Islamic culture key to regional CSR model

To work effectively in the Middle East, the policies would incorporate local culture with international standards that regional business could implement with government support.

During the keynote, entitled, 'What Does CSR Mean in the Middle East?' a panel of experts examined which ethics and values were being adopted by Middle East business and how they compared with Western standards. The consensus was that with market globalisation, corporate social responsibility has become a pressing issue for regional companies. However, due to the cultural and religious aspects influencing corporate culture it is difficult for regional business to implement international standards.

An additional facet was the diversified demographics of the region, where expatriates actually outnumber nationals, a unique situation, requiring a unique approach. Western CSR traditionally focuses on ethnic minorities, in parts of the Middle East they are the majority, so a different strategy would need to be formed to protect national values. The conclusion was that businesses in the Middle East need to share open dialogue with international CSR bodies using government support to implement the standards and promote the publication of annual CSR reports.

Najeeb Mohammed Al-Ali, Executive Director, for the Dubai Centre for Corporate Values commented, 'Giving to society is deep-rooted in Islamic tradition and a cornerstone of positive CSR. By bringing international and local companies together with government support, a model can be formed that will embrace local culture and international corporate standards. With only 3,000 companies worldwide producing dedicated annual CSR reports, we have an opportunity to close this perceived CSR divide.'

The comprehensive programme also addressed other prevalent issues such as, how to integrate CSR with business strategy and the increased value on investment, how CSR can help alleviate youth unemployment, transparency and CSR reporting, the effect CSR has on employee retention, the latest rules and regulations affecting CSR globally, how social and environmental responsibility can be profitable and identifying the differences between CSR and 'feel-good PR.'

'CSR is now firmly on the boardroom agenda. Today's enlightened stakeholders are demanding to know how corporations generate their wealth, where they spend it and what contributions they are making to society. With tools such as the internet, feel-good PR just doesn't wash anymore,' claimed Christianna Tsiterou, Summit Director.

An impressive line-up of international and regional expert speakers were in attendance including Dr Madhav Mehra, President of World Council For Corporate Governance (WCFCG); Paul Clements-Hunt, Head of United Nations Environmental Programme (UNEP) Finance Initiative; Dr Ola Ullsten, Chairman World Council For Corporate Governance (WCFCG) & Ex- Prime Minister of Sweden; Michael Hölz, Managing Director of Deutsche Bank AG and Gavin Graham, Vice President Business Relations, Shell Middle East.

The event, organised in association with Shell, also attracted premium sponsors such as Etisalat, Al Karama Edutainment and was endorsed by the United Nations Development Programme (UNDP), the Dubai Chamber of Commerce & Industry (DCCI) and United Nations Environmental Programme (UNEP) Finance Initiative.