Dubai: Four new committees will provide inputs on projects and financing for the recently created CSR UAE Fund.
A CSR (corporate social responsibility) Index will also be launched by the entity, which will track the performance of institutions and companies. There will also be a ‘CSR Label’ programme, which will be developed in tandem with UAE Chambers of Commerce, and which will benchmark participating companies on set criteria.
In a nutshell, CSR activities provide opportunities for businesses and organisations to engage directly with their communities for the greater good.
The evaluation process for awarding the Label stems from seven criteria: contribution to national priorities, local added value, strategic planning and implementation, societal and environmental impact, stakeholder engagement, risk and opportunity management, and creativity and innovation.
“The country's leadership has endeavored to engrain the idea of giving back to the community in the social fabric,” said Abdulla bin Touq Al Marri, UAE Minister of Economy and Chairman of CSR UAE Fund’s Board of Trustees. “And instil responsible social behavior with regard to developmental, social and environmental issues among diverse social groups, including individuals and the public and private sectors.
“This mindful behavior is clearly reflected in the integration of the government’s efforts and the private sector’s initiatives to support development goals, upgrade society's capabilities to face various challenges, and ultimately, enhance the UAE’s competitiveness.”
The four committees will advise on policies, projects, financing, and risk management, in addition to enhancing performance across all areas.
The CSR Fund has raised financial and in-kind donations from the local business sector, which helped nearly half-a-million beneficiaries through initiatives launched to address the impact of COVID-19.