'Incorporation of ethics in business practices pays off in the long run'

KATHMANDU, Dec 18:

Business leaders have said that incorporation of ethics and values in the day-to-day business practices will pay dividend to the company in the long run.

Speaking at a session on ´Integrity and Compliance Management´ in the two-day Responsible Business Summit 2014, which concluded on Wednesday, they also pointed out that erosion of integrity and failure of compliance to ethics could create distrust among the clients.

“Anywhere you compromise on the values and compliances, people will have suspicion and the trust that you (company) have earned over the period could turn into mistrust overnight,” Abhimanyu Poddar, managing director of Surya Nepal, told the breakout session entitled ´Promoting Corporate Values´.

In his presentation, Poddar also shared that earthing system as per IS3042, ensuring drinking water quality as per ISO 10500 and according high priority to safety in workplace, and no compromise on compliance to applicable laws and regulations at all levels, among others, were the responsible business practices of his company.

Speaking at the session, Saurabh Jyoti, director of Jyoti Group, said that business houses should also give back to the society. “We (business companies) should grow together with society and the nation. If the society is developed, there will be wealthy people who will have disposable income to buy different products and services,” he said. Jyoti, who also heads the Tax and Revenue Committee at the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), said that the ´No. 1´ corporate social responsibility for any business company is paying taxes to the state.

Anil Keshari Shah, CEO of Mega Bank, said that the effective management of integrity and compliances can enhance brand reputation of companies.

“Institutional core values build trust over time to create desired perception of companies internally and externally to achieve its corporate vision, and the first step in this long journey is to start paying taxes to the state,” he added

Source: Republica