articles | 04 February 2014

Corporate Social Responsibility imperative in times of economic crisis, says Finance Minister

The Finance Minister says that Corporate Social Responsibility (CSR) becomes imperative in times of economic crisis and calls for the basic elements of CSR to be integrated into the strategic planning of businesses.

According to the Minister these basic principles are the respect for human rights and the workers’ rights, environmental protection, combating corruption and fulfilling their tax obligations, respect for the society in which they operate and contributing to development. “The promotion of CSR becomes imperative especially if we consider that the economic crisis in Cyprus, but also at international level, stems primarily from an undeniable crisis of institutions and values and a waste of resources,” the Minister noted, addressing a recent conference organised by Cyta, on Corporate Social Responsibility in times of economic crisis.

“Businesses are requested to take responsibility and be accountable for their actions in order to regain the confidence of citizens and investors,” Georgiades pointed out. “These principles are not a luxury, but they should be considered as a prerequisite for tackling the crisis and increasing competitiveness and profitability in the long term,” he said. “To address the crisis these four basic elements should be integrated into the strategic planning of businesses and their operations must be based on the respect of the values of transparency and accountability,” he added. The Finance Minister said he was pleased to note that “despite the economic difficulties they face, most Cypriot companies are strongly committed to doing business responsibly".

Source: Famagusta Gazette

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