Companies must adopt ethical corporate strategies

Ramani KANGARAARACHCHI

Companies need to adopt a Triple Bottom Line approach in entrenching universally accepted principles into their business for a more sustainable future.

Sunshine Tea Factory Manager Kumaran Pereyanan, Aitken Spence PLC Director Dr Rohan Fernando, CEO Sri Lanka Institute of Nano-technology and UNGC Network Sri Lanka Focal Point Ravi Fernando, Chairman, Aspirations Education Ajith Abeysekera, Kelani Valley Plantations CEO Ravindra Seneviratne at the CEO forum held on the final day of the program.

United Nation Global Compact (UNGC) Network Sri Lanka Focal Point Ravi Fernando said companies should be able to embed these 10 principles into their corporate business strategies by getting the commitment of their respective CEOs.

He was speaking on “Embedding the Global Compact and Sustainability into your Organization” at the inaugural training program organized by UNGC Network Sri Lanka at the CIMA Sri Lanka Auditorium.

The core of the Global Compact is the ten principles that are based on internally agreed conventions and treaties on human rights, labour standards, environmental protection and anti-corruption.

The Global Compact aims at making the ten principles an integral part of business strategy and operation.

Fernando said the key intention of the training program was to support its local member companies to embed UNGC 10 principles into their business strategies and create sustainable businesses in an era in which corporate giants are collapsing due to unsustainable and unethical business practices.

Sri Lanka re-launched the UN Global Compact Local Network Sri Lanka (UNGCLN SL) in January 2007 under the leadership of Ravi Fernando.

The Network was founded with a three pronged strategy which establishes a cohesive business network together with an academic network and an advisory network, towards the implementation of Strategic Corporate Sustainable Initiatives aligned to the UNGC principles, to impact both environment and society.

Fernando said today it has gained about 31 Group members, which in turn accounts for over 300 companies, leading corporate giants in industries such as apparels, textiles, plantations, tourism, finance, communication, FMCG retail and agro.