How do you view the attitude of today's corporates towards discharging their responsibilities?

India has an ancient history of Vaishya Dharma--responsible business. The licence-permit raj of 1950-90 alienated businesses. Since liberalisation, business is in the mainstream. And corporates are aware of their responsibility.

How should corporates go about shouldering their responsibility?

Corporates should have astated policy. Elements of the policy could be captured in their vision and values.

But how much should be their contribution?

For environmental responsibility, the budget would depend on the company's manufacturing process and its liquid, gas and other effluents. For social responsibility, I have been advocating up to 1 per cent of pre-tax profits to be allocated to deserving needs, causes and NGOs.

Would making the obligation legally binding help?

A legal obligation is useful only in environmental responsibility. But the more reputed companies will exceed the legal standards.

What kind of incentives should the government offer to prompt corporates to indulge in community work?

A provision that social/community work will qualify for tax deduction may be adequate. Further incentives may not be needed.

Should corporates execute community work themselves or hire NGOs to do it?

It's better to go through a credible local NGO. But in remote locations, the company manyhave to do it directly.

But how does a corporate keep a check on an NGO?

The corporate can adopt its management system and skills to ensure NGO participation through plans, budgets, programmed periodic reports, reviews and discussions.

How much should NGOs spend on themselves?

An NGO can be bench-marked with leading NGOs in India and abroad. Some of them spend less than 8 per cent of the funding on their own administration.

Would having separate environmental courts help rein in corporate polluters?

For corporate pollution offenders, separate courts with quicker judgements and retribution will help.

Should the polluter pay for pollution?

Yes, of course. He should invest to reduce and eliminate pollution. For unavoidable residual pollution, he should do compensatory work, such as tree plantation.

Do you think that giving people the right to draw out information from polluting industries is likely to prompt the latter to behave responsibly?

Good corporategovernance should include transparency and disclosure, including on pollution and its control.

And, finally, is it fair to make only businesses accountable on such issues?

Government, research, academic and other institutions, and mostly importantly, each citizen should be accountable.