Sweden pledges extra $19m in Loss and Damage Fund
Sweden pledges additional $19 million to the Loss and Damage Fund at the 29th United ...
UAE launches its national CSR index
The CSR UAE Fund board of trustees approved launching the national Corporate Social Responsibility (CSR) index.
The board selected the teamwork of the index that will present recommendations concerning indices and how far they go in line with the national sustainable development goals.
The fund will grant a CSR accolade to both the private and public sectors in accordance with three categories; platinum, gold, and silver.
The fund will cooperate and coordinate with the UAE chambers of commerce in assessing institutions with regard to seven criteria, including contribution to national priorities, strategic planning, social and environmental impact, management of risks and opportunities, and innovation.
During the fund’s meeting, the board of trustees endorsed several new policies to develop the fund’s working mechanisms, including expediting the implementation of initiatives and attaining the aspired goals.
The board also ratified a number of regulations to follow up and assess institutional social activities.
The board also formed four ad-hoc committees to follow up policies and projects, develop performance and manage risks.
Over the past period, the fund managed to collect donations and support 500,000 businesses within the framework of its campaign to confront the repercussions of the coronavirus crisis.
UAE Minister of Economy and Chairman of the fund’s Board of Trustees Abdulla Bin Touq Al Marri said the state’s leadership has been working on entrenching the value of giving and the responsible attitude towards various development, social and environmental issues.
The fund has an ambitious vision for promoting the state’s position in the CSR score at the international level through developing an integrated organizational framework for managing, upgrading and assessing CSR initiatives of companies, he said.
He added that strategic partnerships and integration of the private and public sectors are vital for achieving the sustainable development.
The fund was keen on developing initiatives that promote CSR in the business sector and incentivizing CSR activities, particularly through regulating them and setting indices for them. So that, companies’ commitment to CSR would affect their competitiveness.
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