 Delivering
the keynote address on this historic occasion, Prof Sumantara Ghoshal
of London Business School said that a new brand is more than a new
symbol which throws up opportunities for creating new significance.
Lauding FICCI’s unique role in the build up of business climate in
the country over more than seven decades as an interest group, a shared
resource and a rich platform for exchange of ideas, Prof Ghoshal stressed
that in today’s context, it truly represents a collective conscience.
He drew attention towards an urgent need for new direction, newer
visions that must emanate from civil society bodies like FICCI in
today’s world of global competitiveness. He particularly stressed
the need for this new role for he felt that there is a serious crisis
of legitimacy for the management.
In this regard, he informed the audience that the roots of de-legitimisation
runs deeper. More than 80 per cent people of UK do not trust senior
corporate leaders, according to a survey, he informed. Similar is
the case with regard to bosses’ honesty and ethical standards. Distressing
is the fact that this distrust is growing. Ghoshal stressed that
this is a grave situation and concerns all of us. This not only
concerns all of us but we are also responsible for this state of
affairs, said he, because in one way or the other we have contributed
in creating the world of contest which has gradually given rise
to distrust in the system. It is such grave situation that needs
to be contained and organisations like FICCI has a special role
to play which can create business and intellectual situations replete
with ethical, spiritual, moral values said Ghoshal.
Why is it necessary for managers to be trusted and respected is
because there is a strong co-relation between economic prosperity
of a nation and large organised companies, felt Ghoshal. He enumerated
that companies are engines of progress, embodiment of the human
capacities of will and imagination, life giving force of entrepreneurship
and marshalling yard for societies’ resources and knowledge. He
strongly felt that companies are in a position to leverage the power
of collaboration and collective action in the society and has a
larger role to play in the economic make-up of the nation.
Outlining how de-legitimisation of management causes loss of managerial
will and purpose, loss of internal trust and cooperation, increased
external control, Ghoshal said that overall it leads to decline
of entrepreneurial zest and organisational cohesion. "If seen
from the bird’s eye-view, it really matters for India is a country
and in this regard all of us carry tremendous responsibility,"
says Prof Ghoshal.
Prof Ghoshal urged new brand FICCI to act as the stimulus towards
creating a new world intellectual business environment by pulling
together the diverse resources and deftly weaving the elements of
professionalism amongst managers.
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