Vol. 6, Issue 2 (2020)
Triple bottom line: A journey towards corporate excellence
Author(s): MA Sankanur
Abstract: Today organizations are not mere economic entities. There has been an evolution of the concepts of managing business from Agency Model, Stewardship Model, Stakeholder Model, Societal Model i.e., what comes from society, as inputs to business should go back as outputs to society. Businesses have proved that they can discharge their social obligations and still be profitable and earn returns to all the stakeholders. The focus of organizations is to be economic as well as social entities and contribute to the growth and development of economy. Triple bottom line Approach enables business to converge three important dimensions Social (PEOPLE), environmental (PLANET) and financial returns (PROFITS) to achieve sustainable development. This paper makes an attempt to have an insight into the Triple Bottom Line as to how organizations can align the three dimensions strategically to overall business performance and achieve Corporate Excellence. It showcases the companies who have adopted TBL, have made significant changes and potentially revolutionized their approach. To incorporate TBL concept, an organization has to design a framework of policies and practices in Strategic Planning, Implementing and Control at all levels of management. TBL can be an effective Governance Mechanism to deliver good Corporate Governance. In future, TBL approach will not just be a fad or luxury but very essential for the very survival of the business.