Value is the theme that should unite all CSR projects and should be a key factor in major project decisions and strategies. Value for shareholders, value for local communities, value for stakeholders; these are the considerations that should underpin program and budget decisions and actions. If value is not central, what is? A CSR Thoughtpiece from the CSR Training Institute -by Wayne Dunn To keep updated on postings and events go to www.csrtraininginstitute.com and sign up for the newsletter

1. Helping business to
serve shareholders AND society
SIMULTANEOUSLY
Eleven strategies
for maximizing value from CSR
-by Wayne Dunn
www.csrtraininginstitute.com/knowledge-centre

2. Value is the theme that should unite all CSR projects and should
be a key factor in major project decisions and strategies.
Value for shareholders, value for local communities, value for
stakeholders these are the considerations that should underpin
program and budget decisions and actions.
If value is not central, what is?
What can make a CSR project sustainable if value is not
present?
Yet, too often the issue of CSR and value is looked at only
peripherally, if at all. It is almost as if somehow value is crass
and CSR should be ‘above or beyond’ value considerations.
Hogwash! Balderdash!Whyelsewouldindustry,communities,
development partners and others engage in and with CSR if
not for creating, preserving or maintaining value?
CSR is truly a self-interested activity and has a much better
chance of success when the value interests of industry and
stakeholders can be aligned and maximized.
Over the last couple of decades of working on and analyzing
CSR projects and activities across many industries and on
all continents I’ve noticed some strategies for maximizing
value from CSR. These have worked quite consistently across
industries, sectors and geographies.
That doesn’t mean that they all work, or even that they all
apply all of the time. But, if you are looking to maximize the
value created through CSR this is a good list to review. You
may find some gems.
This list of eleven strategies for maximizing value from CSR is
applicable to all partners and stakeholders in CSR.
Eleven strategies
for maximizing value from CSR

3. Eleven strategies
for maximizing value from CSR
Page 02
CSR is tough and expensive to do alone. Strategic partnerships
can bring incremental resources (financial and other), execution
synergies, and an expanded network and enhanced sustainability to
CSR initiatives.
But, be careful, partnerships take work and planning and can go off
the rails if not developed and managed properly.
For more on this see
Multi-sectorCSRPartnerships:NaturalPartnerships
– Unnatural Partners (http://bit.ly/13pGNhI).
Two steps are critical to developing partnerships that add value.
The first is to ensure that there is a meaningful alignment of interests;
that all parties can share at least some common objectives and
approaches.
The second is to get to know your partners well – see
13 mistakes that prevent and destroy multi-sector
partnerships (http://bit.ly/1znszsj)
1. Strategic
partnerships
Partnerships can make
your project smarter
and stronger. But, only
if planned and executed
well

4. Page 03
CSR should seldom be a stealth operation. Neither should it be
the focus of a ‘shout from the rooftop’ type of indiscriminate
communication strategy.
Communicating the right messages to the right audiences at the right
times and doing so in a way that they can hear and absorb the
message can add a lot of value to most CSR projects. Doing it wrong,
or badly can destroy a lot of value.
Key audiences to keep in mind include partners, stakeholders,
influencers and (often missed, or misunderstood) internal stakeholders.
For more detail on CSR communications see:
CSR Communications: Eleven mistakes to avoid
(http://bit.ly/1qQMM9t)
Often you need to look no further than the next desk to find strategic
opportunities to add value.
Engaging your internal colleagues can unlock value for shareholders
and stakeholders and often enhance the long-term sustainability of
CSR projects.
Some of the most efficient and effective ways to create community
and stakeholder value may be through integrating corporate CSR
objectives across corporate operations.
Local procurement, local hiring, enhanced training for locally engaged
staff, employee volunteerism and other strategies and tactics can
create value for shareholders, communities and other stakeholders.
In addition to the obvious synergies for companies, there is often an
enhanced camaraderie amongst staff as a result of this sort of internal
collaboration and this can translate into value on other dimensions.
For more on developing internal synergies see
Engaging Internal Stakeholders: Seven proven
strategies for success (http://bit.ly/1BOFGWF)
Eleven strategies
for maximizing value from CSR
2. Communications
3. Internal synergies

