With each passing day, sustainability is becoming more important for all companies, across all industries. Businesses today consider a sustainability strategy necessary to be competitive and believe that it can foster their company’s longevity.
Sustainability is basically a business approach aimed at creating long-term value by taking into consideration how a given organization functions in the ecological, social and economic environment. With rising expectations on corporate responsibility, the companies are now recognizing the need to act on sustainability.
In Pakistan, Engro Corporation is one company that realizes that a firm’s operations have an impact not just on the welfare of its shareholders, but also on the lives of the people in its host communities, as well as the environment of the planet. Therefore, the company has committed itself to create a sustainable, long-term partnership with its host communities and has stepped in to provide access to healthcare, education and even basic infrastructure to ensure that its stakeholders can live better, healthier and more productive lives. Engro also believes that the safety of both its employees and contractors is paramount during any operational process.
Moreover, the company has set the most stringent of standards when it comes to environmental safety and is also committed to reducing its environmental footprint by undertaking a variety of measures.
In recognition of promoting UNGC Principles and Sustainable Development Goals, Engro Corporation has won the first prize for “Living the UN Global Compact Business Sustainability Award 2020″ in the Large National Category, for the third year in a row.
The award was presented at the Living the Global Compact Best Practices Sustainability Award ceremony, organized by Global Compact Network Pakistan.
The United Nations Global Compact is a voluntary initiative based on CEO commitments to implement universal sustainability principles and to take steps to support UN goals. The UNGC is a call to companies everywhere to align their operations and strategies with ten universally accepted principles in the areas of human rights, labour, environment and anti-corruption, and to take action in support of UN goals and issues embodied in the Sustainable Development Goals. The UN Global Compact is a leadership platform for the development, implementation and disclosure of responsible corporate practices. Launched in 2000, it is the largest corporate sustainability initiative in the world, with more than 9,000 companies and 3,000 non-business signatories based in over 160 countries, and more than 70 Local Networks.
The Award signifies Engro’s continued commitment towards UNGC principles in the areas of governance, human rights, labour rights, environment, and anti-corruption. Through its CSR arm of Engro Foundation, the Company has adopted an inclusive business model approach that targets low-income communities where its businesses are based. This approach enables underprivileged members of the society to emerge as potential business partners and become vendors, customers and employees in Engro’s business value chains. Further, Engro Foundation’s strategic community investments are focused on the provision of quality education, health and livelihoods to underprivileged communities across Pakistan.
Sharing his thoughts on receiving the Award, Favad Soomro – Head of Engro Foundation, said that, “we are humbled to be recognized with the UNGC Sustainability award for the third consecutive year, which is a testament to our commitment of upholding the UNGC principles. In the post-COVID world, we pledge more than ever to create a long-lasting socio-economic impact in the communities with our inclusive business model approach”.
Sustainability is a major challenge, one that is not just restricted to individual companies. Therefore, it is necessary that other Pakistani firms follow in Engro’s footsteps and develop forward-thinking sustainability policies to ensure that their short-term profits don’t turn into long-term liabilities.