Corporate Governance Meets Public Governance: Bridging Gaps for a Sustainable Future

(excerpts from my talk delivered at the House of Lords, London, UK)

Sonal Goel, IAS

Redefining Leadership for a Global Cause

For a moment, Imagine yourself standing at The House of Lords- the upper house of the UK Parliament housed at the historical Palace of Westminster, amidst a gathering of luminaries—corporate leaders, policymakers, academics, and parliamentarians—engaging in a dialogue about governance and sustainability. That was the backdrop of my recent talk at the Global Convention of the Institute of Directors (IOD).

Today, I want to share key insights from this talk for the benefit of a larger audience, reflecting on how corporate and public governance can transform our world into a more sustainable, inclusive, and equitable place.

A Vision Rooted in 'Vasudhaiva Kutumbakam'

India’s ancient philosophy, Vasudhaiva Kutumbakam—“the world is one family”—resonates deeply in these times of 2 interconnected challenges. Climate change, socio-economic disparities, and the rapid digital revolution cannot be tackled in silos. Inspired by this ethos, India’s G20 presidency adopted the slogan: "One World, One Family, One Future," urging global collaboration for sustainable development. This spirit of unity was palpable at the convention, where I had the privilege of meeting luminaries like Lord Karan Bilimoria and Baroness Verma, whose contributions to public service and leadership are truly inspiring. It was an honour to present them with my book, a gesture symbolizing the exchange of ideas and the enduring bonds between India and the UK.

The Indian Diaspora: A Bridge Across Nations

The Indian diaspora in the UK plays a remarkable role in strengthening the social, cultural, and economic fabric of the country. With over 1.5 million individuals of Indian origin contributing across diverse sectors, from healthcare to technology and the arts, their impact is undeniable. The diaspora’s entrepreneurial spirit has led to thriving businesses, while their commitment to community welfare continues to enrich British society. Organizations like the UK India Business Council (UKIBC) highlight how the diaspora acts as a bridge, fostering economic partnerships and cultural understanding between our two nations. Their success is a 3 testament to the shared values of hard work, resilience, and inclusivity that define both India and the UK.

Sustainability as a Shared Responsibility

One area where this synergy shines is climate action. India’s ambitious target of generating 500 GW of non-fossil fuel energy by 2030 is a testament to its commitment to renewable energy. Collaborations like the International Solar Alliance exemplify how public governance can galvanize privatesector participation. Corporates like Tata Power and British Petroleum (BP) are making bold moves in green energy, proving that sustainability isn’t just a compliance issue—it’s a responsibility to the “global family.” Imagine the transformation if every corporate board embraced this mindset, seeing clean energy not as a cost but as an investment in humanity’s future.

Digital Transformation: Inclusion as Innovation

Another vital pillar of progress is digital inclusion. India’s Digital India campaign has brought over half a billion citizens online, bridging divides and empowering communities. Digital connectivity is no longer a luxury—it’s a right. 4 Corporate partnerships have amplified this effort. Indian banks, in collaboration with the government, have brought financial services to remote villages. Similarly, UK-based Vodafone has pioneered mobile banking solutions in emerging markets. These initiatives highlight how technology, when harnessed inclusively, builds resilient societies and opens doors for millions.

Diversity: A Catalyst for Governance and Growth

Diversity in leadership is more than a moral imperative—it’s a strategic advantage. A McKinsey study reveals that ethnically diverse companies are 36% more likely to outperform their peers. Boards that reflect society’s plurality are better equipped to navigate complex challenges and foster innovation. India’s Companies Act mandates gender diversity on boards, echoing similar efforts in the UK, where the Parker Review promotes ethnic representation. This isn’t just about ticking boxes—it’s about ensuring governance is inclusive, representative, and impactful.

Public-Private Partnerships: Transformative Collaborations

5 When public and private sectors join forces, they create solutions far greater than the sum of their parts. Take India’s National Infrastructure Pipeline (NIP), which aims to develop world-class infrastructure across sectors like transport, energy, and urban development. Through collaboration with private entities, this initiative ensures efficient project execution, job creation, and long-term economic growth. Similarly, the Ayushman Bharat Digital Mission is a shining example of leveraging technology to transform healthcare. By partnering with private companies, the government is building a seamless digital ecosystem for health services, enabling better accessibility and transparency. These programs show that partnerships can not only drive innovation but also uplift communities and address systemic challenges effectively.

Leadership for a Shared Future

At its core, sustainable development demands purposedriven leadership. Corporate boards must go beyond profitmaking to address broader social and environmental goals. As Paul Polman aptly put it, “The business of business is to improve the state of the world.” Leaders have a unique opportunity to embed the UN’s Sustainable Development Goals (SDGs) into their strategies, 6 ensuring every decision contributes to a more inclusive and resilient world. This isn’t idealism—it’s smart governance, preparing businesses and societies for long-term success.

A Legacy for Future Generations

In this context, every action we take today builds the foundation for the future we leave behind. India’s ancient saying, Sarve Bhavantu Sukhinah—“May all be happy”— embodies the essence of shared happiness and prosperity. This timeless wisdom reminds us that true leadership, whether in governance or business, is about prioritizing the well-being of people, communities, and ecosystems. Purpose-driven leadership must not only focus on present needs but also anticipate the impact on future generations. Every choice we make today—whether in the boardroom or government office—has the power to shape the legacy we leave for those who follow. The future will look to us not only for the solutions we create but for the values we embed in every decision. By acting with foresight and responsibility, we can ensure that the legacy we build is one of lasting positive change, rooted in sustainability, inclusivity, and shared prosperity.

A Call to Action: Let’s Make Change Together

As I concluded my address at The House of Lords, I posed a question that I now extend to you: How can we, in our roles as leaders and citizens, drive a future where profit aligns with purpose? The choices we make today—whether investing in clean energy, fostering digital inclusion, or promoting diversity—will shape the legacy we leave for future generations. Let’s commit to a world where “One World, One Family, One Future” isn’t just a slogan but a guiding principle. Together, through collaboration, innovation, and unwavering resolve, we can build a sustainable and inclusive future for all. As environmentalist Wangari Maathai said, “We owe it to the present and future generations of all species to rise up and walk.” Let’s rise together—corporate boards, governments, and citizens—to ensure that the steps we take today pave the way for a brighter, more sustainable tomorrow.

Jai Hind. Namaste!