His mantra is that through strategic CSR, companies can create win-win situations for one and all. However, L.N.Mittal reiterates that the company’s main responsibility is towards its shareholders; as told to B&E’s Ruchika Chawla
Lakshmi Niwas Mittal, aka one of the “100 Most Influential People” (Time magazine 2007) and the richest Indian in the world, according to Forbes in March 2008, is known as the man behind ArcelorMittal, the world’s largest steel company; which he has built step by step, acquisition after acquisition, with an exceptional entrepreneurial zeal.
The pinnacle of Mittal’s achievements thus far has been the merger of Mittal Steel with Arcelor S.A. to form ArcelorMittal, which, besides enhancing steel production capacities, enabled the two companies to leverage on their largely complementary strengths in terms of steel products. Yet this is not another chronicle on the way ArcelorMittal dominates the global steel industry. In this exclusive one on one with B&E, Mittal discusses a more delicate issue, which should ideally be on the agenda of every billionaire in the world. Corporate Social Responsibility seemed to be a ‘fad’ in its earlier times, but has begun to mature and take precedence, as more prominent and world renowned figures play a major role in it; and not just for the “tax-break” but also for the betterment of the world we live in.
For Mittal, good CSR is always strategic, and he believes that a business has to create a win-win situation for all its stakeholders. A few excerpts... B&E: What is your opinion on the concept of Creative Capitalism, which is being mooted by Bill Gates? Do you agree that CSR only makes sense when it is strategic in nature? LNM: I like Bill Gates’ concept of Creative Capitalism. The reality is that capitalism has positively impacted the lives of hundreds of millions of people. But many more have not been included. We should look at ways in which we can take the benefits of capitalism and extend them to the benefit of those who have missed out. Good corporate responsibility is always strategic. For me it is implicit in the phrase. As opposed to charitable contributions which are not necessarily strategic. There is a place for both in modern society.
Lakshmi Niwas Mittal, aka one of the “100 Most Influential People” (Time magazine 2007) and the richest Indian in the world, according to Forbes in March 2008, is known as the man behind ArcelorMittal, the world’s largest steel company; which he has built step by step, acquisition after acquisition, with an exceptional entrepreneurial zeal.
The pinnacle of Mittal’s achievements thus far has been the merger of Mittal Steel with Arcelor S.A. to form ArcelorMittal, which, besides enhancing steel production capacities, enabled the two companies to leverage on their largely complementary strengths in terms of steel products. Yet this is not another chronicle on the way ArcelorMittal dominates the global steel industry. In this exclusive one on one with B&E, Mittal discusses a more delicate issue, which should ideally be on the agenda of every billionaire in the world. Corporate Social Responsibility seemed to be a ‘fad’ in its earlier times, but has begun to mature and take precedence, as more prominent and world renowned figures play a major role in it; and not just for the “tax-break” but also for the betterment of the world we live in.
For Mittal, good CSR is always strategic, and he believes that a business has to create a win-win situation for all its stakeholders. A few excerpts... B&E: What is your opinion on the concept of Creative Capitalism, which is being mooted by Bill Gates? Do you agree that CSR only makes sense when it is strategic in nature? LNM: I like Bill Gates’ concept of Creative Capitalism. The reality is that capitalism has positively impacted the lives of hundreds of millions of people. But many more have not been included. We should look at ways in which we can take the benefits of capitalism and extend them to the benefit of those who have missed out. Good corporate responsibility is always strategic. For me it is implicit in the phrase. As opposed to charitable contributions which are not necessarily strategic. There is a place for both in modern society.
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Zee Business Best B-School Survey 2012
Prof. Arindam Chaudhuri’s Session at IMA Indore
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Professor Arindam Chaudhuri – A Man For The Society….
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
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Rajita Chaudhuri-The New Age Woman
IIPM B-School Facebook Page
IIPM Global Exposure
IIPM Best B School India
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IIPM : The B-School with a Human Face
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