More than 300 business executives, leaders and researchers, among others, have gathered in Kathmandu to hold discussions on why and how business leaders should integrate responsible business practices into their strategies and operations.
Speaking at the inaugural session of Nepal Responsible Business Summit 2014 on Tuesday, various speakers underscored the need to embed ethics in business practices.
“While doing business, you have to think about the greater benefit of the society and the country along with profit,” Prime Minister Sushil Koirala said, inaugurating the two-day summit which is being organized by Nepal Business Initiative (NBI).
NBI is an umbrella organization comprising of 17 business associations and 20 companies.
Prime Minister Koirala also said that there should be conducive political atmosphere in the country for good businesses to flourish. “There has been marked improvement in the business doing situation of the country with the end of the conflict and the restoration of democracy. We are now in the process of drafting a new constitution which will be completed within the given timeframe,” PM Koirala told the summit.
Himalayan Climate Initiative, Kathmandu University School of Management (Kusom), Tribhuvan University School of Management and GIZ are other organizers of the summit.
Delivering his keynote speech, Uday Gupta, managing director of Mahindra Steel India, said that ethics is self-abiding for companies which they should practice even if others are not watching them. “Rule is that what you do when other is looking at you, while ethics is practiced when even other are not looking at you,” he added.
German Ambassador to Nepal Matthias Meyer said that the companies should also care about the environmental and other implications while doing business.
According to the organizers, the summit will feature five parallel tracks — incorporate responsible business practices, build your brand around responsible practices, create operational efficiency through responsible practices, increase and improve stakeholder engagement, and effectively manage integrity and compliance — on Wednesday. Various eminent business leaders will be speaking at these tracks.
Padma Jyoti, president of NBI, said that the summit will help in opening eyes and minds of stakeholders for practicing responsible business.