Sustainable Development: "Traditional Company Model Had To Be Change"

Each industry faces its own challenges. So that companies can confront new challenges, stakeholders from various sectors have given their views Friday at a conference jointly organized by the Mauritius Employers Federation and CIMA.

Sustainability has now become an integral part of the main strategy of a company. The socio-economic and environmental concerns in the business have important consequences in the long term success. Lila Tarachand, president of CIMA in Mauritius, said that companies should integrate sustainability issues for long-term strategies as well as inform those concerned of the positive and negative effects that their operations are socially, environmentally and financially. "

Regulations and requirements of 'reporting' alone can not ensure the viability of enterprises. corporate culture, strong values and commitment of leadership are essential to achieving sustainability in the company, " she emphasizes. As Management Accountant, she argues that the role is to guide and support companies with innovative and practical solutions to build strong companies, dynamic and sustainable. 

For Clensy Appavoo, in the context of business, sustainability sub- intends to follow the principles of sound management to achieve the triple bottom line - economy, society and the environment. "The business community understands that with the help of other actors in society, it has an essential role in the social and environmental development. Its role goes beyond compliance with legislation in the socio-economic and environmental . It is also to fight against poverty, "he maintained. 

He added that the environmental protection and optimum utilization of natural resources must be permanent features of the management company. In addition, it states that the promotion of sustainable enterprises must ensure that natural resources, human and financial resources must be combined equitably and efficiently to bring innovation and improve productivity. 

Clairette Ah Hen, Executive Director of Financial Services Commission (FSC), made a presentation on the sustainability of our offshore sector. For her, the sector has consolidated its resilience over time by fighting against exogenous shocks and responding to customer requests. "The Global Business is a major generator of national growth. But, for durability, the sector must have strong institutional structures. Systems should be developed to support the Global Business," she said. 

A modern legal framework developed and constantly adapted marketing strategies by adopting appropriate techniques to attract investors and the fight against illegal activities ... these are all factors that are important to this sector. Executive Director of FSC indicates that we need to attract foreign companies in Mauritius to create more jobs for youth and economic development. For this to happen, it requires transparency, financial system, a regulatory framework, compliance with international standards and deepening investor confidence. It should also be efficient and competitive. "The shortcomings of Mauritius in the financial concern lack of investment banks with sufficient credibility and experience. There are not enough private companies for Mergers & Acquisitions on a large and experienced enough to make reliable operations, "said Clairette Ah Hen.

Meanwhile, Vishal Ragoobur, head of the economic MEF who gave a presentation on sustainable enterprises, showed that more companies are turning to activities over time. Result: improved well-being, greater equity and social activities to meet the needs of the poor of society and future generations, and the considerable reduction of environmental risks. 

"The role of business in society is to invest, innovate, create wealth and employment, improve living standards through the alleviation of poverty, "he said. However, he said that the traditional business model must change to further maximize the economic value in the short term. Businesses need to adopt the three pillars of sustainable development, that is to say social, economic and environmental.