Latest news with #corporate social responsibility
Al Bawaba
5 hours ago
- Business
- Al Bawaba
stc organizes Kubbar Island clean up initiative in collaboration with Waves App and Alternative
Kuwait Telecommunications Company – stc, a world-class digital leader providing innovative services and platforms to customers, enabling the digital transformation in Kuwait, organized an environmental preservation initiative at Kubbar Island. The community focused initiative, organized in collaboration with the Waves App, Alternative comes as part of stc's sustainability and comprehensive corporate social responsibility (CSR) programs, specifically under the umbrella of the 'Small Move, Big Impact' movement that was launched earlier by the Company to spread awareness on environmental stewardship and preservation in Kuwait. The preservation initiative focused on removing waste from Kubbar Island with the support of community members who joined the environmentally conscious effort. stc's Corporate Communications team participated alongside volunteers and representatives from the collaborating companies. As a gesture of appreciation, drinks and giveaways were distributed to visitors in partnership with Alternative Company, a local restaurant known for its healthy food offerings, to encourage community engagement. A dedicated preservation drive was carried out to collect waste and sustainable materials from the island. The involvement of stc's employees reflects the Company's deep-rooted culture of social responsibility and sustainable practices, highlighting the importance of active community engagement in environmental stewardship. Through such initiatives, stc continues to set a benchmark for environmental responsibility within the local community, demonstrating how collective action can lead to meaningful and lasting a statement, stc expressed that such initiatives, as well as others focused on environmental stewardship and preservation, reflect the Company's ongoing commitment to driving a positive change through sustainable initiatives and programs that positively impact the community. Working alongside partners from both the private and public sectors, stc managed to raise awareness on crucial environmental concerns and issues that encourage community members to act consciously and preserve Kuwait's environmental landscape. In this regard, stc extended its appreciation to its partners, volunteers and its employees employee who contributed to this initiative, demonstrating that collective action can lead to significant environmental benefits. stc's sustainability program extends beyond individual initiatives, covering a broad spectrum of activities that are organized throughout the year. These include leading environmental conservation efforts, educational programs, sponsorship of events and initiatives, as well as other activities that drive awareness and create a positive impact in the community. Moving forward, stc expressed that it will continue to expand on its sustainability and CSR programs, with community-focused initiatives that create a lasting positive impact on society.
National Post
5 days ago
- Business
- National Post
Vena Receives Sixth Consecutive TrustRadius Tech Cares Award
Article content Article content Award honors Vena's sustained leadership in corporate social responsibility (CSR) and commitment to people-first values Article content TORONTO — Vena, the only Complete FP&A platform powered by agentic AI and purpose-built to amplify the Microsoft technology ecosystem, is proud to announce that it has earned the TrustRadius Tech Cares Award for the sixth consecutive year. This recognition honors Vena's continued excellence in corporate social responsibility (CSR) and recognizes the company's commitment to both its employees and the communities it serves. The TrustRadius Tech Cares Award is presented to technology companies that go above and beyond to support their employees, communities and the environment. Vena's 2025 win reflects sustained excellence across every pillar of CSR, including sustainability, volunteerism, diversity, equity and inclusion (DEI), charitable giving, employee well-being, support for women in technology and education initiatives. Article content 'We're incredibly proud to receive the TrustRadius Tech Cares Award for the sixth year in a row,' said Hunter Madeley, CEO of Vena. 