Finance: Business Sustainability

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With the development of productive forces in a competitive environment, the importance of competencies determined by non-material factors begins to prevail. However, with the development of new technological structures, and because of global political and economic shifts, the primary condition for success is the presence of a company’s assets of a different kind, namely, investments that are collectively united by the concept of intellectual capital that includes the implementation of sustainable development of business.

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Private organizations use several methods and approaches to enhance business sustainability in the business sector. According to analysts, one significant way to improve business sustainability is by setting and reinforcing regulatory rules (National Research Council, 2014). Companies have to consider crucial social, environmental, and financial protection measures already established at the federal, state, and local levels by authorities to implement the same guidelines for the internal baseline standards to enhance sustainability (National Research Council, 2014).

Another method to address the sustainability matter is the stepwise approach for the management of corporate sustainability that includes all the actions required for comprehensive sustainable efforts (Oertwig et al., 2017). Using this way, executives can create sustainable value through business and process definition, strategy development, action planning, monitoring, and integrated reporting tools. The stepwise approach implies the necessity to be transparent, involve various stakeholders, and adjust according to sustainable solutions’ dynamics (Oertwig et al., 2017).

It is also suggested by experts to use several tools that help to evaluate the business sustainability and implement changes. Life-cycle assessment (LCA), accounting tools for the social cost of carbon footprint calculation, natural-capital valuation, and estimation of tradeoffs at the climate–water–energy–food sustainable relationships (National Research Council, 2014). Overall, the private organization needs to choose methods and approaches for business sustainability in the business sector that would suit the company and its activities the best and help stay on the edge of sustainability trends.

UAE is aimed to promote sustainable program implementation across industries to promote more stable working conditions and long-lasting operations. Among the organizations that include sustainable activities in their actions is the Emirates Integrated Telecommunications Company PJSC (Du). This report will discuss how the company adapts and applies sustainability standards and policies to be a good corporate citizen and address social, economic, and environmental responsibilities.

According to the Emirates Integrated Telecommunications Company (EITC) sustainability report, the organization’s corporate sustainability strategy has three main points. The first is delivering the benefits of Information and communications technology (ICT) to everyone; the second is making people in UAE and communities happier; the third pillar is operating ethically and responsibly (EITC, 2019).

The company is a partner of Dubai Smart Office and the platform provider for Dubai Pulse that work on core digital transformation initiatives in the country and serve the Happiness Agenda for citizens, Blockchain Strategy, and other sustainable actions (“Our Initiatives,” n.d.).

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CSRHub (2020), the organization aimed to assess companies based on different sustainability metrics, benchmarking, and gathering industry data and trends, reports that EITC has a CSR/ESG Ranking of 81 compared with 17,660 companies. On a scale of 0-100, the rate of 81 is considered high by the CSRHub, which is an outstanding mark for the company that develops different internal and external sustainability programs. Moreover, it is reported that EITC’s sustainable initiatives outperform those of other telecommunication companies in the industry (CSRHub, 2020).

The company integrates its corporate sustainability goals with the UN Sustainable Development Goals and works on different issues across different stakeholders’ levels of concern. For instance, customer data privacy and security, customer satisfaction, and the development of innovative products are the most crucial for the EITC ((EITC, 2019). Thus, the major sustainable programs are related to these fields and are aligned with the Arab culture, traditions, and standards (EITC, 2019). Furthermore, the organization aims to manage electronic and hazardous waste, implement energy-efficiency measures, execute employees’ training, happiness, and safety programs, and, finally, comply with corporate and business ethics.

The chairman of the Emirates Integrated Telecommunications Company, Ahmad Bin Byat, highlighted that the reliable performance of the company allowed it to commit to “a sustainable dividend policy despite the increasing pressure on the margins of telco service providers globally” (EITC, 2018, para. 12). The strategic objectives of the organization contribute to national sustainable growth. They include activities, such as WiFi provision across the country, the BabNoor project that helps to serve people with special communication needs, and others. For the BabNoor initiative, the company received the “People of Determination” CSR award in 2018 (Chatterjee, 2018).

EITC reports that 29% of its workforce comprises women, while women’s leadership and empowerment are among the prominent controversial topics in the UAE. The company launched the first Women Council in the telecommunication industry and is determined to achieve gender balance in the future based on global standards (EITC, 2019). Other directions of sustainable work include conducting Emirati talent engagement in the company workforce.

To conclude, one can state that the Emirates Integrated Telecommunications Company PJSC (Du) has broad and diverse sustainability programs that address different activities, serving the citizens of UAE and its partners around the world. The company needs to follow the recent trends in sustainable development and growth with national and global standards and continue to commit to the business sustainability field.

References

Chatterjee, S. (2018). du recognised for CSR initiative at 2018 Gulf Sustainability and CSR Awards. Zawya. Web.

CSRHub. (2020). Emirates integrated telecommunications company PJSC CSR / ESG Ranking. Web.

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EITC. (2018). Emirates integrated telecommunications company PJSC (“du”) announces record revenue of AED 13 billion and total dividend payment of 35 Fils per share for 2017. Web.

EITC. (2019). Sustainability at EITC. Web.

National Research Council. (2014). Sustainability concepts in decision-making: Tools and approaches for the us environmental protection agency. The National Academies Press. Web.

Oertwig, N. et al. (2017). Integration of sustainability into the corporate strategy. In: Stark, R., Seliger, G., Bonvoisin, J. (eds.), Sustainable Manufacturing. Sustainable Production, Life Cycle Engineering and Management. Springer. Web.

Our Initiatives. (n.d.). Smart Dubai. Web.

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BusinessEssay. 2022. "Finance: Business Sustainability." November 24, 2022. https://business-essay.com/finance-business-sustainability/.

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