5. Page 04
Familiarity creates blindness, or at least vision problems!
Sometimes, quite often actually, a fresh set of experienced eyes can
see opportunities (and challenges) that are easy to miss if you have
been involved in a project day after day after day.
Experienced fresh eyes take less for granted, ask dumber questions.
Sometimes the dumbest questions can unearth the most amazing
insights).
Don’t hesitate to bring someone in who knows nothing about your
project (but a lot about CSR and value) and have them take a look at
where new or enhanced value may be found.
There are frequently gems hidden in plain site that only a fresh set of
eyes can see.
4. Fresh-eyes review
Eleven strategies
for maximizing value from CSR
Fresh eyes can often spot
value gems that are hidden
in plain site

6. Page 05
You can’t measure temperature with a speedometer!
The key to using metrics and measurement to unlock value is having
project-appropriate metrics and measurement.
The metrics and measurement should drive from the ‘why’ and the
‘how’ of the project itself and not from some preconceived corporate
or external framework.
We’ve all heard that you can’t manage what you can’t measure. In
CSR there is another every bit as true.
If you are doing CSR because you want to save the world, or even
just to save the adjoining village, do everyone a favour and resign.
Seriously, CSR is not about do-gooderism. It is about hard-headed
value creation, value optimization, risk management and other core
business needs. If done well CSR can and does do a lot of good work
and value creation for communities, stakeholders and society at large
(and for shareholders too!).
But, always remember, that if you set out on a CSR journey with a
plan to only do good works you are likely to stumble and fail and
do damage rather than do good. And that is not a strategy that will
produce much value for society, for shareholders or for you.
For a deeper exploration of this see
Don’t be an Altruistic Angel: Be transparent about
what’s in it for you (http://bit.ly/16nR3rH)
6. Metrics and
measurement
Eleven strategies
for maximizing value from CSR
5. Forget do-
gooderism

7. Page 06
Metrics and measurement are important for sure but sometimes
corporate reporting frameworks, or directives to adhere to this or
that global norm, standard or protocol, end up with the CSR frontline
teams trying to measure the wrong things in the wrong ways.
Every CSR project should rigorously and systematically measure
progress and key indicators and have appropriate frameworks for
recording and analyzing the data.
At the beginning of every project, or right now for those that started
without this, there should be a thorough analysis of the ‘why’ and the
‘how’.
Why is the company investing time and money into this particular
project and not another? And ‘how’ can it track progress towards the
‘why’. This should give you the insights to help identify what metrics
you need to track and measure.
The answers will generally be specific to each project so it stands
to reason that the metrics that are tracked and managed would be
unique as well.
Once you have settled on metrics you need to set up a systematic
process for gathering them on a regular basis.
Eleven strategies
for maximizing value from CSR
Metrics need to fit the
project and be as simple
as possible. If they don’t
they cost money, cause
frustration and accomplish
little
You can’t measure what you can’t measure!

8. Page 07
You also need to regularly review the metrics themselves. It is not
uncommon that a few months into a project it becomes evident that
some new metrics need to be tracked and/or that some of the existing
ones aren’t helpful to track.
What is key is to find the metrics and the data collection and analysis
protocols that allow the project to efficiently track progress and use
that information to constantly improve project management and
implementation.
This isn’t to say that all corporate CSR frameworks should be ignored
or abandoned, or that compliance with global norms and protocols is
unimportant. Far from it.
It is to say that project specific metrics that help you do a better job
of managing and implementing a particular project are as important.
Sometimes even more important.
Goodcorporateframeworksshouldhavetheflexibilitytoaccommodate
and support project specific metrics and management.
Eleven strategies
for maximizing value from CSR
Get the metrics right and
new value can emerge

9. Page 08
Eleven strategies
for maximizing value from CSR
Like most things in business and in life, CSR programs can get off
track and out of focus. They can drift this way or that, or the reasons
they started may no longer exist.
8. Systematically
review CSR programs
and their connection
to value
Lose focus and lose value.
Stay focused and create
value.
How strategic and how sharp is your strategic focus?
Some CSR programs end up looking like they are trying to be
everything to everybody.
Most of these end up accomplishing very little except burning through
budget and goodwill; both internal and external goodwill.
See the next point for what to focus on…
7. Strategic focus
Compliance with global norms, protocols and standards should be
considered carefully and where/if they create too much added burden
on CSR project management maybe they need to be reconsidered.

10. Page 09
Periodic reviews should be carried out on all CSR programs. They
don’t have to be complex but should answer some basic questions.
? Why did this program start? What was the original value
proposition?
? Is the original need still valid?
? Is it still as important as it was?
? Is the program meeting that need effectively?
? DoesmeetingthatneedproducevalueforsocietyANDshareholders?
? If the program were just being launched now, is there anything that
you would organize or do differently?
? Are you engaged with the right partners? Are there new ones? Are
the old ones still the right partners?
For more information on reviewing CSR programs see
Smarter CSR Budgets: Eight steps to connect
budget to value (http://bit.ly/1BOG083)
Eleven strategies
for maximizing value from CSR
Lose focus and lose value.
Stay focused and create
value.

