Nestle opens nominations for sustainable development award

NEW DELHI - Global processed food giant Nestle Friday invited entries from individuals, non-government organizations and small enterprises for competing in its international award for innovative solutions on water management, nutrition and rural development.

The global award, which is called the “Nestl Prize in Creating Shared Value” was instituted in 2009. Its main aim, according to the company, is to provide financial support of up to Rs.2.2 crore to the winner for development of their projects and innovation.

‘Creating Shared Value’ was developed as a concept by Prof. Porter at the Harvard Business School and encourages each organisation to create economic and social value simultaneously by focusing on the social issues that each is uniquely capable of addressing, said Antonio Helio Waszyk, chairman and chief executive, Nestle India, while making the announcement for the award here.

According to him, the ‘Creating Shared Value’ concept is different than corporate social responsibility (CSR) because it involves partnerships and active involvement of the company with several stakeholders like farmers with whom Nestle also procures its raw materials from.

‘Creating Shared Value’ is not about philanthropy. It is about leveraging core activities and partnerships for the joint benefit of society and shareholders. In this way, value is created for both the company and society, he said.

Waszky further said that applicants for the prize can either self nominate or be nominated by others, who are familiar with their work.