business
Newsday reporter
Earlier this month, TT’s Institute of Chartered Accountants hosted a conference addressing ways the global sustainable development goals, or SDGs, can be embedded in business culture.
Among the participants was KC Confectionery, T&T-owned TT Chamber of Industry and Commerce’s internationally recognized Company of the Year, whose CEO Satnarine Bachew this month also called for the SDGs to become part of the commercial landscape.
“This is a conversation that needs to continue,” Mr Bachew said. “If we’re really serious about this, we need to get as many people on board as possible.”
Also attending the same conference was John Hadad, co-CEO of the Hadco Group of Companies, who complained that not enough attention is being paid to environmental, social and corporate governance issues.
“The trend is a lot of talk, but no action,” said Mr. Hadad.
It is worth considering the attitudes of both figures.
It makes sense for companies to adopt the best possible practices in line with international goals.
As pressing issues have emerged within the changed international landscape due to the pandemic, military conflict and economic malaise, the 17 SDGs outlined at a key UN Summit in New York in 2015 remain relevant.
These goals include: ending world hunger and poverty; ensuring that the world practices good health and well-being, creating a framework for net zero emissions; reducing inequalities and creating affordable and clean energy to meet the world’s demands; and providing decent work and encouraging economic growth.
It all sounds lofty, even utopian, given all the stresses currently facing economies around the world, such as high inflation environments and ongoing distribution problems.
But the seemingly more pressing issues facing business actually justify why the SDGs should still be part of the bigger picture. Undoubtedly, they can potentially contribute to a more stable global economic environment.
Of course, meeting these objectives can potentially make local businesses more competitive when it comes to attracting investment.
SDGs can be seen as shorthand for catering to one’s customer base. Doing so is not only the right thing to do, it’s also good business, according to figures like those who spoke at this month’s conference.
International firms are taking steps to implement cultural changes to broaden their focus. If domestic companies do not do the same, they will be left behind. TT’s economy will become less competitive and lose out.
The public sector has a role to play in all of this.
Government agencies like to sign agreements and commit themselves, likewise, to a set of ideals. More pleasing would be to see such ideals in action in the civil service, where there is an overdue need for reform.
If the private sector is still lagging behind when it comes to adapting to 21st century market practices, then the public sector is even further behind. Both must change.
