Sustainable development index for India

BT announced that the launch of its “Sustainable Development Index – an assessment of business performance in India”. The SD index has been developed in partnership with GlobeScan, an independent public opinion and stakeholder research company. Through a survey of senior opinion leaders across India the index is a means to measure the performance of business in India in the progression towards sustainable development over time.

The initiative was officially launched by Dr. R. K. Pachauri, Director General, TERI and Allen Ma, President, BT Asia Pacific at a news conference in New Delhi, India.

The SD index report reveals that although Indian companies are taking positive steps towards sustainable development, the overall performance of the corporate sector is disappointing. 46 per cent of India's opinion leaders surveyed blame a lack of awareness around sustainable development issues as the main cause of inaction. Some 40 per cent of opinion leaders also cited a lack of political will as a major obstacle to making significant progress in this area.

According to the report, this lack of action means India lags behind China, Japan and the European Union when it comes to addressing key issues, such as tackling climate change, corporate governance practices and water resource management.

Interestingly, the country's largest cities were seen as making the strongest moves to improve sustainable development practices. Whilst there are negative views around India's progress, a majority of opinion leaders (57 per cent) feel that companies in India are now more active with regard to sustainable development compared to one year ago.

In fact, the corporate sector is considered to have made significantly stronger progress than either government or the general public. Allen Ma, President, BT Asia Pacific said: “At BT, we absolutely view sustainability as an international issue and businesses cannot succeed in societies that fail. India is rapidly becoming a global centre for information and communications technology development, and boasts a high economic growth rate. It is vital that this commercial success is matched by a commitment to, and leadership in, corporate responsibility. We are constantly looking at the impact of our core business activities across the spectrum of social, environmental and economic issues. Through the launch of the BT Sustainable Development Index we hope that other organisations in India will do the same.”

The most frequently mentioned corporate leaders in sustainable development in India are: TATA Group (named by 31 per cent of respondents), Reliance (13 per cent) and Infosys (10 per cent).

Nitin Desai, Former United Nations Under-Secretary-General for Economic and Social Affairs and Advisor to BT’s SD Index, said: “There are significant social, environmental and economic challenges facing the world’s second most populous country and India’s transition to sustainable development is in the world’s interest. Given the importance of the issues at stake, there is a clear need for initiatives such as BT’s to help channel corporate sustainability efforts to where they can have the most beneficial impact. We need to be able to carefully monitor where corporate successes are occurring and to learn from them. We also need to reliably know which aspects of sustainable development most urgently require corporate action"

Citi likely to replace Vikram Pandit as CEO

Citigroup's Board is considering firing its Chief Executive Vikram Pandit, who was appointed as CEO late last year to infuse confidence, as the banking giant finds itself searching for hope all over again.

Replacing Pandit – an enthusiastic defender of the company's existing mix of businesses – is one of the options being considered by Citi executives, along side selling all or part of the company, a public endorsement from the government or a new financial lifeline to stabilise the banking behemoth, after its shares took a sharp plunge this week.

In a series of tense meetings and telephone calls, the executives weighed several options, including whether to replace Citigroup's chief executive Vikram S Pandit or to sell all or part of the company, the New York Times reported.

The paper reported that the company's executives on Friday entered into talks with federal officials about how to stabilise the struggling financial giant.

The report came amidst some analysts saying that infusion of $50 to $100 billion might be needed to bail out the bank.

The course of action, however, remained uncertain on Friday night, the people involved in talks were quoted as saying, and other options may yet emerge. But after a year of gaping losses and an accelerating decline in share price, Citigroup, which has $2 trillion in assets and operations in scores of countries, is running out of time, analysts were quoted by The New York Times as saying.

The paper said, Citigroup's management and some board members held several calls with Henry M Paulson Jr, the Treasury secretary, and with the president of the Federal Reserve of Bank of New York, Timothy E Geithner, who later emerged as President-elect Barack Obama's choice to be Treasury secretary.

Source: PTI