A UAE newspaper has said that philanthropy is not a term restricted to individuals. Private companies too can play a proactive role in helping the community and building a vibrant society. The UAE has always been in the forefront when it comes to launching innovative and well-meaning schemes aimed at benefiting the public.
In an editorial on Wednesday, The Gulf Today said, "The Ministry of Economy’s announcement that it will be mandatory for the private sector to declare their Corporate Social Responsibility, CSR, initiatives by the end of 2017 is another such noble initiative that will go a long way in helping the entire society.
The paper went on to say, "Sultan bin Saeed Al Mansouri, Minister of Economy, has well explained that 11 initiatives will be introduced to develop a supportive and stimulating environment for companies to invest in helping the community.
"Incidentally, there is an ambitious goal of collecting around AED500 million in cash contributions to enhance the commitment of companies to social responsibility in 2017.
"There are several motivational factors. Top givers will get privileged treatment in governmental projects.
"As outlined by Mohammed Ahmed bin Abdul Aziz Al Shehhi, Under-Secretary for Economic Affairs, a "CSR Label" will be used to promote corporations and the responsibilities according to the relevant regulations and requirements.
"The outstanding contributions of companies in charitable and community work will be recognised and honoured annually.
"It’s not just that. A "CSR Passport" will be granted to five companies excelling in CSR. The criteria will include the company’s vision, CSR strategies, and the extent of innovation in its community programmes.
"The passport will grant special privileges to those companies which will be offered by local and federal government agencies.
"Incorporating CSR programmes in their business agenda can bring in immense value for companies. In this connection, it would be interesting to note that the Arabia CSR Network would soon conduct a three-day accredited training course on the fundamentals of corporate social responsibility and sustainability, to help individuals and organisations understand how CSR can add value to a company.
"The training is designed to provide an introductory framework for participants looking to build their understanding of CSR and sustainability. Since the declaration of 2017 as the #Year of Giving by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, efforts are on to develop an integrated framework that will spread the culture of giving across the country.
"As Al Mansouri rightly points out, such initiatives introduce a solid base for the organisational system of charity work in the UAE," concluded the Sharjah-based daily.

Source: WAM