Role of Corporate Social Responsibility in Sustaining Companies

Executive summary
Corporate social responsibility is an activity that is undertaken by various leading
organizations in order to show that they care for the society. It is evident that corporate social
responsibility helps in satiating the needs of an organization and that of a stakeholder of that
organization. The aim of the report is to critically evaluate the role of corporate social
responsibility in sustaining the long-term existence of a company. Along with the latter the
paper will also adjudge the leading CSR activities and programs undertaken by companies in
order to benefit both the internal and the external stakeholders of a company long with
suggestions for social innovation.

The ministry of Finance Kuwait
Ministry of administration and finance, department of treasury and other financial
departments are existent in every government. The main purpose behind the creation if the
financial departments is to manage the inflow and outflow of the funds of a nation along with
several administrative functions. The financial department is responsible for such action in
both state and the national level. Creation of annual budgets and fund allocation into each
existent department is the role of the ministry. Thus, it can be said that the main nature of
operation of the ministry of finance revolves around the creation and allocation of funds. The
Ministry is responsible for harmonization of policies, foreign licenses, consideration of
licenses, agreements, maintaining the agenda of the state, regulation of the capital markets
and many more. Some of the other major functions that are carried out by the ministry is
creating public and private partnerships, setting up agency laws, managing the key changes
and leading in terms of the CSR activities. The ministry of finance can be considered as a
platform through which the governments adjudge and review the various sort of CSR activity
implementation by the key stakeholders while implanting their very own plan for corporate
social responsibility extensionally. In the aim of making corporate social responsibility a
success, the ministry derives ideas from the stakeholder’s theory (Government of Kuwait,
2019). The main focus of the program is to directed towards the needs of the stakeholder, that
is the customers, the suppliers, the employees, various shareholder and the community as a
whole. The ministry is a branch of the government that is responsible for development of the
country in terms of economic sustainability of the nation. Furthermore, it the role of the
ministry to sustain the measures for creation of value in order to boost the efficacy of
development of the economy (New EU definition on CSR mirrors Enterprise 2020 aspirations
| CSR Europe. (2019)).

Provision of various financial plans and financial support can be considered some of the
major responsibilities that the ministry carries out while catering to the needs of the
customers. The ministry engages with suppliers who have the have major activities aimed
focusing on the betterment of the society, community and towards environmental
sustainability effects. As a CSR activity the ministry provides services such as training such
as organization of workshops for boosting the efficacy of the employees of the organization.
As a form of service to the community, the ministry provides opportunities in the form of
internship programs through which the youth of the community are likely to gain experience
in the mode of operations in which they are carrying out the internships. The main rational
behind creation of the creation of the latter opportunity is to develop the employability
quotient in the industry. Along with it the ministry is a pioneer in providing education to the
society in terms of informing the latter about the financial terms, issues and concepts. Grants
and support in terms of education are offered to they shareholders as they are recognized as
the key stakeholders of the Ministry of finance.
Definition of Corporate social responsibility
While operating in any market, regardless of the nature, companies utilize the
resources that are provided by the environment and the society. Thus, it is the responsibility
of the companies to return something back to the community. The service that companies
provide in return to the resources that are offered by the community is known as corporate
social responsibility or CSR. CSR activities can be sustainable contributions to the society in
terms of development of the economy, betterment of the environment, empowerment of the
minorities and others (Corporate Social Responsibility CSR - Markaz. (2019)).
The main aim behind the creation of the ministry is to contribute to the wealth of the
society and cater to the needs of the stakeholders. The CSR policies that are formulated by