create awareness among the masses.
Siemens Pakistan CEO Guenter Zwickl said supply chain is the focal point of Siemens’ sustainability plan. Supply chain alone creates the biggest environmental footprint with regard to effective management of raw materials, energy, water and waste, he observed.
He said an important step towards Siemens’ sustainability is that the company is curbing graft and corruption within the organisation and moving towards a rigid compliance system.
Speaking on the occasion, KPMG Pakistan Senior Partner Masoud Ali Naqvi said rapid urbanisation is creating social discrepancies in Pakistan. He noted that with global food prices set to rise 70-90%, food security and middle class expansion will put increased pressure on the world’s resources.
Published in The Express Tribune, January 23rd, 2013.
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