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Asif Iqbal
Doha
Companies in the private sector must assume greater responsibility, contribute to the public good and ensure that the community as a whole benefits from its activities and business, Chairman of Social Responsibility Committee Sheikh Thani bin Ali al Thani has said.
Speaking at 'CSR 2018 and Beyond', a corporate social responsibility event at the Qatar Chamber on Monday, Sheikh Thani said economic indicators of profit and loss were no longer the sole determinant of the performance of institutions and companies.
To a large extent, it depends on how firms focus and practice social responsibility, he added.
"[CSR] is fast becoming a benchmark in establishing the success or credibility of a company," Sheikh Thani noted.
"Today factors that contribute to the advancement of society and its members as a whole, including cultural, social and human values and social responsibility, have become one of the most important yardsticks to measure the performance and contributions of institutions in the society."
Talking about the steps taken by the private sector towards social responsibility, Sheikh Thani said,"There is no doubt that the social responsibility of the private sector is today a matter of great importance than ever before as the country is entering a new stage of development, progress and prosperity."
Over the past years, he said, the country has seen annual conferences on social responsibility, the most recent of which was held in December 2016. He said the aim of these conferences was to promote the idea of corporate social responsibility and to seek to consolidate their concepts by monitoring and promoting distinctive social initiatives in the Qatari society.
Quoting the speech of the Emir HH Sheikh Tamim bin Hamad al Thani at the opening of the 46th session of the Shura Council, Sheikh Thani said,"The Emir had said that the strategy pursued by the country aims to fortify the national economy and is based on various pillars, one of which encourages the private sector to not only enter into various economic fields and facilitate it, but also to realise that it also has responsibilities towards the country."
