Setting a Standard

15:54 - 04 Μαρτίου 2016

Last month, I wrote about the difference between corporate philanthropy and Corporate Social Responsibility (CSR). The case of the former Cyprus Popular Bank provides a concrete example of the difference between the two. The Cyprus Popular Bank was perhaps the pioneer of corporate philanthropy during its boom years: it made financial contributions to a variety of social groups, embraced and expanded the Radiomarathon – the biggest fundraiser in Cyprus – and became largely synonymous with organised charity.
The Bank’s communications at the time indicate that all these actions were taken in the framework of its CSR policy, demonstrating that its executives had a totally wrong understanding of their obligations to the community. They correctly considered that the Bank had an obligation to return something to society in the form of charity but they failed to appreciate that their foremost obligation was to protect it from poor and irresponsible business practices.
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