Driver of future growth 'intellectual capital': Ishrat.
Karachi -- Eminent economist and ex-Governor State Bank of Pakistan, Dr. Ishrat Hussain has said the business should ponder upon the social purpose of a company, corporate excellence should also focus on social aspects and not only on shareholder value and profits.
He was presiding over the 33rd Corporate Excellence Awards of the Management Association of Pakistan (MAP).
'The emphasis should be on the triple bottom line i.e. Profits, People and Planet, which now is being followed globally,' said Dr Hussain.
'The driver of growth in future would be intellectual capital and corporate entities need to invest in the training of their employees,' he added
He praised MAP for organizing the Corporate Excellence Awards consistently since 1982 and suggested to keep reviewing the criteria of awards in line with the social purpose of business, which shall also be considered as a benchmark for corporate excellence.
Earlier, President, Management Association of Pakistan Asif Ikram said that the role that MAP has played in creating awareness about the best management practices amongst the companies.
For this purpose MAP instituted its Corporate Excellence Award in 1982 which today is considered the ultimate accolade in the realms of corporate management. The Award seeks to recognize and reward the best-managed companies in Pakistan.
He stressed upon the need for keeping up with changing times as the rate of change has changed and it is happening exponentially.
In this age of hyper-competition, barriers have come down due to change in technology and therefore, companies must seek new ways to compete through innovation. Managing these challenges leads us to achieve excellence.
He informed the gathering about MAP's interaction with international bodies like Asian Association of Management Organizations (AAMO) and various value-added benefits which the MAP members can avail.