About Centre for Responsible Management Education
In today's dynamic and interconnected world, the role of business education extends far beyond the mere transmission of technical skills. The ethos of responsible management is becoming increasingly crucial as businesses navigate complex ethical, social, and environmental challenges. Recognising this imperative, the Indian Institute of Management Visakhapatnam established the Centre for Responsible Management Education (CRME). The CRME is dedicated to advancing the principles of ethical leadership, sustainability, and social responsibility within the realm of business education.
Objectives: The key objectives of the CRME include the following:
- Promoting Ethical Leadership: Foster a culture of ethical decision-making and leadership among students, faculty, and practitioners.
- Advancing Sustainability Practices: Explore and disseminate best practices for integrating sustainable development principles into business operations and curriculum.
- Engaging Stakeholders: Facilitate collaboration and dialogue among academia, industry, government, and civil society to address pressing societal challenges.
- Enhancing Curriculum Development: Support the integration of responsible management principles into business school curricula at IIMV through research, workshops, and resource development.
- Fostering Research and Innovation: Encourage interdisciplinary research that contributes to the advancement of responsible management theory and practice.
Message from the Director IIMV
Prof. M Chandrasekhar
Director
The British Author and Serial Entrepreneur John Elkington in 1994 popularized the phrase Triple Bottomline, i.e., focus on People, Planet and Profit. These days, we are emphasizing the same as ESG – or Environmental, Social, and Governance. Planet and People as the Purpose are the drivers of Prosperity in the true sense. The SDGs essentially urge the professionals to practise the same.
Professor Rebecca Henderson of Harvard Business School says enterprises of today have a shared-value opportunity. While “Doing Well” may mean earning profits; “Doing good” will solve social and environmental problems. “Doing well” and “doing good” are thus intertwined, and successful business strategies include both, she avers.
Imperatives for the enterprises of the day are therefore to constantly scrutinize role and responsibilities to stakeholders and recognize linkage between the purpose (why they exist) and the ESG.
Practising the seven PRME principles, we at the Centre for Responsible Management Education would endeavour to mainstream the above into our management-education, management-research and allied knowledge activities.
We are starting the CRME with modest activities and are committed to expanding the same in scale and scope, sourcing resources from entities and enterprises that believe in these principles and place trust in us in the practice and advocacy thereof, and in extending policy and capacity building support for the same.
Message from the Chair - CRME
Prof. Amit B Chakrabarti
Chair - CRME
Welcome to the Centre for Responsible Management Education (CRME) at the Indian Institute of Management Visakhapatnam. As the Chair of CRME, it is my pleasure to extend a warm greeting to you all.
At our centre, we are committed to nurturing the next generation of leaders who will not only excel in the competitive landscape of business but will also champion the principles of responsibility, sustainability, and ethical conduct. We firmly believe that the future of management lies in the hands of those who can seamlessly integrate innovation with a profound sense of social and environmental stewardship.
In today's rapidly evolving world, the challenges facing businesses, governments, and societies are more complex and interconnected than ever before. Issues such as climate change, social inequality, and economic instability demand urgent attention and innovative solutions. At the Centre for Responsible Management Education, we are dedicated to equipping our students with the knowledge, skills, and mindset to tackle these challenges head-on.
Our curriculum is designed to go beyond traditional management education, emphasising the importance of responsible leadership and decision-making. Through a combination of rigorous academic coursework, real-world case studies, and experiential learning opportunities, our students gain a deep understanding of the interconnectedness between business, government, and society.
Furthermore, our centre serves as a hub for research, collaboration, and knowledge exchange. We actively engage with industry leaders, policymakers, and community stakeholders to foster dialogue and drive positive change. Through our partnerships and initiatives, we aim to catalyse innovation and create impact at both the local and global levels.
As Chair, I am immensely proud of the work that our faculty, staff, and students are doing to advance the mission of responsible management education. Together, we are building a community of leaders who are not only capable of navigating the complexities of the modern world but are also committed to making a difference.
Whether you are a prospective student, a partner organisation, or simply interested in learning more about our centre, I invite you to explore our website and discover the exciting opportunities that await you at the Centre for Responsible Management Education.
Thank you for your interest and support.
Research
We study people, organisations, institutions, and the state of the world to inspire responsible management and education practice.
The Centre for Responsible Management Education at the Indian Institute of Management Visakhapatnam promotes publication in peer-reviewed journals and case centres of international repute. A number of these publications are aimed at SDG-related objectives. A few of the recent publications are mentioned below:
Publications
Chakrabarti, A.B. and Krishnan, Kaveri (Forthcoming) “Impact of Institutional Ownership Heterogeneity on Sustainability Spending of Portfolio Firms: The Moderating Role of Credit Rating” Asia Pacific Sustainable Development Journal.
