G.L. Bajaj Institute of Management & Research. PGDM Institute, Greater Noida conducted Webinar under Global Talk Series on “Role of CSR in troubled times of Covid19” on Wednesday, August 05, 2020 for the students of PGDM Batch 2019-21 under the patronage of Mr. Pankaj Agarwal, Vice Chairman, GL Bajaj Educational Institutions and in the insightful headship of Prof. (Dr.) Ajay Kumar, Director, GLBIMR. The speaker of the session was Dr. Michael Hopkins, CEO, MHC International Ltd., London, Geneva, Mauritius, Nairobi; CSR/Sustainability Research & Advisory Services.
The event started with the invocation of Goddess Saraswati. In his address, Prof. (Dr.) Ajay Kumar, Director, GLBIMR highlighted how CSR played a crucial role in this challenging time and also discussed Section 135 and Act 213 of companies which have net profit of around 5000 crores. He also stated that McDonald's have redesigned their logo to spread the message of social distancing and companies like Tata Motors, Reliance are donating money in government funds to help others during this crisis.
Dr. Michael Hopkins stated that he travelled to 20 countries and has seen the corporate social responsibility of different countries. He also shared that in 1990 he left UN and set up his own business, collaborated with many organizations and worked on the human development report. He showed a presentation about Covid trends and discussed six trends for CSR. He stated that CSR is a personal responsibility rather than a regulatory requirement. He gave examples of impactful CSR initiatives from sectors like insurance where the Insurance Regulatory Authority got the industry players together to contribute to the Emergency Response Fund for Covid-19. He also suggested that in order to have sustainable philanthropy there is a need to develop it into a formal organization called Social Enterprise so that it does not depend on the luck to receive donations rather it will generate income and produce measurable outputs. He said that CSR is a process to achieve sustainable development in societies. He also said that it is a process that is concerned with treating the key stakeholders of a company ethically or in a responsible manner. He stated that the wider aim of social responsibility is to create higher standards of sustainable living while preserving the profitability of the corporation. He shared that sustainable development should meet the needs of the present generation without affecting our future generations. He also explained ‘The 3-P Model’ i.e. Principles, Processes & Products of social responsibility. He further elaborated that (legitimacy, public responsibility and managerial discretion are the fundamental principles of social responsibility), (environmental scanning, stakeholder management & issues management are the processes of social responsibility) and (internal stakeholders’ effects, external stakeholders’ effects & external institutional effects are the products of social responsibility). Before concluding, he said that in current scenario digital platforms such as Zoom, Hangouts & Skype have made communication much easier.
It was a thought provoking session which gave a new perspective to understand various aspects and also enhanced the knowledge of the students.