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SINGAPORE: To adopt corporate social responsibility or CSR, companies need an alternative system.
This is according to Mr B Muthuraman, managing director of Asia's first and India's largest private sector steel company, Tata Steel.
Speaking to business leaders in Singapore, he said firms should adopt corporate practices that allow them to give back to society.
"It's not a question of economic benefits. I can safely say that over a long period of time, companies which have good CSR practices are also the ones who succeed in business," he said.
Mr Muthuraman also urged the civil society to counter the power of investors.
The Tata executive is a board member of the United Nations Global Compact which promotes good corporate practices.
Latest figures show that 65 Singapore companies have signed up with this United Nations organisation, up from 62 in April. -CNA/vm
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