'This recognition reaffirms our dedication to creating a company culture that values employee well-being, community engagement and transparency. Our success as a business is driven by the commitment we make to our people and to giving back to the world around us. This award is a reminder of the impact we can have when we lead with purpose.' Vena's recognition in 2025 is based on key areas of focus, including: Article content Sustainability and the Environment: From its BOMA Best-certified Toronto headquarters in a restored heritage building to year-round initiatives by the Green Team, sustainability is woven into Vena's culture. The office features biophilic design, pollinator gardens, a rooftop community garden and robust recycling and composting programs that exceed city standards. Vena also repurposes furniture and electronics through partners such as Habitat for Humanity, Erase and Renew and donates reclaimed office items to local community groups. Volunteerism and Community Impact: Every employee receives a paid Volunteer Day to support causes they care about, complemented by company-wide events such as World Cleanup Day, the CAMH Sunrise Challenge and the CN Tower Climb for the World Wildlife Fund (WWF). In 2024–2025, Vena Cares initiatives supported organizations such as Daily Bread Food Bank, Holland Bloorview Kids Rehabilitation Hospital, Covenant House and Save the Children. Diversity, Equity and Inclusion (DEI): Guided by its DEI Council and eight Vena Resource Groups (VRGs), Vena delivers global programming, including the Allyship in Action series, inclusive hiring practices and educational events for occasions such as Black History Month and Transgender Day of Visibility. Employee Well-Being and Development: Through the Vena Cares employee resource group, Vena organizes Wellness Week, mindfulness sessions and mental health awareness events. The Mental Health group hosts Learning Labs with experts, while the company dedicates the entire month of October to raising awareness, fighting stigma and promoting wellness at work. Support for Women in Technology: Vena's commitment to gender equality in tech is demonstrated by a 60% female leadership team—more than double the tech industry average. The Network for Women (N4W) employee resource group empowers women through initiatives such as meditation sessions, storytelling campaigns and fitness events like MudGirl, a women's obstacle race. Educational Support Initiatives: Vena's Education Reimbursement Program encourages continuous professional growth and supports conferences, online courses and external certifications. The company also partners with Speaker Labs and Blue Rebel Works to deliver workshops and coaching. Article content From six-time Tech Cares honorees to everyday culture champions, want to be part of our story? Come grow with us. We're hiring. Check out our current job openings here. Article content About Vena Article content Vena is the only agentic AI-powered FP&A platform purpose-built to harness the full power of the Microsoft technology ecosystem for finance teams everywhere. Vena amplifies Microsoft's world-leading productivity tools, cloud technology and AI innovation to make FP&A, operational planning and adjacent strategic processes more flexible, efficient and intelligent. Thousands of the world's leading companies rely on Vena to power their planning. For more information, visit Article content Article content Article content Article content Article content Contacts Article content Media Contact: Article content Article content Article content
Wall Street Journal
6 days ago
- Business
- Wall Street Journal
The ‘Corporate Social Responsibility' Mask
Supporters 'corporate social responsibility' say businesses should pursue environmental and social goals, not merely profits. Prominent among them is Klaus Schwab, founder of the World Economic Forum. According to an independent investigation this year, Mr. Schwab engaged in unauthorized spending and inappropriate behavior toward colleagues. Mr. Schwab, who stepped down as WEF executive chairman in April, rejected the findings. If the oversight on his actions fell short, one might ask, how can corporate social responsibility provide the oversight to prevent business fraud? Corporate social responsibility usually carries a connotation of goodwill, with companies striving to improve the world by supporting initiatives to protect the environment, foster diversity, or invest in struggling communities. Yet some companies use CSR scores to avoid detection of financial fraud.
