ICICI Bank 2008 Annual Report Download - page 5

Towards a better life
business. By and large, Indian business has recognised the
critical importance of good governance, in all its dimensions.
Social responsibility and ethical behaviour are not inconsistent
with narrower objectives of profitability and shareholder
wealth maximisation. Indeed, they are critical to sustainable,
long-term value creation. Contributing to an ecosystem that
empowers people to participate productively in the economy
creates new growth opportunities for business; maintaining
high ethical standards ensures healthy market behaviour and
the primacy of legitimate economic forces.
At the ICICI Group, we view our social initiatives and our ethical
standards as core elements of the foundation we are building
for our growth. During the year, we have sought to take our
social initiatives to the next level through the establishment
of The ICICI Foundation for Inclusive Growth. We believe that
this will significantly expand the ICICI Group’s activities in
the area of corporate social responsibility, philanthropy and
community development. The Foundation will seek to catalyse
and accelerate social and economic inclusion by bridging
economic and human development gaps.
The ICICI Group will continue to leverage growth opportunities
in India and overseas, seek to make a significant contribution
to the integrated development of our country and build a
platform for sustained growth that will create value for our
stakeholders.
N. VAGHUL
Chairman
Annual Report 2007-2008 3
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