WINDHOEK: Corporate Social Responsibility (CSR) must be grounded in a solid corporate governance foundation and it can only be effective if supported by a sustainable CSR drive that delivers on the needs of stakeholders and shareholders.
Executive Chairman of the Ohlthaver & List Group of Companies (O&L), Sven Thieme said this on Monday during his presentation on CSR as part of a two-day CSR conference in the capital.
The conference was hosted by Excel Business Consultancy in partnership with the publishers of the ‘Who’s Who Namibia’ publication in order to provide insight into contemporary approaches to CSR, featuring concrete examples of best practices in Namibia, the southern African region and internationally.
Thieme said CSR governance is imperative to effectively manage social and environmental risks and ensure sustainability.
“The effective management of social and environmental risks and the proper management of resources improve business performance and ensure sustainability,” he stressed.
Thieme added that this realisation has led to increased awareness and involvement by boards over how a company manages its social and environmental performance.
He noted that CSR issues can represent significant risks and opportunities to company performance, and need to be incorporated into the corporate governance structure to protect long-term shareholders and stakeholder interests.
Thieme advised boards of directors of companies to understand how and when CSR issues can impact or enhance a company’s strategy and vision, necessitate board level oversight and accountability, influence risk identification and management, and improve external disclosure.
The conference ends on Tuesday.