CSR: People, Planet and Profit CSR is an abbreviation for Corporate Social Responsibility. I once asked a consultant, an expert in CSR, whether he was able to very briefly – perhaps in a single sentence – to define what CSR actually is. And he couldn’t, which just goes to show that it is a multifaceted concept with many shades. What I associate with CSR is that we as a company have a responsibility: - to generate earnings to safeguard the company’s future, - to play a constructive and responsible role in the society in which we operate, and - to minimise the negative environmental impact of our activities. This can basically be summed up by the phrase People, Planet, Profit (the three Ps), which I think is the best and most succinct definition of CSR I have come across. The three things go hand in hand, which is the essence of CSR. We must always consider the three Ps. If a company only pursues one of the three Ps, it will have a negative bearing on the other two. If, for example, we supported more intensive fishing than what is sustainable, in the short term we might make more money, but eventually it would obviously lead to diminishing returns. Conversely: If we only sought to satisfy the communities where we operate – for example Mikael Thinghuus, CEO by paying higher prices for fish than prices on the world market – it would obviously be extremely popular for a while. But Royal Greenland would soon begin to lose money, and then we would again be standing cap in hand before our owners, as we did three years ago. CSR is all about balancing economic, social and environmental sustainability. People, Planet, Profit. This issue of Navigatio clearly illustrates the many different aspects of CSR. CSR touches the entire organisation – from fish to the consumer – which is why the articles in this issue of Navigatio are written by colleagues from all sections of the company. In my opinion, the best part of a company’s CSR focus is when a company uses its specific commercial strengths to contribute to the surrounding communities and the environment. If Royal Greenland is able to help fund an exhibition or perhaps a school book project, the value of this sponsorship is exactly equal to the value of the kroner we pay in sponsorship. No more no less. If, on the other hand, we support a project or activity by contributing our employees’ hard work and skills or our infrastructure, the value of our contribution may well be worth much more than if you simply calculate the cost in terms of kroner and øre or euros and cents. Let me give you two examples, both from Greenland (readers outside Greenland must bear with me on this): 2 NAVIGATIO NO. 38 2013
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