Having kicked off a study nearly one year ago, to understand CSR from a Sri Lankan context across a wide spectrum of businesses, STING Consultants has now released its findings which will be the main cover feature in the January 2009 issue of LMD.

According to STING Consultants this initiative is expected to establish a stronger commitment to approaching corporate accountability holistically. By adopting a strategic approach, and by viewing the process as an integrated stakeholder engagement, it can be made to become a part of the culture of the organization. This approach moves CSR from a pure project basis, to a business oriented engagement with all of its stakeholders. "After all, what is the point of doing charity work if you are treating your employees really badly or if you are cheating your customers or investors" said Ruchi Gunewardene, CEO of STING Consultants.

In launching this initiative in a difficult business environment he commented "the approach we are advocating actually benefits companies in difficult times as it encourages active engagement with all stakeholders of the business. This understanding is expected to shift the mind set of business leaders from CSR as being an expense, to that which can actually help the bottom line through cost savings, avoiding damaging litigation, enhancing the corporate brand and by being a powerful tool to motivate employees. All of which are crucial for survival."

According to Gunewardene, it is those organizations which are able to adjust themselves to this new order of doing business, which will come through stronger than ever. By being more accountable, it can create more confidence with investors and financial institutions who are now being more critical on where they invest; it will be able to attract better quality people because of the integrity of the organization whilst also being environmentally and socially committed to making this world a better place to do business in.

"The approach to our rating is not to recognise a few companies who will compete with each other, but to showcase as many as possible, who are doing it right. Our rating is expected to enable companies understand their individual strengths and weaknesses and we will facilitate the sharing of best practices, thereby encouraging the entire business community to look beyond the pursuit of pure profits at any cost. We know through recent experiences how corporate reputation which has been built over decades, can be lost virtually overnight. There are many examples of this. What we are essentially doing is creating a system of operating, which will avoid this happening through stakeholder engagement and greater transparency".

"By approaching corporate accountability in a manner which is integrated into the normal way of doing business, what we intend to do, is to create awareness, educate and then empower businesses to become the driving force of social change by impacting corporate and employee behaviour to become socially responsible, leading to making Sri Lanka a better place to live for all" concluded Gunewardene.