Azim Premji Urges Businesses to Integrate ESG, Calls for Impactful CSR

Industry Veteran Azim Premji emphasis on core values and commitment to the greater good provides a roadmap for businesses to create a sustainable future.

NEW DELHI (India CSR): Wipro Founder and Chairman, Azim Premji, addressed the CII Annual Business Summit in New Delhi on May 17. He spoke passionately about the need for businesses to build trust and integrate Environmental, Social, and Governance (ESG) frameworks. Premji emphasized that CSR spending should address critical social needs rather than just being charitable donations.

Trust-Building in Business

Azim Premji began his speech by highlighting the importance of trust in the business world. “Trust is the foundation of any successful business,” he stated. “Without trust, we cannot achieve sustainable growth.” Premji pointed out that businesses need to operate with ethics and integrity to build and maintain this trust.

Integrating ESG Frameworks

Premji emphasized the critical role of integrating ESG frameworks into modern businesses. “Environmental, Social, and Governance practices are no longer optional. They are fundamental aspects of business today,” he said. He urged companies to adopt these frameworks to ensure long-term sustainability.

Re-evaluating CSR Spending

Premji called on companies to re-evaluate their CSR spending. “CSR funds should address critical social needs rather than simply functioning as charitable donations,” he asserted. He stressed the importance of using CSR budgets effectively. “We must reassess what we do with our CSR budgets to ensure they are spent on fundamental issues of need rather than being given away for charity reasons.”

The Role of Businesses in Creating a Sustainable Future

Premji underscored the crucial role of businesses in creating a sustainable future. “It is only when we have a deep understanding of corporate social responsibility that we can collectively brave a sustainable world,” he stated. “Without this understanding, there can’t be any future.”

New Generation Entrepreneurs

Premji noted that new generation entrepreneurs are more conscious about philanthropy. “The new generation of entrepreneurs is more aware and committed to philanthropy,” he observed. He praised their efforts in integrating social and environmental considerations into their business models.

The Cost of Building a Better World

“Building a better world involves cost,” Premji asserted. “We must be willing to pay.” He emphasized that businesses have a significant responsibility in shaping the future. “We are responsible for almost everything in the future,” he said.

Moving Beyond Established Frameworks

Premji urged companies to move beyond established frameworks. “When we look collectively at the role of businesses and enterprises in our country, we must go continually beyond any framework we have set for ourselves,” he said. “We must ask fundamental questions: Where is our society, workers, and work? What are the important issues and challenges we face? How can we influence them? How can we work for the betterment of society?”

The Enormity of Business Responsibility

Premji stressed the limitless responsibility of businesses. “We must understand that collectively, as businesses, we have no limits to our responsibilities,” he said. “It is only when we have this deep understanding of the enormity of our responsibility that we can collectively create a sustainable future.”

Avoiding Superficiality

Premji also cautioned against superficiality. “There’s no point in luxurious offices if we don’t venture out in the field,” he stated. He urged businesses to focus on core values. “We need to be clear, clean, honest, and firm in our values,” he said.

Core Values in Business

Premji emphasized the importance of core values in business. “Our core values should guide every decision we make,” he said. “These values include honesty, integrity, and a commitment to the greater good.”

Commitment to the Greater Good

Premji concluded his speech by reiterating the need for a commitment to the greater good. “We must commit to the greater good in everything we do,” he said. “Only then can we build a sustainable and equitable future for all.”

(India CSR)