ABSTRACT: This study examines the influence of institutional owners on the sustainability spending of portfolio firms, considering dissimilarities in investment horizons and changes in the credit rating. Using a dataset comprising 24,822 observations from 2,804 Indian firms over a twenty-two-year period (2000 to 2021), the study tests hypotheses grounded in agency and institutional theories. The study reveals that firms with Domestic Institutional Investors (DIIs) allocate greater resources to sustainability compared to those with Foreign Institutional Investors (FIIs), attributed to differences in their investment horizons and governance practices that play a role in resisting isomorphic pressures to enhance credit ratings.
Chakrabarti, A.B. (2023) “Mind your own Business: Ownership and its influence on sustainability” Safety Science: 157(105926) 1-12 DOI: 10.1016/j.ssci.2022.105926
ABSTRACT: The study highlights the divergence in resource allocation towards corporate social responsibility (CSR) and health, safety, and wellbeing (HSW) across the different ownership categories. The study looks at CSR and HSW investments as part of the firm’s external and internal sustainability objectives, respectively. This study uses panel data multiple regression with ordinary least square random-effects model on a sample of 4158 Indian firms within the period 2014 to 2020 with a total of 24,168 observations to test its hypothesis. The results indicate that state-owned enterprises (SOEs) have a substantially higher impact than private-sector firms on sustainability initiatives. Meanwhile, there is heterogeneity in the resource allocation on sustainability by the different ownership categories in the private sector. On the other hand, foreign institutional investors (FIIs) stimulate sustainability investments while being predominantly present in some of the worst CSR performers.
Case Studies
Karthika S and Amit B Chakrabarti (2023) “Brandix: Strategy for Environmental Sustainability” Ivey Publishing. Product ID: W34178
Brandix Group (Brandix), an apparel manufacturing firm with facilities in Sri Lanka, India, and Bangladesh, began its sustainability journey in the early 2000s, much before there were established practices in the apparel manufacturing industry, in an effort to combat and adapt to the challenges of climate change. The company had worked across all of the group’s establishments to ensure waste minimization, material efficiency, energy efficiency, and eco-efficiency in operations. Ashroff Omar, chief executive officer of Brandix, felt the time had come for Brandix to review its sustainability efforts and assess whether its sustainability strategy could be continued. He was planning to expand the scope of sustainability practices beyond firm boundaries, and explore the impact of possible changes in regulations, technology, and challenges from competitors.
The case is intended for graduate-level courses in business strategy, strategic processes, competitiveness, and international business. This case study has been used by the authors in elective courses in strategic resilience and international business. It explores how a company can work together with its stakeholders to expand sustainability practices and achieve competitive advantage in the long run.
Learning Objectives:
Through analyzing the case, students will be able to understand
- how environmental sustainability can be a resource and/or a capability that can lead to differentiation;
- the divergence in priorities among stakeholders while implementing a sustainability strategy;
- how to operationalize circular economy processes in a firm’s supply chain; and
- that environmentally sustainable actions of a company can (and have to) lead to competitive advantage in the long term.
This case addresses the following issues within Sustainability:
- Environmental
- SDG 12 – Responsible Consumption and Production
- SDG 13 – Climate Action
Revathi, K. & Chakrabarti, A.B. (2020) Vedanta: The CSR Challenge. The Case Centre, UK. Product ID: 720-0039-1
Vedanta is a globally diversified natural resource company with interests in Zinc-Lead-Silver; Oil and Gas; Aluminum; Iron Ore; Power; Steel; and Copper. Although it has mining operations across the world, its main market is in India. To fund its ambitious resource-seeking internationalization plan, the company tapped the financial markets in London as well as New York. This move however brought with it, unprecedented scrutiny of company operations at the ground level, something Vedanta was not prepared for. Most of these protests were orchestrated by a handful of non-governmental organizations (NGOs). They perpetually accused Vedanta of polluting the environment and violating human rights. The situation became so grave that the company was unable to start mining projects in several areas where they had already made substantial investments. Moreover, several of their plants were shut down by the combined forces of the Judiciary, Bureaucracy and Politicians. It was in this context that Mahendra Kumar Sharma joined company in the year 2019 as a non-executive independent director. He was also designated as the acting chairperson for CSR. Knowing the severe backlash from the community, Mahendra Kumar Sharma now must come up with a plan of action to mitigate the risks which the company is facing.
Teaching and learning
This item is suitable for postgraduate and executive education courses.
Learning objectives
- To introduce the concept of Corporate Social Responsibility as insurance for reputation and the license to operate.
- To correlate Corporate Social Responsibility as a support for talent recruitment and retention.
- To design a suitable Corporate Social Responsibility strategy for a company under duress to ensure risk mitigation.
