Effective this month, the CSR Activities section of Lopez Link will now be called CS Activities. Why are we dropping the “R” for the word “responsibility” from the phrase “corporate social responsibility” to just CS to mean, “corporate sustainability”?

When we entered the 21st Century the buzz word was CSR, which meant corporations needed to take responsibility for its impact on the environment and society by developing programs for the long-term benefit of the company and its stakeholders.

However, bigger challenges emerged. These were challenges which companies needed to address in order to survive; challenges such as climate change, dwindling resources, political instability, and other governance factors which have had major effects on a company’s bottom line and sustainability.

To meet these challenges, the Lopez Group is moving toward sustainable development, which was defined in the 1987 report, Our Common Future, as “development that meets the needs of the present without compromising the ability of future generations to meet their own needs".

“CS is a business practice that aims to create long-term value by embracing opportunities and managing the risks that can affect the company holistically, not just financially,” said Agnes de Jesus, head of CS at First Philippine Holdings Corporation.

This now covers a wider aspect that integrates CSR into a bigger discipline which touches on non-financial aspects or intangible assets, which include environmental stewardship, stakeholder engagement and good governance. All these have a real and quantifiable impact on a company’s long-term sustainability. (Story by Carlos Garcia Campos)