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Myklebust key speaker on sustainability in Rio
(Sep. 4, 2002) Fresh from the World Summit in Johannesburg, Hydro board chairman Egil Myklebust Tuesday shared observations at the World Petroleum Congress in Rio de Janeiro - and urged oil companies to seek a balance between business and social responsibility to meet the challenges of globalization and sharpen competitive edge.
 SUSTAINABILITY: Norsk Hydro chairman of the board Egil Myklebust. (Photo: Kåre Foss) |
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The former Hydro CEO and past board chair for the World Business Council for Sustainability Development said there is growing frustration in all quarters that targets set at the original World Summit in Rio 10 years ago are not being met, but added interaction between governments civil society, non-governmental organizations (NGOs) and business improves rapidly.
"The business case for sustainable development is emerging as a strategic and competitive issue within leading companies," he asserted. "Business potential for being recognized as part of the solution rather than part of the problem is improving... our main challenge is to further enhance our credibility in society at large as a key player in making real the vision of sustainability development."
The business community must make sustainability a "strategic priority" and "walk the talk in the way we operate," Myklebust said, adding it is imperative to increase dialogue and partnerships with stakeholders (all those impacted by a company's activities). He also stressed the importance of transparency in reporting to provide "a platform for accountability."
Social dimensions
The definition of "corporate social responsibility" (CSR) steadily expands.
"It has become increasingly important to understand and address the role of the company and its behaviour in a wider context than just economic growth," he commented. Growing public awareness and more forceful demands for greater transparency add a new dimension to the art of business management, as do the challenges that follow in the wake of globalization."
He offered the following description of CSR by the World Business Council for Sustainability Development: "Corporate social responsibility is the commitment of business to contribute to sustainable economic development, working with employees, their families, the local community and society at large to improve quality of life."
A fundamental interconnection exists between business, society and the environment.
"The most important business contribution - and we need to keep this in mind - is to develop a responsible and flourishing business, producing goods and services people need, providing resources and technology, creating jobs, income and wealth. But doing so with social and environmental responsibility as an integral part of business practices.
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