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Awareness of corporate responsibility issues is growing and local companies believe that its importance will increase in the years to come, according to a survey conducted by PwC Malta.

The understanding of the term corporate social responsibility (CSR) is moving away from just charitable contributions to include other aspects like environmental matters, health and safety and ethics, among others. Over 50 per cent of local companies participating in the survey showed concern over water and energy consumption, health and safety, pollution and waste management.

The research showed that 60 per cent of the Maltese companies surveyed have a CSR policy or programme in place. Efforts are made to formalise CSR policies by assigning the responsibility to specific teams: 48 per cent of the companies claimed to have a department responsible for CSR.

Participants in the PwC Corporate Responsibility Practices Survey 2013 share an increased sense of respons-ibility towards their people, the environment and the wider community.

Brand reputation and internal commitment to corporate values are the main drivers of CSR efforts, while lack of financial and human resources were identified as being the main barriers.

However, the disclosure of CR information or sustainability reporting is still in its early days. Only a small number of companies issue CSR reports, although a greater number publicise eco initiatives on their websites or in their annual reports. Internationally-recognised reporting frameworks, such as the Global Reporting Initiative (GRI), are not commonly used locally.

Fewer than a quarter of companies that participated in the survey disclose non-financial information. These companies view such disclosures as a means to show their internal commitment to the environment and the community.

“Corporate Social Responsibilty initiatives are a sign of maturity in leadership in organisations. The survey showed that many companies are socially conscious, although in many cases efforts are ad hoc and not strategically planned,” explained George Sammut, the partner leading sustainability services at PwC in Malta.

“Recording and reporting on the various areas of CSR is not consistent and organisations may be missing out on opportunities to recognise good results and to measure improvements from year to year.”

The survey may be viewed at www.pwc.com/mt/sustainability.

How would you have fared?

96% of participants have invested in energy-saving measures.
36% of companies have invested in renewable energy technology.
52% have implemented measures to reduce water consumption.