csr today
The progress so far and the way forward “Companies with their eye on their ‘triple-bottom-line’ outperform their less fastidious peers on the stock market” – The Economist. Triple bottom line is usually referred to as the value attached to a company’s Environmental, Social and Governance (ESG) factors. The statement is proving right in the Middle East also.
by Sow mya S u n da r
C
orporate social responsibility (CSR) is no longer considered synonymous with charity. Companies take their CSR initiatives seriously as it has proved to add value to their businesses, open up new markets and create goodwill among stakeholders. Qatari companies, both state-owned and private, are taking a more focused approach to CSR by identifying key areas that best fit the organisation’s overall goals and taking steps to maximise the impact of their initiatives, and develop a model that will deploy resources most effectively. Be it Qtel, Vodafone Qatar, Qatar Financial Centre, Qatar National Bank, Qatar Airways, RasGas, Qatargas or Qatar Petroleum, they have all chosen to work with social communities to create a positive impact on their businesses. Be it supporting skill development, adopting cleaner technologies, recycling electronic waste or employee volunteer schemes, CSR is now a part of core business strategy and not an add-on. In Qatar, the approach to CSR is top-down. The Qatar National Vision 2030 sets specific goals for sustainable development and creates a broad framework for individual companies to choose an area that will fit into their business strategy. The country has taken long strides by creating awareness, introducing codes for corporate governance (CG) and developing standards for green buildings.
76 Qatar Today
june 2012