Exploring Shared Value in Global Health and Safety Workshop Summary (2016) / Chapter Skim
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4 The Roles of Corporate Philanthropy, Corporate Social Responsibility, and Shared Value
4 The Roles of Corporate Philanthropy, Corporate Social Responsibility, and Shared Value
Pages 49-58
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From page 49... ...
Thus, companies are happy to switch among the three approaches based on the task at hand. Before describing the conceptual differences in these approaches and then, through a facilitated panel discussion, illuminating how they are applied in practice, Wales reflected on the changing landscape of philanthropy broadly and the role of partnerships in meeting social needs.
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From page 50... ...
The group identified four categories of potential partners -- high net-worth individuals, private-sector corporations, the public sector, and the engaged public -- but most then admitted that they were not set up to start engaging them as partners. Wales mentioned this set of potential allies considered by the Aspen Philanthropy Group to highlight the number of capable actors recognizing social change as an important part of their mission, so much so that it seems nearly inevitable that a culture of health and well-being will be achieved.
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From page 51... ...
Shifting the focus to philanthropy, Wales introduced Paurvi Bhatt, Senior Director for Global Access at Medtronic Philanthropy, who provided context on the company's approach, describing it as strategic philanthropy rather than corporate philanthropy. Wales clarified the differences between these types of philanthropy.
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From page 52... ...
CSR FROM THE PERSPECTIVE OF HESS In describing Hess's CSR strategy, Paula Luff, Vice President of Corporate Social Responsibility, noted that it is similar to the strategy of Indra Nooyi, CEO of PepsiCo, in that social responsibility is not about what the company does with its profits, but rather how it makes them. For Hess, CSR is about operational and corporate excellence driving behaviors and company decisions and is focused into three areas: stakeholder engagement, risk management, and social investment.
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From page 53... ...
To affect impact sourcing, Luff suggested procurement processes need to move beyond traditional bidding that makes decisions based only on the least cost provider and sometimes vetting for environment health and safety indicators. Instead, processes should consider working with small- and medium-sized enterprises in host communities as suppliers and understand what is needed in terms of technical assistance and access to capital to make impact sourcing a viable option.
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From page 54... ...
Linking Medtronic's expertise to global standards and goals, the company is making strategic investments in NCD prevention to set the pace and standard for reaching WHO's goal of a 25 percent reduction in NCDs globally. Medtronic recognizes that choosing to align with an international standard allows the company to bring its expertise to the collective action to work toward this goal.
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From page 55... ...
Ecomagination is GE's parallel business strategy to deliver improved economic and environmental outcomes for their customers and in their own operations. While these initiatives, Healthymagination and Ecomagination, are core shared value initiatives of GE, Barash suggested that the third leg of the shared value stool is the work of the GE Foundation. Historically the Foundation's work was traditional corporate philanthropy, through programs such as matching gifts and scholarships.
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From page 56... ...
DISCUSSION Clarion Johnson, Co-Chair of the Forum on Public–Private Partnerships for Global Health and Safety (PPP Forum) , asked Barash if he has encountered challenges in private–private collaboration based on external concerns that could arise from perceived "huddling" of private-sector companies.
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From page 57... ...
These simple interventions are, however, designed to build or impact the greater ecosystem. Bhatt said she is fairly upfront that Medtronic's strategic investments are intentionally orchestrated to build an ecosystem that does not exist today.
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