Recommendations from Nordic Council of Ministers
❶ the company should have a strategic approach to CSR;
❷ the company should assess the social, ethical and environmental risks and opportunities and proactively address minimization of these risks;
❸ companies must be flexible in developing appropriate CSR strategy, taking into account the local context;
❹ companies should identify stakeholders and involve them in the development and implementation of their CSR strategy;
❺ companies should work with various stakeholders.
Recommendations from CSR Ukraine
❶ To be realistic about the markets they are entering (what corruption perception index, bribery level, ‘grey’ economy level are there, etc.)
❷ To introduce challenges of the markets a company is entering into risk management.
❸ To update corporate compliance policy, if necessary (whether it includes all the requirements of the legislation of the country in which a company starts your activity).
❹ To assess the inϐluence a company has (economic, social, environmental) and deve lop local corporate social responsibility policy to minimize the negative effect.
❺ To allocate the budget for corporate social responsibility programs (from 4,000 Euros upwards)
❻ To make sure that a company has an efϐicient system for compliance policy functioning and corporate social responsibility implementation.
❼ To be patient about implementation of corporate social responsibility programs, and don’t be afraid of the risks that may possibly arise.
❽ Enjoy what you do!