Corporate Social Responsibility on the Rise?

By Peter Salisbury

Given that 2012 has been a tumultuous year economically, following on from 12 months of political upheaval in the Middle East and North Africa, it is no surprise that a new form of accreditation being issued by the Dubai Chamber of Commerce has not attracted much attention.

Since December 2011, the chamber has been issuing businesses working in the emirate with its own corporate and social responsibility awards. The first recipients were telecoms operator Du, home services company QBG Services, and the self-explanatory Nail Spa, all Dubai firms. More recently, Canon Middle East, the regional subsidiary of the Japanese camera maker, was awarded with CSR status.

Although it may not be the most exciting topic in the world, CSR is an increasingly important part of major multinational companies’ branding and one which, in the wake of the financial crisis of 2008-2010 and more recently the London Interbank Offered Rate (Libor) scandal in the UK, is also becoming a bigger talking point among consumers.

At heart, says an executive with experience at a major UK financial institution, CSR comes down to four kinds of responsibility. First is the responsibility to shareholders and owners to run the company so that it is as profitable as possible. Second comes the need to work within the legal framework of the country, or countries, a firm works in. Both of these responsibilities are requirements for big, modern firms. If you don’t make money, or you break the law, then you are in trouble.

Continue reading about CSR as an important part of major multinational companies branding.