The National CSR Fund (Majra)’s Board of Trustees held its third meeting in the year 2023 to discuss a range of new mechanisms to operationalise social responsibility frameworks.
The meeting also explored the means to promote cooperation between the government and private sectors in order to raise awareness of the criteria for social responsibility and the importance of its operationalisation through the launch of development projects.
The meeting witnessed an update on Majra's action plan for 2023 and its role in promoting community awareness of the importance of social responsibility. This plan includes the implementation of several projects and initiatives, as well as Majra’s strategy for the next five years. This strategy was launched last year with an aim to enhance the UAE's role as a global champion in responsible investment and sustainable development efforts.
Abdulla bin Touq Al Marri, Minister of Economy and Chairman of the Board of Trustees of the National CSR Fund, said, “With the guidance of its wise leadership, the UAE is keen to promote societal responsibility practices, as a national priority, and strengthen partnerships between the public and private sectors. The Fund continues to accelerate joint action to positively impact the society and the environment, in line with the country's economic, social and environmental sustainable development priorities and objectives, and to support its global leadership in the area of corporate social responsibility.”
He added, “Our meeting today represents an important step forward in catalysing contributions to the country’s sustainable development projects, especially since the Fund's action plan for the year encompasses the implementation of a wide range of projects and initiatives. We also look forward to furthering the efforts to consolidate and organise the principles of social responsibility and strengthen cooperation with various entities to launch new development initiatives that embrace environmental and social standards.”
The meeting adopted a regulatory framework and the working mechanism for the local committees of each emirate for social responsibility in coordination with the chambers of commerce of the country. These are designed to promote participation in the ‘Future 100’ initiative, the enrichment of the field of knowledge, mandatory disclosures of companies and enterprises, as well as the provision of sustainable impact reports in each emirate.
The meeting further reviewed the progress made across 23 projects and initiatives of the Fund that serve various sectors, including SMEs and large companies. This comes within the Fund's strategic plan, which is based on six key objectives; namely, the development of social responsibility policies and frameworks; the promotion and dissemination of a culture of community responsibility; the organisation and operationalisation of partnerships for national priorities and community responsibility; organising and channeling companies' contributions towards national priority development projects; measuring and stimulating social responsibility practices; and developing institutional capacities and working systems according to quality and effectiveness standards.
Majra was established as the federal body responsible for developing the regulatory framework for social responsibility and sustainable impact in the UAE. It is responsible for managing and directing the private sector's efforts towards initiatives with national priorities aligned with environmental, social and governance indicators and sustainable development goals.
News Source: Emirates News Agency