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"Capitalism with a Conscience"
Posted July 17, 2010 by Lindsay Roberts
By: Michael Kaput, Business Today Egypt
In response to corporate businessmen’s notoriously bad reputations, some companies in Egypt are undertaking corporate social responsibility (CSR) initiatives in order to counter the infamous stereotypes. More than simply donating to charities or building schools, these companies are committing to sustainable grassroots projects that look to create a shared value for the community and the corporation. There is, however, a major impediment to the creation of true CSR initiatives in Egypt as this Muslim society is rooted in charity-based practices which are seen as unsustainable. Thus, the concept of CSR in Egypt is evolving. In March, the launch of the Egyptian Corporate Responsibility Index in March, which ranks companies based on their environmental, social and corporate governance factors, marked this pertinent, yet slow transition towards CSR behavior and its translation into a best business model.
