Corporate Social Responsibility

There are probably as many understandings of corporate social responsibility as there are stakeholders involved in discussions on the issue. Corporate responsibility is concerned with the relationships that a company maintains with its shareholders, clients, suppliers, employees, as well as with the communities in which it operates, but the concept has evolved during time. Among other definitions, Corporate social responsibility (CSR) "refers to the obligations of the firm to its stakeholders – people affected by corporate policies and practices. These obligations go beyond legal requirements and the firm’s duties to its shareholders. Fulfillment of these obligations is intended to minimize any harm and maximize the long-run beneficial impact of the firm on society” (Smith, 2001).

IMI Fabi’s guidelines state that applying the principles of Corporate Social Responsibility, being accountable for its stakeholders, together with a responsible and transparent communication strategy, are essential for the Group.

While CSR aims to make a business accountable, ESG criteria make its efforts measurable. ESG, which stands for Environmental, Social and Governance, provides a framework that helps stakeholders understand how the organization is managing risks and opportunities related to environmental, social, and governance criteria. IMI FABI is committed to monitoring and reporting ESG key performance indicators and to build on those its sustainability strategy.

ESG and CSR are both ways that businesses can demonstrate their commitment to sustainable development. Sustainable development is defined by the Brundtland Commission of the United Nations (March 20, 1987) as " the development that meets the needs of the present without compromising the ability of future generations to meet their own needs". Sustainable development involves environmental, economic, and social aspects. For a business to be sustainable, it should not cause irreversible damages to the environment, should be economically viable, and should benefit society.

The integrated management systems are pillars of our corporate culture, which aims at continuous improvement.Quality assurance, Health, Safety and Environmental assurance and Energy management together with codes of ethics and equal opportunity policies provide a solid basis for our sustainable practices.