PASHA Bank formulates its social responsibility strategy by considering the societal needs of Azerbaijan’s sustainable development process and the economy’s integration with global markets. To this end, the Bank first developed its corporate social responsibility and sponsorship strategies in 2009. The Bank pays particular attention to capacity building in younger generations and the socio-cultural development of the country when developing its corporate social responsibility initiatives. PASHA Bank conducts various trainings to improve the business management, governance and financial literacy of entrepreneurs who run small- and medium-size enterprises.
Evolution of Corporate Social Responsibility Approach
• 1.0: CSR is used purely as a marketing and public relations tool. These are philanthropic initiatives conducted with the aim to improve the reputation of a company. CSR is known as tool that is “paying the bill.” Since the CSR concept took a superficial approach to the idea of responsibility before society, it was not deemed sustainable over the long term.
• 2.0: CSR is not only about “paying the bill” for philanthropic deeds. Companies started forming strategic partnerships with charitable societies. However, CSR still remains a conservative tactic to manage risk.
• 3.0: The concept of integration and shared value has been developing further. CSR is no longer only a tool to reduce risk. CSR has become a strategy that creates value for the company and society and protects this value.
PASHA Bank CSR 3.1: Corporate Stakeholders’ Engagement
• The Bank’s social mandate is in PASHA Bank DNA.
• Against the backdrop of today’s reality, sustainable development can only be achieved through joint efforts of all stakeholders
• The philosophy of partners and their approach to work should be in harmony with each other.
• PASHA Bank’s Corporate Stakeholder Engagement initiative will move all stakeholders forward toward the development.