Tsunami offers a huge opportunity to corporates

"Tsunami offers a huge opportunity to corporates to touch the hearts and minds of survivors and build their brand. Providing relief and rebuilding affected communities is the best CSR response the corporates can give and a befitting tribute to the dead". This was stated by Dr Madhav Mehra, President, World Council for Corporate Governance who was addressing the business leaders in Kolkata on his way to Port Blair to visit Tsunami victims.

Dr. Mehra warned the corporates, " Public expectations of corporations have undergone a profound change. If the CSR efforts do not go beyond PR exercises, the business community will face a backlash of tsunami waves hitting their stock prices".

Dr. Mehra asserted, " tsunami has been the worst ever disaster of our times. Let us give it an equally powerful response. Let us use this as an opportunity to eradicate the poverty of the region, which has been the main cause of this huge loss of lives. Let us create Global Tsunami Compact comprising governments, businesses and NGOs committed to transform the lives of survivors".

He said, " the tragedy is so awesome that finance will not be a problem. What is needed is innovation and imagination in finding the most effective ways to use the money. The best solutions today are entrepreneually based and environmentally friendly. We should think of Poor Oriented Innovation for Sustainable Environment-friendly Development - POISED. The key is to ensure transparency, equity and accountability in the disbursal of aid as well as in the national governance processes. Give property rights to fishermen on the coastline, improve their access to delivery systems, use aid to provide infrastructure, seed money, training & technical knowhow for ocean-based enterprises and they will themselves transform the coastline saving government expenditure on building a wall."

Dr. Mehra also launched the Young Directors Forum. He said on the occasion, "the political system has failed to address the human problems of inequity, poverty and terror. The governance of today and politicians particularly, have lost the moral authority. For the first time in history, business has the power to make a difference to human lives and can fill the vacuum eminently." He added, " today's economy is driven by teens and twenties. Over 50% of India's population is under 25. The youth of today has a much heightened social conscience. The creation of Young Directors Forum is to tap the immense potential of youth and launch a mass movement for ensuring greater transparency, equity and integrity in governance process both in governments and corporates."

Dr Madhav Mehra, President, World Council for Corporate Governance