The theme of the AFCSR held last year in Manila, and attended by over 580 delegates from 31 countries, was “Strategic CSR: Creating Shared Value”.
The theme of this year’s AFCSR, to be held in Bangkok in October, is “Innovative Approaches to Create Value for Business and Society”.
The meaning of the term Sustainability and Business is undergoing a transition, and companies and business leaders are beginning to change the way they are approaching their responsibilities to business and society.
A standard definition of CSV, developed by Porter and Kramer, states CSV is: “Policies and practices that enhance the competitiveness of a company while simultaneously advancing economic and social conditions in the communities in which It operates”.
The key issues include sustainability and innovation, social business, management innovation, and new intelligent enterprise.
The link between business and society Companies are now beginning to understand that in order to create bigger returns on investment and profits, they need to give more emphasis to the social value of business as well, and move beyond the goal of just profit maximization.
Creating Shared Value extends even beyond the enhanced CSR thinking, where a company’s business strategy is driven by the triple bottom line (people, planet, profits).
CSV is beyond corporate philanthropy, social responsibility, or even sustainability, and puts societal issues at the core of the companies’ moperations and strategy.
Sivakumar Alaguchami, Manager Quality at Cert Infotrack Telematics Pvt.