Business & Society: Project
Business & Society: Project
Submitted to : Sharath P
Topic : ITC
Phase 1 Submission
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TABLE OF CONTENTS
PROJECT CONCEPT........................................................................................................1
INTRODUCTION ................................................................................. 3
The project concept is to identify an industry and find a company from that
industry so as to conduct a study based on parameters such as social responsibility,
CSR activities and EMS. Here, the theme of social responsibility is rapidly becoming
a budding quintessence on the domestic as well global agenda of the corporate sector.
The idea of corporate social responsibility (CSR) is not new. Business, through the
ages, demonstrated varying degrees of responsibility to society. The present study
explores global phenomenon in CSR and examines the corporate social responsibility
initiatives and trends.
The project is conducted by identifying a company and study is done based
on CSR activities and EMS. After identifying the social responsibility, CSR, rules
and regulations regarding the industry, demographic environment, EM & EMS at the
second phase, we need to give our own findings and suggestions based on that.
To conclude, it is evident that the concept of CSR and EMS has emerged
as a promising benchmark for companies not only in Asia but across the world as a
whole. However, the biggest challenge faced by companies is to develop a CSR
strategy to find tangible and business focused metrics linked to ethical, social and
environmental performance in order to meet stakeholder demands and expectations.
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IDENTIFICATION OF THE INDUSTRY AND COMPANY
ITC Limited:
ITC being a very large company and working across different sectors of
business is actively engaged in CSR activities, having a vision to serve a large
National purpose of Nation building through core values, so that every part of the
society have the change and accessibility to the basic needs, which the rural India
doesn’t have, through imparting assistance and education to uplift them from poverty
and misery these people have been facing, for a very long time. ITC has a rich
organizational culture, rooted in its core values of respect for people and belief in
empowerment. Its philosophy of all-round value creation is backed by strong
corporate governance policies and systems.
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INTRODUCTION
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NATURE OF BUSINESS, INDUSTRY & STAKEHOLDER
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Within a relatively short span of time, ITC has established vital brands like
Aashirvaad, Sunfeast, Fabelle, Sunbean, Dark Fantasy, Mom's Magic Bingo!,
Yippee!, Candyman, mint-o, Kitchens of India, Farmland, B Natural, ITC
MasterChef in the Branded Foods space; Essenza Di Wills, Fiama, Vivel, Engage,
Savlon, Charmis, Shower to Shower and Superia in the Personal Care products
segment; Classmate and Paperkraft in Education & Stationery products; Wills
Lifestyle in the Lifestyle Apparel business; Mangaldeep in Agarbattis and Aim in the
Safety Matches segment. This growth has been rated by a Nielsen Report to be the
fastest among the consumer goods companies operating in India.
The Company continuously endeavors to enhance its wealth generating
capabilities in a globalizing environment to consistently reward more than 9,13,000
shareholders, fulfill the aspirations of its stakeholders and meet societal expectations.
ITC believes that its aspiration to create enduring value for the nation provides the
motive force to sustain growing shareholder value.ITC group directly employs more
than 32,000 people and the Company's Businesses and value-chains generate around
6 million sustainable livelihoods many of whom live at the margin in rural India.
Continue to focus on the chosen portfolio of FMCG, Hotels, Paper, Paper boards
& Packaging, Agri Business and Information Technology.
Ensure that each of its businesses is world class and internationally competitive.
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blending the diverse skills and capabilities residing in ITC's various businesses.
PREAMBLE:
Over the years, ITC has evolved from a single product company to a
multi-business corporation. Its diverse businesses include fast moving consumer
goods, hotels, paper boards, paper & packaging and Agri business.
The Company's investments in its different businesses are structured in the
nature of in-house divisions,subsidiaries, joint ventures, associate companies and
trade investments.
The task of governing a corporation of ITC's size and diversity was rendered
more complex in post liberalization India, which began experiencing the intense
impact of globalization. In order to address its own unique organizational context and
prepare itself for the global Indian market, ITC, as early as in 1999, fashioned an
unique corporate governance model that would enable it to 'focus' on its multiple
businesses, while maximizing shareholder value.
This governance policy has not only stood the test of time, but also supported
ITC's rapid growth in the last two decades since its formulation. In the intervening
years, ITC has not only widened its diversity with the launch of several new
businesses in its chosen strategic arena, but has also responded to the growth
challenge by creating new internal structures like shared services and business
verticals,designing broad-band roles like Line CMC Members, Chief Operating
Officers of Business / Vertical, and enabling operating decision making powers at
empowered levels.
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PHILOSOPHY :
Recognizing that business enterprises are economic organs of society and draw
on societal resources, it is ITC's belief that a company's performance must be
measured by its Triple Bottom Line contribution to building economic, social and
environmental capital towards enhancing societal sustainability. ITC believes that in
the strategic context of business, enterprises possess, beyond mere financial resources,
the transformational capacity to create game-changing development models by
unleashing their power of entrepreneurial vitality, innovation and creativity. In line
with this belief, ITC will continue crafting unique models to generate livelihoods and
environmental capital. Such Corporate Social Responsibility("CSR") projects are far
more replicable, scalable and sustainable, with a significant multiplier impact on
sustainable livelihood creation and environmental replenishment. These initiatives
are independent of the normal conduct of ITC's business. Programmes, projects and
activities (collectively "CSR Programmes") carried out in this regard are the subject
matter of this Policy.