CSR can be defined as……… ‘a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis’- EU Green Paper
‘…actions that appear to further some social good, beyond the interests of the firm and that which is required by law’- McWilliam & Siegel (2001:117)
‘Doing the right thing’ - General Source: Lagos Organisational Review, August 2007
Understand this……… The wrong view of CSR as an act of magnamity or philanthropy makes businesses view it as a matter of choice. And as a result, most companies have embarked on this journey grudgingly or semi-consciously due to societal pressures. This has led to half-hearted initiatives where many have strayed off- track and millions of naira lost.
What CSR should be is………. ….the continuing commitment by businesses to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as the local community and society at large. Source: SIAO CSR Newsletter, Vo.l 1, Iss. 1, 2008
A CSR oriented organization….. Is economically, socially and environmentally responsible. Creates valuable relationships between its workers, organization and the society. Shows how accountable it is in the deployment of its resources and that of its host communities.
Easily creates a laudable brand with strong reputation.
To achieve a sound CSR policy…. Corporate organizations need to understand that CSR has advanced beyond mere philanthropy to a constant responsibility and accountability for best working practises and impacting the environment positively Corporate companies need to have a CSR focus. Corporate companies should partner more with developmental organizations.
Cont’d….. Should involve their Board of Directors in carrying out CSR activities.
BEING CSR ORIENTED……… Helps an organisation secure many of the potential benefits of being a responsible corporate citizen. Helps an organisation win the trust of its stakeholders and set the organisation apart as an accountable business. Helps put an organisation ahead of making profit to creating sustainable development.
Cont’d………. Develops and cares for its workforce, who in turn give their best for further corporate development. Helps minimize social attacks Further aids the achievement of development organisations’ missions. Influences the effectiveness of development institutions in the society.
Benefits of CSR – Corporate Org stronger financial performance and profitability (e.g. through eco-efficiency), improved accountability to and assessments from the investment community, enhanced employee commitment, decreased vulnerability through stronger relationships with communities, and improved reputation and branding.
Benefits of CSR – Stakeholders Who are stakeholders? Stake Holders are people affected by the activities of the corporate organisations. They include: Customers, Investors, Employees, Local Citizens, Government etc. They are very influential in the decision making of Corporate organisations.
Stakeholders Benefits Stakeholders benefit form CSR in every aspect of their lives: Health Finance Family Social Security Education etc.
CSR IN OTHER COUNTRIES Developed Countries' government play a major role in the sustainability of CSR than in developing countries. CSR in advanced countries emphasize very much on ETHICS, e.g. In the US, the Sarbanes-Oxley Act maintains that senior executives (CEOs) are to certify their companies' integrity and are liable to suffer the consequences
CSR Oriented Corp. orgs. Society Dev. Orgs Workforce Progs. & projects How Corporate orgs and Stakeholders interrelate to add value
Some Good Value benefiting CSR MTN Foundation (Nigeria)– MTNF partners several development institutions including FATE FOUNDATION to execute sustainable projects in 3 areas namely Health, Education and Empowerment. The COCA COLA Africa Foundation:- TCCAF focus on projects in the areas of Entrepreneurship, Education, Health and Environment. TCCAF partners with credible organisations and focuses on high community engagement. Ecobank Foundation :- Partners with FATE FOUNDATION on a steady basis to develop entrepreneurship in Nigeria.
British Telecommunication (BT) :- BT partnered with OneWorld - a charitable organisation working to promote human rights and sustainable development across the globe – IBM :- Empowering women entrepreneurs in developing/emerging countries by connecting them with IBM professionals. The CSR model provides a unique blend of coaching and additional support methods.
A Good Word…… Credible Partnerships with Credible Development organisations will assist Corporate firms achieve Credible and sustainable CSR programmes.
PARTING WORDS ………. ………When it comes to CSR, Corporate Firms Should “Walk the Talk”
CONTACTING FATE: Lagos Office 1 st Floor, Water House, Lagos State Water Corporation, Ijora Tel: 4706836/40; 4744237, Port Harcourt Office 141, Olu Obasanjo Road, (Charis Plaza), Port Harcourt 084-743525 E-mail: firstname.lastname@example.org@fatefoundation.com Website: www.fatefoundation.com