CSR experts slam green cost-cutting trend
27 February 2009:
Two top corporate social responsibility (CSR) experts have criticised the non-adherence to sustainable business practices on the part of many companies in the midst of the economic crisis.
The comments were made by Deloitte director of sustainability strategies Ralph Thurm and Sharjah Environment and Protected Areas Authority director Abdulaziz Al Midfa, speaking at the Emirates Environmental Group (EEG) second community lecture for 2009 on Tuesday.
“The country suffered a great loss letting go of many talented individuals who contributed to the sustainability campaign in the corporate sector,” Al Midfa said.
“Many companies are missing their priority and reverting to outdated management strategies which caused the climate of collapse in the financial system in the first place.”
The EEG said in a statement following the event, “It is ironic that many companies decided to downsize if not totally axe their sustainability units – a move that echoes the level of understanding of many companies of corporate social responsibility.”
Many companies have been forced to make harsh cutbacks as the shockwaves of the global recession have been felt across the region.
Some have opted for a short-term saving by making cuts from departments with a strong focus on sustainability, which tends to deliver more substantial returns but over a longer period of time.
Thurm spoke on the importance of a company “understanding the current business climate and defining a long term vision within its core business strategies.”
Al Midfa also added: “It is a big challenge for companies to emerge from the current crisis. It is an even bigger challenge to restore trust and confidence in the private sector in the light of the global economic crisis.”
The EEG, a voluntary NGO, works within the environmental protection field through means of education, action programs and community involvement, and is a member of the United Nations Global Compact.
Source: construction week online
