ITC and GSK win the Porter Prize 2017 for Creating Shared Value
Harvard Business School Professor and leading management thinker, Michael E. Porter presented Porter Prize 2017 to winning companies for their unique strategic acumen. The award is adjudged after a rigorous process of evaluation and selection. Participants are thoroughly analysed on vital parameters of competitiveness and a jury selects winners who do exceptionally well in their respective category. The event was organised by Institute for Competitiveness, India on May 24, 2017 at The Taj Mahal Palace, Mumbai.
Professor Porter delivered a keynote on the revolutionary idea of shared value. He shared his belief that businesses need to play a larger role in society, not through philanthropy or CSR, but by creating societal impact along with making economic gains. Societies are facing multiple challenges, but government and NGOs lack sufficient resources to fully meet them. Businesses are the only institution that can create wealth and prosperity and are unique in their capability to scale their operations. Professor Porter called out to the industry leaders gathered in the room to rethink their businesses along these lines. He also appealed India to do away with its “backward” 2% CSR law and progress towards the idea of shared value.
ITC Ltd. and GSK shared the Porter Prize for Creating Shared Value. Annaswami Vaidheesh and Sanjeev Puri received the awards on behalf of GSK and ITC respectively. The citation read “ For your outstanding performance in the industry and to recognize the high impact your organization has created by reconceiving products & markets, redefining productivity in the value chains, enabling community development and in turn creating societal and economic progress.”
The winners can be looked here.