Doing well by doing good

THE WISE LEADER

- R GOPALAKRISHNAN

More than a decade ago, Hindustan Unilever Ltd(HUL) unveiled its purpose statement as “Doing Well by Doing Good”.

The company’s programme included “Integrated Sustainability Strategies”, “Purpose-Driven Brands”, and “Making a Tangible Positive Impact”. The purpose had evolved progressively from the 1950s — “Hindustan Lever Serves the Home” — and the 1980s — “Relevant Technology”. After experiencing my Tata career, the idea of stakeholder management strengthened in my mind. I point this out because “purpose” is a mantra for contemporary management gurus!

Last week I attended a Hong Kong conference on how businesses can achieve success by aligning profits with purpose. With support from the Institute of Philanthropy, Economist Impact undertook a rigorous process of research, interviews, advisory board discussions, and expert roundtables. The outcome was their thought-provoking publication “The Business of Doing Good in Asia”. The report captures how enterprises across 13 Asian markets are moving beyond traditional business models, experimenting with approaches that integrate commercial ambition and social responsibility. Moderated by the China economics editor of The Economist, Simon Cox, the secretary general of the Alibaba Foundation and I exchanged ideas in a panel. Our conversation centred on a vital question: What does it truly take to thrive by doing good?