Facebook Linked In Twitter

Anastasiades to Raise Issue of Illegal Turkish Navtex at EU Leaders Informal Meeting

Duncan: UK Assessing Events in Cyprus EEZ



Viktor Rashnikov: Russian Metallurgical Company Owner Promotes Best CSR Practices

Viktor Rashnikov: Russian Metallurgical Company Owner Promotes  Best CSR Practices

In an ever-changing business environment, factors that affect an organization's image, reputation and credibility are now going beyond the traditional combination of price and value of the available product / service. Today, new standards of business practice are emerging which in addition to the provided products and services and the value those offer, are governed by the principles of corporate responsibility, promoting a wide range of actions.

In recent years, Cypriot enterprises, especially medium and large-sized, have been focusing on the practical aspect of responsibility in business, with more and more choosing to integrate social, environmental and other actions into their budget. Recently, Cypriot businesses had the opportunity, during a specialized conference, to become familiar with internationally recognized practices of corporate social responsibility. In particular, one of the largest companies in the steel industry worldwide, Russian Magnitogorsk Iron & Steel Works (MMK), visited Cyprus in order to share its know-how and expertise with the companies operating in the Cypriot market.

Through a multi-faceted CSR program, MMK and its Chairman of Board of Directors, a prominent Russian businessman Viktor Rashnikov, allocate millions of euros every year towards the implementation of a series of activities that aim primarily at protecting the environment and improving the quality of life of the residents of Magnitogorsk, the city where the company's production facilities are located.


Forging social bonds

A major channel of MMK’s social investments is Metallurg Charity Foundation, founded in 1993. In addition to the activities that MMK promotes at corporate level, the metallurgical enterprise is also the main contributor to the fund’s budget with more than a 90% share. The Chairman of the Foundation’s Supervisory Board is Viktor Rashnikov, who, since taking the helm of the company in 1997, has implemented a series of actions that have enhanced the local community. Through the Foundation's programs, such as the "Veteran", the "21st Century - for the Children of the Southern Ural", etc., vital help has been provided to the children and the elderly of the area.

Recently, more than three million euros were allocated to the Foundation’s Care Program benefiting 30,000 retirees, people with disabilities and low-income groups who used to work at industrial enterprises, as well as to the public services of Magnitogorsk and other neighboring areas.

By deriving inspiration and ideas from such enterprises as MMK, many Cypriot companies could implement a targeted CSR program that will not be limited to financial contributions and charity events. Instead, they would integrate the local community and their staff into the sphere of their activities, thus providing additional incentives to all parties involved.



Constantinos Ioannou Appointed as New Minister of Health

President Nicos Anastasiades has appointed businessman Constantinos Ioannou to take over ...

The Ambassador of Corporate Risk Culture

For the last 15 months, Stefano Capodagli has been Group Chief Risk Officer at Hellenic ...

Cypriot Scholar Receives Harvard Bowdoin Prize

Argyro Nicolaou, a Cypriot writer and filmmaker, has been awarded one of Harvard ...



Tommy Hilfiger Partners With Formula One World Champions Mercedes-AMG Petronas Motorsport

The multi-year deal brings the Tommy Hilfiger brand back to the world of Formula One for the first time in 17 years, as the Official Apparel Partner for the ...

KPMG Cyprus Participates At the 3rd Inter-Communal Business Mixer

KPMG Cyprus participated at the 3rd Inter-Communal Business Mixer which took place at the Home for Cooperation. The Inter-Communal Business Mixer is a ...

Duncan: UK Assessing Events in Cyprus EEZ

The UK government is currently assessing the events in the Exclusive Economic Zone of the Republic of Cyprus, related to the hydrocarbons drilling activity, ...

Anastasiades to Raise Issue of Illegal Turkish Navtex at EU Leaders Informal Meeting

Cyprus President Nicos Anastasiades will raise the issue of the Turkish actions in Cyprus` Exclusive Economic Zone during the informal European Council to be ...

Ikea Joins Big Clean Switch to Offer 100% Renewable Energy Tariff

Joint venture claims cheaper green power could save UK households £300 a year Ikea is calling for households to join its latest joint venture ...

Cyprus Records Deflation Of 1.5% in January

Cyprus recorded deflation of 1.5% on an annual basis in January, official data released on Monday 20 February show.   The Harmonized Price Index for ...

Kouyialis: Cyprus Expects EU to Maintain Improved Direct Payments System In Future CAP

Cyprus expects the EU to maintain the role of direct payments as a means of supplementing and supporting agricultural incomes during the revision of the EU ...

HSBC Profits Jump to $17.2bn on Asia Growth

HSBC has posted a pre-tax profit of $17.2bn (£12.3bn) in 2017, saying its focus on Asia was driving growth. The results represent a 141% jump on the ...