Are Indian companies, many of whom are becoming MNCs, in harmony with global trends on corporate responsibility?
Yes, the power equations are changing. The good news is that integration into the global market place is a motivation to embrace environmental, social and governance (ESG) issues. As a company gets exposed to different contexts, it feels a greater need to act. You can influence or hide behind the government in one country, but not with a presence in many countries. But, Western MNCs act differently in developing nations. Double standards are there. Western MNCs operating in Africa or Asia will have to bring their high home standards with them. This is a priority for us in 2008. The other challenge is the slow progress on human rights and anti-corruption. What is the human rights-based approach to business? My friend, John Ruggie, the UN Secretary General’s special representative on Human Rights and Businesses, is analysing the human-rights issue in the context of business in detail. There is a dilemma. In many countries where governments are weak, public institutions are so dysfunction
