Corporate Governance & Business Ethics - Mr. Chandran, Chairman of BASF Companies in India

“Values Create Value” is the words of Mr. Prasad Chandran, Chairman of BASF Companies in India. With enumerable years of corporate experience and a strong conviction and commitment towards Corporate Social Responsibility, Mr. Chandran was truly the most pertinent personality to have addressed the IGTC students. The talk was of paramount importance as it focused on Business Ethics, an integral part of today’s corporate world.

In addition to his Indian responsibilities, Mr. Chandran heads BASF in South Asia, with Group Companies in Pakistan, Sri Lanka and Bangladesh reporting to him. As a member of the Human Resources Council for Asia Pacific, he is involved with the BASF Personnel Policy for the Asia Pacific Region, which comprises of 53 companies in 14 countries. He also is a member of the Sustainable Development Council of BASF. This council ensures that the company’s Economic growth in Asia Pacific is achieved in harmony with the needs of Ecology and Society.

According to Mr. Chandran “Values emerge out of belief in the importance of people as individuals- A belief that human beings can bring out the best in harmony and co-operation based on Openness and Trust. A company can distinguish itself from its competitors through its Values system.” Mr. Chandran drew relevance to the Indian Ethos- Bhagavad-Gita and the concept of Dharma. He explained students the transition post the year 1991 which led to liberalization, which in turn was instrumental in dismantling of various controls.

As stated by Mr. Chandran, Corporate Governance framework consists of SEBI, government regulations, shareholders, lenders (banks), press media etc. The guiding forces which are involved in the success of Corporate Governance are transparency, financial management and corporate social responsibility.

Sustainable Development is a long term commitment and there are various initiatives undertaken by BASF for the society at large. Mr. Chandran heads the “Million Minds” project. This initiative is conceptualized by him, to improve governance in India and focuses in the area of corruption. Whilst implementing BASF Global Values and Principles, he addresses specific issues aimed at raising standards of good governance in India. The “Million Minds” project sensitizes stakeholders and creates voluntary action groups in different parts of the country. This initiative has drawn recognition and support from many enlightened Indians.

Another voluntary group project undertaken by BASF is SADBHAVANA. BASF has also launched an ICON SERIES which showcases success stories of Mr. V.J. Kurian, Mr. Julio Ribeiro, Dr. Indu Shahani and many more personalities who promote good governance. BASF’s effort towards rehabilating the Tsunami affected, by setting up counseling centers, providing for livelihood packages etc. is worth a mention. Post Mumbai 26/11 terrorist attack, BASF has formed the Citizen take Charge (CTC) group and is involved in the Public Concern for Governance Trust (PCGT).

Mr. Chandran drew reference to the repercussion of lack of corporate governance – as in the case of SATYAM and its negative impact on the economy as a whole. He also spoke about India as a rising economic power and numerous leaders like Dr. Manmohan Singh, Dr. Abdul Kalam, Mr. Ratan Tata etc. who are value brands and have been successful in positioning India the way it stands today.

Mr. Chandran summed up his talk by asking each student to answer one important question which is integral for ones country “How will each individual contribute to building India as a Value Brand”. The lecture was then thrown open to the class to ask questions. The answers from his end were more than satisfying and instilled the right Values required by our budding managers.