Pune:
In the interest of the long term sustainability of value creation of business’,the insurers have to look out for the new paradigm of maximisation of stakeholder’s value.Customer and employee satisfaction has to be ensured and a satisfied employee will definitely create more value,said S.C. Khuntia, Chairman IRDAI,
Khuntia was addressing virtually the Ist Annual International Colloquium organized by Pune based National Insurance Academy(NIA), on 21st August, on the issue of ‘Transition to Stakeholders Value Creation’.
Khuntia emphasized that the focus should not be on accumulating wealth but the human relationships and corporate should now share that wealth among its stakeholders during the accumulation period itself.
As resources belongs to the society, besides financial goals of wealth creation, there are also non-financial goals,which needs to be fulfilled.
“Independent directors plays an important role in safe guarding the interests of different stakeholders,’’ he said..
.M.R. Kumar,chairman,Life Insurance Corporation(LIC), said that the corporate governance is the nucleus of all the functions of any organization and
LIC has protected the stakeholder’s interest sine its inception.
G N. Bajpai, former Chairman-SEBI and LIC said that the topic for the colloquium is very eminent and relevant in today’s context for increasing global prosperity and uplifting people. In today’s world 1% of the population has accumulated 50% of the total wealth, he said,