Sustainability and corporate responsibility- the need of the hour

No longer could corporates gloss over its social and environmental responsibilities, as the the need to fulfill social welfare and safeguard the planet has been unprecedentedly felt, said Post Graduate Institute of Management, Sri Jayawardenepura University, Director Dr. Uditha Liyanage.

He was speaking at the inauguration of the SAFA-CMA Management Accounting Summit-2012 .He said that companies could no longer say that they were only concerned about enhancing profits and not the welfare of the community and the environment.

"Corporates have to make huge sacrifices to ensure the sustainability of its business. It is not only an attitudinal but a behavioral change that is needed to ensure social and environmental responsibilities of corporates", he said.

"Corporates should focus more on the theme 'Sustainability and Corporate Responsibility'. Sustainability was defined in the early 1980s as meeting the present needs without compromising the ability of future generations to meet their needs.

Economic, social and environmental dimensions are entailed in the definition. The triple P, Profits, People and Planet are central to all corporates. If corporates are focused only on the economic dimension at the expense of social an environmental responsibility they will not be able to sustain businesses",Dr. Liyanage said.

CMA President, Prof. Lakshman R. Watawala said that the South Asia Federation of Accountants (SAFA) and Chartered Management Accountants (CMA) summit was a timely event when rapid changes are taking place in the global business environment.

"The Summit will be a boost to the country which is on the threshold of economic prosperity. CMA's association with other countries will help link with global accounting institutions", he said.

CMA is today a national accounting professional body which helps youth not only education in English but also in the vernacular. The institution was incorporated by an Act of Parliament in 2009. CMA is a member of SAFA which includes India,

Pakistan, Bangladesh, Nepal and Maldives.Prof. Watawala said that an Indian university, has volunteered to translate course material which will help students in the North and the East. Sustainable development has changed the business culture and has improved the social and economic environment of corporates.SAFA, President Mohammed Rafi said that sustainability has never been so intent as now with a sharp focus on the social and environmental dimensions of businesses.