While some companies still primarily focus on financial value as the benchmark against which to gauge their performance, more companies have realised the importance of moving beyond the paradigm of doing “just business”, a survey by Tshikululu Social Investments reveals.

The research findings were based on the views of 41 senior business leaders representing 39 globally influential companies that trade on the Johannesburg Stock Exchange.

The report observed several key factors that drove corporate social responsibility (CSR), with a commitment to developing South Africa and the company culture and values ranking high at 63.4% and 61% respectively.

Other factors also include ethical imperatives, company reputation, customer care, shareholder interests, and regulatory pressures such as compliance with broad-based black economic empowerment.

The report recommended that government look to corporate South Africa as a partner towards advancing the country’s development, and that it be a bridge between business and community. It also encouraged business to enhance its credibility by creating more social responsibility programmes that were intentional, well designed and had a clear developmental objective.

Considering the historical socioeconomic context of South Africa and the subsequent reality of the three evils of poverty, inequality and unemployment, the survey examined the role that contributions from various stakeholders in society and especially business could make toward the expansion and growth of the country as an emerging market, as well as toward the upliftment of society as a whole.
 

”The interest of business and society intercept and there is value to be derived from the mutual benefits of such partnerships,” said Tshikululu Social Investments CEO Tracey Henry.
 

The report noted that South African society could benefit from the value proposition created by CSR programmes and from the relationship between government and business. However, it noted that the value propositions of these programmes were very different.
 

It suggested companies take the time to understand the expectations of internal stakeholders and work to increase the value derived from them.