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CSR UAE Fund’s new Board adopts set of policies to instill responsible practices among companies

CSR Label programme provides classification for companies based on performance in 7 main areas: national priorities, local added value, stakeholder engagement, strategic planning and implementation, societal and environmental impact, risk and opportunity management, creativity and innovation.


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Legislation
 
January 18 2021
 
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H.E. Abdulla bin Touq Al Marri, Minister of Economy and Chairman, CSR UAE Fund’s Board of Trustees

CSR UAE Fund’s Board of Trustees has approved several new policies to develop the Fund’s mechanisms, ensure rapid implementation of initiatives, and thereby widen its impact and reach. During the first meeting since it was established in accordance with Resolution no. 18 of 2020, the Fund’s Board approved a set of guidelines and systems to measure and monitor community work and also announced the formation of four specialised committees that work under the board’s umbrella. The committees are tasked with following up on policies, projects, financing, and risk management, in addition to enhancing performance across all areas.

The Board also approved the launch of the CSR UAE Index and constituted a team to oversee its effectiveness. The index will document the performance of institutions and companies in the CSR space, according to leading local and international standards. In addition, the Board approved the CSR Label programme, that in cooperation with the UAE Chambers of Commerce, categorises companies according to a set of criteria and indicators.

“Since the establishment of the UAE federation by the founding father, late Sheikh Zayed bin Sultan Al Nahyan, the country's leadership has endeavored to engrain the idea of giving back to the community in the social fabric and aimed to instill responsible social behavior with regard to developmental, social and environmental issues among diverse social groups, including individuals and the public and private sectors. Today, this mindful behaviour 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,” said H.E. Abdulla bin Touq Al Marri, Minister of Economy and Chairman of the CSR UAE Fund’s Board of Trustees.

He added that the CSR UAE Fund has an ambitious vision to enhance the country's global leadership in CSR through building an integrated regulatory framework to manage, strengthen, and measure companies’ social contributions and initiatives. In doing so, it aims to serve as a model for best practices at a regional and global level.

The Minister of Economy emphasised that strategic partnerships and coordination between the public and private sectors is the only way forward to ensure sustainable development. The CSR UAE Fund is keen to develop initiatives that enhance the social responsibility expertise of UAE businesses through incentivising them and providing indicators to make CSR institutional and systemic, thereby ensuring wide-ranging social benefits and addressing the needs of the private sector. He added that the companies' adoption of CSR activities and their contribution to improving their social environment reflects positively on their competitiveness and ability to build the sustainability of their business.

In addition to H.E. Abdulla bin Touq Al Marri, the CSR UAE Fund Board meeting drew the participation of H.E. Abdulla Al Saleh, Undersecretary of the Ministry of Economy, H.E. Mubarak Al-Nakhi, Undersecretary of the Ministry of Culture and Youth, H.E. Mouza Al Akraf Al Suwaidi, Undersecretary of the Ministry of Community Development, H.E. Ahmed Abdul Karim Julfar, Director General of the Dubai Community Development Authority, H.E. Dr Maryam Buti Al Suwaidi, Deputy CEO of the Securities and Commodities Authority, H.E. Hanan Ahli, Executive Director at the Federal Competitiveness & Statistics Authority, H.E. Abdulaziz Al Jaziri, Deputy CEO of the Dubai Future Foundation, Dr Alyazia Al Kuwaiti, Executive Director of Upstream and Integrated Investments of Petroleum and Petrochemicals at Mubadala Investment Company, H.E. Budoor Al-Raqbani, a social entrepreneur, Ayman Farouq Heikal, Legal Advisor at the Securities and Commodities Authority and Advisor to the Minister of Economy and Secretary of the Board, as well as Maryam Al-Qassab, Representative of the youth.

The Board approved the establishment of four specialised committees, including the Advisory Committee, Auditing and Risk Committee, Policy and Strategy Committee, and Projects and Funding Committee. The committees are set to work collectively to establish CSR practices across the country and facilitate the registration of companies in the CSR UAE Index as well as in the CSR Label programme.

The Board of Trustees meeting also witnessed the formation of the CSR UAE Index taskforce that includes members boasting diverse skillsets and expertise. Working together, the taskforce will present recommendations on indices and their alignment with national goals, verified usable data sources, and the Index’s overall methodology. Drawing on global standards used to evaluate CSR, the CSR UAE Index is a measurement tool to evaluate CSR and sustainability practices in the country. It benchmarks local practices and their impact on the UAE's global competitiveness.

The UAE CSR Fund also launched the CSR Label programme to classify public and private sector entities, based on three categories - platinum, gold, and silver. The label is awarded in cooperation with the UAE’s Chambers of Commerce.

 

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