Geldof acknowledges value of CSR

Andrew Pentol

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Irish singer and political activist Bob Geldof believes corporate social responsibility served as a recruiting tool for companies before the start of the economic crisis

Singer and humanitarian Bob Geldof emphasised the importance of corporate social responsibility (CSR), which was one of the main themes discussed at the TFWA World Exhibition conference on Monday October 19.

Geldof, who founded charity super-group Band Aid in 1984 to raise money for famine relief in Ethiopia and organised the Live Aid concert a year later, said: “Five years ago I thought CSR was nonsense and companies would pretend to have social concern. I now know that this not the case. Corporations cannot simply be a matter of economic questions and financial returns because the truth is that the markets only work well when private reward and social returns are well aligned. Look at the past year, when the banks in effect raped the poor and then raped the rest of us. They did not get away with it then and are trying to get away with it again now.”

CSR is about the core values of the society we live in, according to Geldof. “The fundamental shift of the past year has been the move of economies from west to east. This may mean we have let our future slip, but there is no need to panic because our values will shape our future in the long term. Prudence is the most valuable attribute to the individual, but humanity, generosity, justice and public spirit are the attributes most useful to society.”

He also outlined what he believes is the essence of CSR. “It is the individual driving their corporation to act for the benefit of their employees, client base and society in general,” he said.

CSR is a good way for companies to attract talent, technologies, brains and know-how. He added: “People are not about to give their minds to a job that has no sense of meaning to them. Life has meaning and people find this through their talent. CSR was initially a recruitment tool, but the global economic crisis has changed things. In the current climate it is imperative that individuals alter their behaviour to suit different markets.”

Geldof acknowledged the industry’s commitment to supporting various charities such as The Smile Train. “It is great that this business has decided it can do things around the world and is doing what it can to make individual lives better,” he concluded.