RNZ News
03-08-2025
- Business
- RNZ News
'Go woke, go broke' is no longer true. Socially aware capitalism is the future of corporate responsibility
By Peter Underwood* of Ben and Jerry's ice cream is displayed on a shelf at a grocery store. Photo: AFP / Justin Sullivan Analysis: The phrase "go woke, go broke" is often used by critics of corporate social responsibility. It implies that companies face a binary choice: embrace progressive values or pursue profit. But this dichotomy between "wokeness" and capitalism is both simplistic and increasingly out of step with corporate reality. Many companies are learning to navigate a middle path. They are embedding social, environmental and ethical considerations into their business strategies - not in spite of profit, but because it contributes to long-term value creation. Understanding this shift - and the backlash to it - is fundamental to grasping modern corporate responsibility. Our research examines the growing tension between evolving "woke" agendas within firms and the enduring demands of shareholder value, known as "shareholder revanchism". We explore this dynamic using academic Archie Carroll's Pyramid of Corporate Social Responsibility , where economic responsibility forms the foundation for higher legal, ethical and philanthropic obligations. Ultimately, we argue for a reassessment of the prevailing emphasis on shareholder profit and short-termism. Directors should adopt a more balanced approach when pursuing profit and discharging their duties. The idea that directors must choose between shareholders and stakeholders - between profit and progressive causes - has deep roots in law and economics. For decades, shareholder primacy prevailed in global business. This principle was famously reinforced in court decisions such as the 1919 Dodge v Ford case in the United States. Henry Ford was found to have a duty to operate his company in the interests of shareholders. It was later popularised by Milton Friedman , who declared that "the social responsibility of business is to increase its profits". A stark example of this tension came with the ousting of Emmanuel Faber, chief executive of food giant Danone in 2021. Faber was accused by some shareholders of failing to "strike the right balance between shareholder value creation and sustainability". His critics felt he focused too much on people, the planet and social responsibility and not enough on profits. Yet corporate law has begun to evolve. In the United Kingdom, section 172 of the Companies Act 2006 still requires directors to promote the success of the company "for the benefit of its members". But the legislation also requires directors to consider employees, suppliers, communities and environmental outcomes. This model - sometimes termed "enlightened shareholder value" - preserves profit as the goal, while recognising that broader factors shape how it is achieved. New Zealand's brief experiment with section 131 of the Companies Act 1993, which allowed directors to consider environmental, social and governance (ESG) factors, is another example. The amendment was introduced under Labour before being revoked by the National-led coalition. Canada has a similar provision. The phrase "woke capitalism" was popularised in a 2018 New York Times opinion piece about corporate activism. It originally described how firms were supporting progressive causes to attract younger, values-driven consumers - not out of altruism, but to strengthen brand appeal. In 2019, the US Business Roundtable - a group of 200 top chief executives - rejected shareholder primacy in favour of stakeholder governance. It pledged to run companies for the benefit of all stakeholders: customers, employees, suppliers, communities and shareholders. This followed a 2018 letter by Larry Fink, chairman of BlackRock, calling on firms to pursue a broader purpose and serve all their stakeholders. Yet corporate activism carries risks. Nike's campaign featuring Colin Kaepernick boosted sales but sparked backlash over the American football player's support for Black Lives Matter. Bud Light's brief partnership with transgender influencer Dylan Mulvaney triggered boycotts. Gillette's "toxic masculinity" campaign alienated many long-time customers. Jaguar's sales plunged after a rebrand was criticised as pandering. Even ice cream company Ben & Jerry's has clashed with parent company Unilever over the limits of its political expression. These examples show that progressive branding is not always rewarded - but nor is silence. Companies now risk criticism for failing to speak out on issues their stakeholders care about. It is clear consumers are increasingly attuned to corporate social responsibility. A central challenge in reconciling these tensions is the definition of profit itself. Traditional corporate law treats profit as the ultimate end of business activity. But scholars such as Edward Freeman argue that profit is a precondition for continuity - not an end in itself. As he puts it, profit to a company is like red blood cells to a human: essential for survival, but not the purpose of life. Under this view, profit becomes cyclical. It is a means of sustaining activity, not a fixed destination. This may seem open ended, but it avoids the fiction that companies ever reach a final "profit goal". Firms pursuing social impact are not abandoning capitalism; they are redefining it. In a polarised climate, "woke capitalism" remains a lightning rod. But the supposed conflict between ethics and economics is a false one. Courts, lawmakers and firms alike are recognising that social responsibility can support, rather than undermine, long-term value. Directors are no longer torn between duty and decency. They are navigating a broader understanding of corporate success - one in which "wokeness" and capitalism are not opposing forces, but interdependent elements of a sustainable business strategy. *Peter Underwood is a senior lecturer at University of Auckland, Waipapa Taumata Rau. This story was originally published on The Conversation.
