Global CSR Forum 2024: Delivering a better world means the private sector must play its part
The private sector has a critical role to play in delivering a better world, an assembly of government ministers, international CEOs and CSR experts from across the world, has heard at the Global CSR Forum, held in Riyadh
At the opening of the Forum, Saudi Minister of Human Resources and Social Development, Ahmad Al-Rajhi highlighted Saudi Arabia’s vision to establish a world-class platform for social responsibility dialogue.
"This forum aims to foster global partnerships and create new models for public-private collaboration in sustainable development, “ he said.
The Minister emphasized the forum's role in facilitating knowledge exchange and addressing challenges in corporate social responsibility, with a particular focus on expanding private sector participation in sustainability initiatives.
Al-Rajhi outlined the evolution of corporate social responsibility, emphasizing its increasing focus on innovation, sustainable digitization, and strategic transformation. He underlined the growing trend of companies integrating technology, recycling, and circular economy principles into their daily operations. This shift includes renewable energy to drive environmental sustainability, human development, and balanced community growth. The Minister concluded by recognizing the private sector's vital role in creating a better world.
The Minister hailed Saudi Arabia's progress in social responsibility as "an inspiring story of transformation and empowerment," emphasizing the Kingdom's dedication to embedding it as a strategic goal within Saudi Vision 2030. This commitment, he explained, is evident in the aim of "strengthening companies' fulfillment of their social responsibilities" and has spurred the development of key initiatives. These include the formation of a dedicated social responsibility committee, the creation of a national strategy, and the launch of a national platform to drive transparency in social responsibility reporting. Furthermore, the Kingdom has declared March 23rd as Social Responsibility Day to showcase private sector efforts issued guidance for companies, developed a social responsibility index for the Saudi market, and fostered a shared national identity for social responsibility.
The Minister reported a significant increase in corporate social responsibility engagement across the country. These contributions to social spending jumped from 1.19% in 2019 to 4.15% by the end of 2023, while the percentage of large companies with CSR programs jumped from 30% to 65% during the same period. This progress is reflected in Saudi Arabia's improved global ranking, climbing to 16th place in the IMD World Competitiveness Yearbook 2024's Social Responsibility Index, up from 41st in 2021. The Minister was confident that Saudi Arabia will be even more highly rated among the top CSR countries in the world by 2030.
The Minister was just one of an illustrious selection of speakers at the two-day forum, themed "From Commitment to Impact," which was organized by the Saudi Ministry of Human Resources and Social Development.
There, industry leaders gathered to discuss the evolving landscape of corporate social responsibility and its global impact, discuss challenges and explore opportunities.
Rola Abu Maneah, CEO of Standard Chartered Bank for the Middle East, agreed on the importance of the private sector to CSR: "Voluntary Environmental, Social, and Governance (ESG) reports play a vital role in enhancing transparency and increasing investor awareness. We are actively directing investments toward sustainability and social development projects, reflecting a growing regional interest in sustainable products."
Speaking of the importance of strategy and respect, Brendan Nelson, President of Boeing Global said: "Investing in social responsibility requires well-planned corporate strategies that help achieve objectives and address challenges. Maintaining company values and standards while respecting the cultures and regulations of host countries is equally essential."
At HSBC Saudi Arabia, CEO Faris Al-Ghannam saw his organization as an example of the progress the Kingdom has achieved: “We are dedicated to nurturing Saudi talent and have introduced a competition to promote regenerative agriculture in partnership with a non-profit organization. We invite entrepreneurs to contribute innovative ideas focused on food and water security, aligning with the region’s key priorities.”
Via the Global CSR Forum, the Ministry of Human Resources and Social Development aims to promote excellence and competitiveness, encourage partnerships across sectors, and pave the way for international collaboration in CSR.
