CSR to become mandatory for all private companies

 

CSR to become mandatory for all private companies

The Ministry of Economy on Monday said that it will be mandatory for the private sector to declare their Corporate Social Responsibility (CSR) initiatives by the end of 2017.

The CSR programme is one of six main themes of the UAE’s National Strategy, which aims to encourage all companies to play a role in charitable and humanitarian work.

 

The Ministry aims to achieve its target of half a billion dirhams for CSR initiatives by the private sector in 2017.

Mohammad Ahmad Bin Abdul Aziz Al Shehhi, Undersecretary at the Ministry of Economy, discussed the National Strategy’s 11 initiatives for CSR, which were set to develop a supportive and stimulating environment for companies to invest in social responsibility.

He said the ministry will announce a minimum percentage which should be annually allocated to CSR by all private companies.

11 initiatives within the Corporate Social Responsibility (CSR) programme:

1. The Smart CSR website to be launched

2. CSR annual report to be published

3. National CSR index to rank companies based on CSR spending

4. CSR Label

5. CSR Passport

6. Monetary incentives for outstanding companies in the CSR field

7. Mandatory annual declaration of CSR projects

8. Coordinating forum for CSR

9. Annual announcement for CSR

10. Responsible procurement

11. Work committees for CSR

 

 

Read more on :

Gulf News

Khaleej Times

Gulf Today

 

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