The imbalances these numbers represent undermine social and economic development and pose risks to business sustainability. At its annual business lunch on October 10, the BCSDH handed over its Sustainable Future Awards. The event highlights the role of businesses in reducing inequalities and driving systemic transformation.
Recognizing an urgent need for action, BCSDH has introduced a five-point action plan to help businesses address social inequalities. The annual awards ceremony celebrates leaders already making significant contributions, acknowledging their efforts in transforming corporate practices to create a more equitable and sustainable future.
At the core of the discussions at the BCSDH event was the acknowledgment that inequality is not just a social issue; it is also an economic one. Companies have a pivotal role in mitigating the effects of inequality, not only within their own operations but also across their value chains. The action plan presented at the event provided a framework for how businesses can take meaningful steps toward addressing these disparities.
“Reducing inequality is not only a social obligation but a business imperative,” said BCSDH president Attila Chikán Jr. He emphasized that inequality threatens the foundations of economic stability, and addressing it is crucial for long-term business success.
The action plan outlined steps such as paying fair wages, creating safe and inclusive work environments, and fostering opportunities for lifelong development. In taking these actions, companies can help ensure that their employees and value chains are resilient and sustainable in the face of growing social challenges.
Carolien De Bruin, senior director of equity action at the World Business Council for Sustainable Development (WBCSD), echoed these sentiments in her keynote speech.
“Rising inequality and the need to tackle the ‘S’ in ESG in an integrated manner is both a material risk and an opportunity for businesses,” she stated. De Bruin pointed out that businesses are increasingly being called upon to address social issues, and the introduction of regulations such as the Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CSDDD) makes this not only a moral but also a legal requirement.
The overarching theme of the BCSDH event was the need for systemic change to address the growing inequalities in society. While businesses have traditionally focused on profitability and shareholder value, the conversation is shifting toward a more holistic approach that considers the well-being of employees, communities, and the environment.
“Systemic transformation is essential if we are to address the root causes of inequality,” said Chikán in his closing remarks. “Businesses must work in partnership with governments, civil society, and other stakeholders to create an inclusive and sustainable economy.”
The importance of systemic change was further underscored by De Bruin, who noted that companies have the power to influence not just their employees but also the workers in their supply chains, their consumers, and the communities they serve.
“Collective, bold, and decisive action is needed to make this vision a reality,” she stated. “Through the Business Commission to Tackle Inequality, we are investing in the solutions of tomorrow and squarely putting equity into the boardroom.”
The event’s roundtable discussion, moderated by Márta Irén, BCSDH director, featured insights from top executives, including Raffaella Claudia Bondi, managing director of Roche Hungary, Viktória Lucenko, CEO of Auchan Hungary, and Zoltán Mikó, CEO of Future FM. The discussion focused on the practical steps companies can take to implement the action plan and ensure that they contribute to a more equitable and sustainable future.
This year’s Sustainable Future Awards recognized leaders and companies taking significant steps toward creating a more equitable and sustainable business landscape. The awards were presented in four categories (Change Leader, Leading Woman, Business Solution, and Corporate Transformation) and highlighted the critical role of companies in addressing systemic inequalities.
Károly Nyári, vice president and head of group finance at Grundfos, was awarded the Change Leader Award for his visionary leadership in sustainability. He was praised for his forward-thinking approach to integrating sustainability into the company’s core business practices, particularly in employee engagement and development.
“Károly Nyári is a true leader in sustainability, guiding his company and its partners toward meaningful and impactful change,” the jury remarked.
Two prominent women in the business world were also recognized for their leadership in promoting sustainability. Anikó Körmendi, CEO of Arriva Hungary, and Zsuzsa Nagy, managing director of E.ON Hungária Group, were both honored with the Leading Woman Award. Körmendi was commended for her work advancing electromobility in Hungary, while Nagy was recognized for her innovative solutions promoting the country’s green energy transition.
The awards also celebrated innovative business solutions that are helping to drive systemic change. K&H Bank received recognition for its Agricultural CO2 Calculator, a tool that helps farmers measure their carbon footprint. Saint-Gobain Hungary and SolServices were honored for their contributions to biodiversity restoration and renewable energy, respectively. The Corporate Transformation Award went to Continental Automotive Hungary, which has made significant strides towards achieving carbon neutrality and circularity across its entire value chain, the BCSDH said.
This article was first published in the Budapest Business Journal print issue of October 18, 2024.
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