Transparency in corporate social responsibility allows companies to contribute to the generation of long-term value.
Corporate Social Responsibility (CSR) refers to the obligation that companies have to contribute to the sustainable development of society and care for the environment. One of its main characteristics is the transparency that the company has when it comes to informing and communicating openly and clearly about its activities, decisions and results.
An example of this is the 2020-2022 Sustainability Report carried out by GK, a private multinational corporation whose main businesses and activities are found in five business units; real estate, textiles, lifestyle, technology and agriculture. Through this Sustainability Report, GK seeks to share the organization’s progress from its origins to the present, in a transparent manner.
Mohammad Yusuf Amdani, Chairman of GK, assured that the United Nations 2030 Agenda for Sustainable Development is integrated into the Quality Infrastructure of all the corporation’s products and services. In addition, corporate ethics, the circular economy and human rights are always present.
“For me, seeing the entire Organization committed to executing its results through ethics, transparency, respect for others and working on the development of this, our first Sustainability Report, allows me to attest that at GK, We have a true awareness of what ‘Due Diligence’ is and a path drawn towards the future, solidly consolidating our businesses, while ensuring the comprehensive benefit of our stakeholders: Collaborators, Clients, Suppliers and the Community.” – Commented Georgina Barahona, Executive Director of GK Corporate Affairs and Director of the GK Foundation
Purposes of transparency in Corporate Social Responsibility
Transparency is crucial for Corporate Social Responsibility for several reasons, it allows companies to:
- Be accountable and responsible to their stakeholders, such as employees, customers, suppliers, investors and society in general.
- Demonstrate their commitment to ethics and sustainability, and build relationships of trust with their stakeholders.
- Identify and address risks proactively, allowing them to protect their reputation and prevent potential crises.
- Receive feedback from their stakeholders and use this information to improve their practices and processes.
- Compare their practices with those of other companies and adopt industry best practices.
- Build relationships of trust with their stakeholders, which allows them to attract and retain the best employees, customers and suppliers.
- Attract investors and shareholders looking to invest in ethical and sustainable companies.
It is important that companies embrace a culture of transparency and communicate clearly and effectively about their business practices and their impact on society and the environment.