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Sharm Al Shaikh: Arab companies have not yet taken on their full social responsibilities, and have a long way to go before they offer the societies in which they work the full benefits of their social contributions.
"A lot is being done, but not enough to pull it all together," said Arif Naqvi, Group CEO of Dubai-based Abraaj Capital, who argued that Arab businesses care about their societies but not sufficiently.
Too many companies still see their social work as a form of public relations or charity, and that misses the point, according to all the speakers at a debate at the World Economic Forum on Corporate Social Responsibility.
"We need to account for our activities in relation to our stakeholders, as well as our shareholders," said Fadi Ghandour, CEO of Aramex, who spoke about how every company is not an entity on its own but is also part of the society in which it works, and its employees live.
Management will not be sustainable without a wid-er commitment to society, he said. "Business has to invest in society. If we don't act responsibly who will pay the cost?"
He also spoke of the important shift in corporate perception when a company goes public, and moves from being privately held to being owned by a wide range of the population. "There is a democratising effect on business. When we pollute, we are also polluting our clients and our shareholders."
Mohammad Al Shaye'e, chairman of Al Shaye'e Group in Kuwait, spoke of the start that his group has made, while acknowledging that they still have a long way to go. "We are running fast to bring social responsibility to our society," as he described a programme to train 1,000 students during the summer and his groups commitment to employ more women.
The overwhelming importance of education has made training and improving people's learning and skills a focus for many company's social responsibility. Ghandour quoted the serious problem raised by a recent McKinsey survey of university graduates in 400 companies in the Middle East.
Sixty three per cent of the graduates lacked the basic skills for their jobs, 57 per cent lacked the practical skills, and 48 per cent lacked the communication skills.
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