A Corporate Social Responsibility Toolkit was launched on Monday by the Chamber of Commerce, Enterprise and Industry in collaboration with Bank of Valletta, presenting a series of CSR best practices by chamber members intended to serve as evidence that CSR makes business sense and contributes to building better businesses.
This venture is part of a joint project of the two organisations launched in 2011 under a support agreement to create awareness about responsible entrepreneurship and on maximising the benefits of CSR to both business and society at large.
Addressing an audience of business leaders, MCCEI's president David Curmi stated that “certain businesses are not aware that a well-structured CSR policy can improve their operations, brand image in the market and indeed their bottom line”.
Results of a profiling exercise set out in a report on the first phase of the project showed that 88% of the 200 companies surveyed were engaged in CSR related activities but only 55% communicated their CSR activities to their stakeholders. The exercise also revealed that while larger sized enterprises tended to have a more structured CSR policy, small enterprises also had a strong impact on their immediate community and surroundings.
Mr Curmi added that “the study was taken to a more in-depth level as this was followed by a detailed assessment of the distinctive CSR activities as well as their impact upon business and the community at large. The chamber also sought to create greater awareness of CSR among its members as well as BOV business clients. A number of working groups and sub-committees were set up, providing a comprehensive insight on CSR at a local level, while bringing together companies with best practices in the three facets of CSR: corporate, social and environmental.”
“At a CSR national conference on 31 October 2012 (which was reported in this paper) the predominance of responsible entrepreneurship among local firms, both large and small, was clearly marked. This is the message that we would like to bring forward today – the importance of inculcating responsible entrepreneurship into the fabric of all local enterprises, irrespective of their size”.
Mr Curmi emphasised the importance to companies of communicating their CSR practices to their stakeholders and to the community at large. “I urge every business to share its vision of responsible entrepreneurship because our combined influence will be greater than if we act individually. Following the encouraging feedback from our members, the chamber is committed to taking this initiative forward. As we all know, earning respect in business is more difficult than earning money.”
On behalf of the Bank of Valletta, Michael Galea, chief officer operations, stated that BOV – founded in 1809 and now present in practically every town and village in Malta and Gozo – served over 300,000 customers and was the largest financial institution in the country. “Communities where we operate are key stakeholders in our organisation”, he asserted.
“Our key strategic direction calls for long-term sustainability while our brand promise is built on the concept of mutuality – both the bank and its customers have to benefit from operations. CSR requires both a tangible commitment as well as an understanding of the company's impact or footprint, how to minimise it but also make a positive contribution to society.
“We invest in the continuous development of our employees, implement projects on renewable energy, water conservation and waste management. Under our Community Relations Programme we finance activities in the arts/culture, heritage, education, environment, social, sports, and support to business associations.
“This goes beyond writing a cheque, to actual involvement, recent examples including many restoration projects, the national literacy programme, tree planting, and support to NGOs. CSR is about going beyond minimum requirements and understanding that our organisations are themselves stakeholders within society.”
Under the final section of the project report entitled 'Looking Ahead: 10 Things to Do', companies are urged to innovate through sustainability; look at long-term development; engage employees; dedicate specific resources to CSR; ensure consumer recognition; seek brand exclusivity and differentiation; improve business reputation; enhance marketing; build awareness of cost-savings outcomes; and leverage CSR activities to access broader financing opportunities.