- To explain the concepts related to non-market strategy and Corporate Political Activity in particular.
Outreach and Advocacy
We engage people from business, government, civil society, and academia to advance responsible and accountable management education and practice.
The Indian Institute of Management Visakhapatnam (IIMV) is committed to supporting and nurturing budding entrepreneurs from Andhra Pradesh and Telangana in India. IIMV has partnered with NSRCEL, IIMB, to conduct the Women Startup Programme (WSP). This programme aims to encourage entrepreneurship among women by giving them various support like workspace, mentorship, networking opportunities, etc. In a country where gender inequality is a crucial problem, the WSP provides an unprecedented platform for women to become self-reliant and economically independent. To know more about this program click here.
IIM Visakhapatnam, along with the National Productivity Council, DPIIT, MoC&I, GoI, the United Nations Global Compact Network India and India Potash Limited as the industry partner, organised the ‘Andhra Pradesh Sustainability Conclave' on the topic of 'Productivity and Green Growth' at the IIM Visakhapatnam Permanent Campus at Gambheeram on April 20, 2023.
The conclave addressed sustainability issues to promote green growth for a productive and sustainable future. The event featured renowned speakers, including Shri Sundeep K Nayak, IAS, Director General, National Productivity Council. The keynote address at the event was delivered by Shri Ratnesh Jha, Executive Director, UNGCNI. Shri K D Bhardwaj, Director & Group Head - Environment and Climate Action, NPC, delivered the technical presentation on the topic.
Going forward, we aim to partner with like-minded educational institutions to promote our aspirations, document our initiatives, share our lessons learned, and help each other address our challenges. We have not only committed to the PRME but also are an active member in the SDSN. Furthermore the institute has signed an MOU with the UNGC India Chapter to work together in fulfilment of the SDGs.
Student Activities
We advance responsible management education to foster inclusive prosperity in a world of thriving ecosystems.
The Indian Institute of Management Visakhapatnam has a student organization named Vatsalya which works in close coordination with the Centre for Responsible Management Education. It is the social activities club of the IIIM Visakhapatnam. The vision of this club is to be a helping hand to the needy to the possible extent and bring a visible change in the Society around us. The club aims to bring awareness to the existing issues and encourage people to work for the upliftment of the nation. They hold various events such as ‘Dan Utsav’, Donation Camps and help different schools, orphanages, and old age homes. With the support of the IIMV family, they collect and send relief funds whenever needed. They work with other non-profit organizations based on the need or issue and extend their support in all possible ways. With a firm dedication, Vatsalya is determined to work for the betterment of Society and bring a positive change.
Vatsalya
The Indian Institute of Management Visakhapatnam has a student organization named Vatsalya which works in close coordination with the Centre for Responsible Management Education. It is the social activities club of the IIIM Visakhapatnam. The vision of this club is to be a helping hand to the needy to the possible extent and bring a visible change in the Society around us. The club aims to bring awareness to the existing issues and encourage people to work for the upliftment of the nation. They hold various events such as ‘Dan Utsav’, Donation Camps and help different schools, orphanages, and old age homes. With the support of the IIMV family, they collect and send relief funds whenever needed. They work with other non-profit organizations based on the need or issue and extend their support in all possible ways. With a firm dedication, Vatsalya is determined to work for the betterment of Society and bring a positive change.
Vatsalya, the Social Responsibility club of the Indian Institute of Management Visakhapatnam, strives to sensitize the future business leaders of the institute towards social responsibilities and the importance of corporate social responsibility (CSR) and environmental, social, and governance (ESG). Vātsalya (वात्सल्य) refers to "loving-kindness," which means upholding the promise to provide altruistic services to enhance the community's standard of living. Vatsalya offers a helping hand and basic amenities to the underprivileged, as well as spread awareness related to social issues and physical and mental well-being for the upliftment of society. To fulfill the requirements of those in need, we make the most of the knowledge and resources at our disposal. With the help of the administration, staff, and Student Affairs Council at IIMV, we collect and send relief funds when natural disasters happen. Vatsalya works in tandem with several non-profit organizations for the betterment of society, thereby enabling IIM Visakhapatnam to develop a network hub of NGOs to bring visible change in society. Vatsalya has collaborated with the Ekam Foundation, Mumbai, to provide financial assistance to children through the Surgery Support Program. Vatsalya has also collaborated with SAKONSA, a social welfare foundation that focuses on developing a broader mindset about UN goals.
Vision: To uplift our society and create a sense of empathy among people.
Mission: We “Grow by Giving” and “Live by Caring”, not just for people but also for the environment
Core Values: With a firm dedication, Vatsalya carries forward the legacy of working for the betterment of society and bringing positive change.
Projects 2023-24
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