LIBA confers prestigious Mother Teresa Award 2008 on Chennai Petroleum Corporation Ltd
Chennai Petroleum Corporation Ltd (CPCL) was the recipient of the esteemed, "Mother Teresa Award 2008" a Corporate Social Responsibility award constituted by the Loyola Institute of Business Administration. The Mother Teresa Award recognizes an organization's involvement in social welfare activities for the benefit of the disadvantaged sections of the society and which can serve as a role model to others.
Tweet-- Chennai Petroleum Corporation Ltd (CPCL) was the recipient of the esteemed, “Mother Teresa Award 2008” a Corporate Social Responsibility award constituted by the Loyola Institute of Business Administration. The Mother Teresa Award recognizes an organization’s involvement in social welfare activities for the benefit of the disadvantaged sections of the society and which can serve as a role model to others. The award and citation were presented to Mr.K. K Acharya, Managing Director, CPCL by distinguished, Prof C.K. Prahalad (Paul and Ruth McCracken, Professor of Strategy, Ross School of Business, University of Michigan, U.S.A) at the LIBA campus in Chennai, yesterday evening.
“High income inequality and very low per capita income could derail India’s dream of joining the league of economic super powers” cautioned Prof. C K Prahalad in his speech. He said "the rising inequality in incomes is a more explosive situation and needs equal attention as poverty alleviation. Inclusive growth is the solution.” Speaking on the theme, India @75: The Moral Leadership Initiative, Prof C.K. Prahalad urged the nation to consider morality, comprising honesty and avoidance of corruption an imperative for India to become a world-class player by 2022, i.e. when India turns 75. He demonstrated lucidly the fact that GDP, Human Development Index and Corruption Index where highly correlated. "No nation that is corrupt can become an economic super power.”
Prof CK Prahalad was conferred with the “Distinguished Alumnus Award" by Loyola College on the occasion.
As conceived by LIBA, a model corporate citizen is a company, which is professionally managed with a consistent and persistent focus on its business mission blending with a social vision which reveals its abiding concern for the economic upliftment of the disadvantaged sections of its neighborhood community in particular and the larger society, in general. Seven distinct criteria have been considered earlier in the process of selection of the awardee. These were:
· Commitment to quality and customer satisfaction.
· Pursuit of value addition for shareholders as a consistent goal.
· Harmonious Industrial relations with employee welfare as its strong foundation.
· Direct sponsorship and active involvement in permanent projects which promote the social and economic empowerment of the poor, the disabled and the deprived sections of its neighbourhood.
· Concern for environment protection including adoption of eco-friendly technology.
· Promotion of ancillary units with emphasis on training and development and on employment generation.
· Explicit recognition of social responsibility in the mission statement of the company.
Speaking on the occasion, Fr. P. Christie S.J, Director LIBA, said, "The Mother Teresa Award is an award for firms that take to heart the values that Mother Teresa, the angel of mercy, stood for: that is taking care of the bottom of the pyramid. Of course we are glad that Prof CK Prahalad, a distinguished alumnus of Loyola College, also stands for the very same value systems when he exhorted India for an inclusive growth. We could not have had a better person than him to give away the award to Chennai Petroleum Corporation, who have demonstrated consistent and commendable performance in Corporate Social Responsibility, Corporate Governance and Business Ethics."
This is the tenth successive year of the conferment of the Mother Teresa Award. The earlier recipients of the award were Titan Industries Ltd., - 1998, Tamil Nadu News Print and Papers Limited (TNPL) - 1999, Orchids Chemicals and Pharmaceuticals Ltd., -2000, Indian Oil Corporation - 2001, Shriram Investments Ltd., -2002, Polaris – 2003, TVS Motor Company-2004, Tata Steel- 2005, National Thermal Power Ltd., (NTPC)- 2006 and Chennai Petroleum Corporation Ltd.,(CPCL)- 2008. The Jury could not recommend the Award for the year 2007.
Unlike in previous years, the Jury decided to adopt a different approach this year. Twenty-six Companies which were shortlisted for the Award in earlier years, but were not selected for the Award, instead were invited to apply for the Award. Seven of them responded with detailed queries on nominations duly filled in.
The LIBA students scrutinized the nominations sent by companies. They also used secondary data to countercheck the statements and researched further to throw more light on the activities of the seven companies. After careful consideration and discussion, the jury unanimously chose Chennai Petroleum Corporation Limited (CPCL) as the winner of the Award for year 2008.
Notes to Editor
About LIBA
Loyola Institute of Business Administration is a renowned Jesuit institution with an emphasis on academic excellence coupled with value based education. As one of the top b-schools in the country and undoubtedly the best in Tamil Nadu, LIBA strives through this programme to make managers in the proximate business community create better value to the organizations they serve.