India Inc conflict of interest pre-empted by 5Cs, being objective and positive helps arrest it: Sri Sri Ravi Shankar

‘Conflict of interest’ is a term that has been cropping up recently in debates about corporate governance in the Indian banking sector, with private banks in the spotlight, along with their boards and CEOs.

Loosely, the term means being split between one’s professional duties and personal interests. But one wrong decision can have far-reaching consequences — both professionally and spiritually.

As this discussion on ethics and morality rages, Art of Living founder Sri Sri Ravi Shankar sheds some light on the issue.

What is conflict of interest?

“Conflict of interest stems from a limited identity of oneself and a small radius of belonging. It often arises when one’s ability to make unbiased decisions is compromised. This happens when a leader responsible for bigger and larger outcomes gets caught up in a small-set of objectives that arise from a ‘whatabout-me’ mindset. When the mind is constrained, the perception gets clouded. As a result, decisions are less likely to serve the organisation, its customers, employees, and other stakeholders in the long run.”

Resisting the urge

“Conflict of interest can be pre-empted by five Cs: courage, connectedness, care, compassion and cosmic understanding of life. Decision makers arrest the conflict of interest as they expand their sphere of belongingness and look beyond their private interests. It takes courage for corporates to stay committed to a larger vision of uplifting life around them. Connectedness brings a sense of assurance and feeling of community. A positive mindset nurtured by spirituality goes a long way in arresting such conflicts of interests for both young and old corporates. Finally, the cosmic understanding of life helps one look at life from a much broader context and, in turn, allows one to focus on what is important.”

Maintaining objectivity

“When sensibility and sensitivity converge, one can effortlessly keep an eye on the bigger picture. This helps evaluate situations dispassionately and maintain objectivity in every scenario. It is important to recognise that there is goodness to be found everywhere. So, many corporate leaders have a larger vision for the organisation, society and the world and they are doing business ethically.”

Identifying and handling conflict of interest
“Appropriate policies and procedures help identify and handle conflicts of interest. At the end of the day, purity in heart, clarity in mind and sincerity in action are essential in maintaining objectivity. Human life is structured like an atom. At the centre of the atom is the proton and a field of negative charges orbits it. Similarly, we have virtues at the centre of our being — it is our nature to be ethical and value-based. This awareness supports us in navigating any situation that carries potential for any conflict of interest. What blocks this awareness is stress. Being with ourselves in silence, in meditation for a few minutes every day helps us see this more clearly.

Last but not the least, it also helps to absorb wisdom and draw inspiration from those who have handled such situations before.”

Is it worth it?

“Yes. Definitely. Being committed to the larger good creates trust with all stakeholders. Trust is essential for any endeavour.”