Cardinal Telesphore P. Toppo (in the background) walks towards the dais to deliver the keynote address at the annual JRD Tata oration on business ethics. Picture by Uma Shankar Dubey

Jamshedpur, Feb. 9: Cardinals, the highest dignitaries in the Roman Catholic Church, and members of the board of directors of conglomerates might have to follow similar principles in their realms of power.

Cardinal Telesphore Placidus Toppo tried to co-relate principles and power while delivering the 13th annual JRD Tata Oration on Business Ethics at the Xavier Labour Relation Institute (XLRI) auditorium here today.

The topic of this year’s oration was, “Corporate governance in the third millennium and the church’s contribution.”

Keeping the tradition of speeches delivered by personalities like JRD Tata and Mark Tully at the annual JRD Tata oration, Cardinal Toppo said, “From the dawn of history, we see power at work in all human interactions. The central concern of study was how this power is delegated and shared with others, especially, for the sake of the wellbeing of all.”

He added that corporate governance was a contemporary topic as it continues to hold the attention of business houses, governments and corporate management.

Quoting Mahatma Gandhi, he said: “Corporates should consider themselves as trustees of the poor and of public resources.”

According to him, in view of the growing importance of corporations, the society is faced with three major problems. First, the growth in corporate size has brought an increasing separation of control from ownership. Second, the size of many corporations gives them economic power, a development that permits escape from the discipline of the competitive market. Finally, society has not been wholly successful in making certain that corporate performance serves the public interest as well as the interests of owners and managers.

He added that within the vast scheme of the hierarchy of the church’s administration, the Cardinals occupy an important place.

“As bishops, they are responsible to the church given to them. As cardinals they share with the Pope the responsibility over the whole church. They are called upon to exercise this responsibility through their collective counselling and individual exercise of authority,” he said.