Sustainability should be ingrained in company culture: Steward Leadership Summit
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(From left) Mr Sunil Puri, senior vice-president of research and engagement at Stewardship Asia Centre; Ms Asha Gupta, regional president for Asia and chief strategy and corporate development officer of Amway; and Ms Pamela Chng, co-founder of Bettr, with moderator Lin Suling, senior columnist at ST, during a panel discussion at the Steward Leadership Summit.
PHOTO: STEWARDSHIP ASIA CENTRE
SINGAPORE – Incentives can encourage companies to go green, but giving too many sweeteners can backfire and lead to greenwashing, noted experts on Oct 24.
Greenwashing refers to an organisation falsely presenting its products or operations as environmentally friendly when these may conceal harmful environmental impacts.
Some firms may attempt to go green by enforcing rules and regulations company-wide and follow legally mandated green practices, but this is not enough, said Mr Rajeev Peshawaria, chief executive of Stewardship Asia Centre, speaking at the Steward Leadership Summit at Pan Pacific Singapore.
Sustainability has to be part of the company’s culture for green practices to truly take off, he added, noting that companies should aim to build a green culture among their employees.
What drives most consumers to go green are economic benefits such as being able to save money on water and electricity, said another summit speaker, Mr Shai Ganu, managing director and global leader of executive compensation and board advisory practice at Willis Towers Watson.
Companies that display steward leadership are motivated by values and purpose rather than cheaper capital, regulations or incentives, said Mr Peshawaria.
Steward leadership is the genuine desire and persistence to create a collective better future for stakeholders, society, future generations and the environment.
The annual Steward Leadership 25 list
Mr Sunil Puri, senior vice-president of research and engagement at Stewardship Asia Centre, said it is important for companies to balance short-term profits with long-term sustainability, even though profit is a high priority for all businesses.
At a panel discussion on ethical matters moderated by senior Straits Times columnist Lin Suling, he said that one way to do this is to find a business model that can go green while making money.
Businesses must go beyond legal compliance to create a better world and ensure profitable growth, he added.
