Globalisation fallout as valid as green issue, group says

Climate change and environmental protection are important aspects of corporate social responsibility, but there is a rising scepticism among some campaigners at how 'green' issues are suddenly being embraced.

Chandran Nair, founder and chief executive of the Global Institute For Tomorrow (Gift), a Hong Kong-based independent non-profit organisation that focuses on the many challenges of globalisation in Asia, said corporate social responsibility was not totally about the 'green' issue.

'Going green is a trend today. While non-polluting aspects of operations are a good thing, there are many other important social problems [caused by industry and globalisation] that are just as valid to consider,' he said. 'But philanthropy and giving should also not be confused with CSR.

'Some [questionable] business practices are well safeguarded by certain highly respected industries.'

Mr Nair pointed to the practice of 'transfer pricing' by big accountancy firms. It involves the pricing of goods and services within a multi-divisional organisation, often involving cross-border transactions, to hide profits and transfer revenue overseas that could be invested locally.

'While investment banks may be talking about [offsetting] carbon emissions - which is the new 'sexy' [issue] of commerce, the lack of transparency in this industry is unacceptable,' Mr Nair said.