Azim Premji, Founder and Chairman of Wipro, spoke about the importance of trust-building within businesses at the CII Annual Business Summit in New Delhi on May 17.
He emphasised the critical role of integrating Environmental, Social, and Governance (ESG) frameworks and sustainability practices into modern businesses.
He urged companies to re-evaluate their Corporate Social Responsibility (CSR) spending, ensuring that funds address critical social needs rather than simply functioning as charitable donations. He stated that these are no longer optional but should be fundamental aspects of businesses now.
"Apart from running our businesses with ethics and integrity, we must do our utmost to operate within ESG and sustainability frameworks as they are critical to businesses now and have become part of business. This includes reassessing what we do with our CSR budgets to ensure that they are spent on fundamental issues of need rather than being given away for charity reasons," said Premji.
Premji underscored the crucial role of businesses in creating a sustainable future. "It is only when we have deep understanding of corporate social responsibility that we can collectively brave a sustainable world without which there can't be any future," he stated.
"Building a better world involves cost," Premji asserted, and also said, "We must be wiling to pay. We are responsible for almost everything in the future."
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Premji urged companies to move beyond established frameworks and re-evaluate their role in shaping a better society. When we look collectively at the role of businesses and enterprises in our country, we must go continually beyond any framework that we have set for ourselves, we must ask the most basic, fundamental questions of where is our society, workers and work, what are the important issues and challenges we face, how can we influence them and how can we work for the betterment of society," Premji also said.
Premji stressed the limitless responsibility of businesses. "We must understand that collectively, as businesses, we have no limits to our responsibilities. It is only when we have this deep understanding of the enormity of our responsibility, we can collectively create a sustainable future," the business icon said.
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Premji also cautioned against superficiality, stating, "There's no point in luxurious offices if we don't venture out in the field." He also spoke about core values, urging businesses to be "clear, clean, honest, and firm".
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