11. Page 10
Eleven strategies
for maximizing value from CSR
Aligning interests more
effectively increases
value for shareholders
and society
This is all about lining up what’s in it for you with what’s in it for them.
The essence of CSR is about aligning shareholder and societal interests
in a way that produces value for both.
An interest alignment analysis examines CSR programs to ensure that
value is produced for both society and shareholders. It also explores
opportunities for additional value and alignment, which can help to
identify and develop strategic partnership opportunities.
The essence of this process is discussed in
Creating a CSR Program: in eight self-serving
steps (http://bit.ly/1suoOC1)
9. Interest alignment
analysis

12. Page 11
Eleven strategies
for maximizing value from CSR
11. Understand the
value sustainability
It helps to have a framework, or frameworks that help you to better
understand value and how to optimize it so you are maximizing value
for shareholders and stakeholders.
I often use a series of related frameworks based on a CSR Value
Continuum. You may have others that work as well or better.
What is important is to find a way that allows you to quickly and
consistently analyze and understand the value dimensions of your
CSR projects.
There is some discussion on the CSR Value Continuum
and Shared Value in this CSR Thoughtpiece if you are
interested.
CSR Value Continuum: A unique perspective on
Shared Value (http://bit.ly/16nQYEA)
10. Use consistent
frameworks to
understand value
How long does the value last? Is it like OpEx or CapEx?
CSR programs and investments produce value (or they should!). You
can often find ways to generate and capture more value if you look
at it in terms of time.
Does the value that your program produces last beyond the current
period? Will it continue to produce value over time?
Don’t expect value to emerge spontaneously, even if you are doing
good work.
Meandering through CSR projects waiting for value to show up may
produce some results. But, not many and not consistently. And you
should be fired for doing it!
Value happens when you plan for it and work for it.
10. Use consistent
frameworks to
understand value

13. Page 12
Eleven strategies
for maximizing value from CSR
These eleven strategies for maximizing value from CSR have been
developed over a lot of projects and with insights and support from a
lot of colleagues and mentors. If you find them helpful use them and
share them.
If you don’t find them helpful I’m interested in your thoughts on how
they could be more useful. Remember, we all learn from and with
each other.
CSR investments can be broken
into OpEx and CapEx types of
investments
It can help to think of it in terms of Operating expenses vs Capital
expenses. One produces value that is basically used up in the current
period and the other produces value that lasts beyond the current
period.
Don’t make the mistake of thinking that CapEx type of CSR programs
are necessarily better. They aren’t.
What is important is to understand what type of CSR investment
you are making and use that knowledge along with other insights
and analysis as you seek to maximize value for shareholders and
stakeholders

14. Page 13
Eleven strategies
for maximizing value from CSR
CSR is about value. Always be
thinking of how to optimize and
maximize value, for shareholders
and society
To read other CSR Articles and Thoughtpieces click here>>>

15. Professor Dunn brings a practical and realistic approach to CSR, blending theory and
practice to develop realistic models and approaches to address real-world challenges
Dr. Ellis Armstrong
Former CFO, BP Exploration
…coherent, thoughtful, stimulating and insightful… state of the art! The network of
participants from the public, private and civil society sectors was incredible, some of
the leading experts in the field.
Kojo Busia, Ph. D.
Snr. Mineral Sector Governance Advisor
United Nations Economic Commission for Africa/UNECA
…pragmatic blend of theory and practice, very applicable to helping organizations
meet real-world challenges.
Frank McShane
Manager, Corporate Responsibility Policy and Ethics, Talisman Energy
… readily available to provide support to organizations like Amref that are seeking
partnerships, and looking to bring about positive change in a collaborative and concrete
way. Wayne and the CSR Training Institute helped us to identify and connect with
potential partners and are always available. The training, the expertise, the network
and the overall support are world-class.
Onome Ako
Director of Strategic Partnerships, Amref Health Africa
“The program enhanced the CSR knowledge and strategic skills of our Kosmos Energy
Ghana team, and offered the participants a platform for networking with professionals
from other organizations across Africa and Ghana.”
Reg Manhas
Sr VP Kosmos Energy
Very much helpful Wayne; some of the tips and questions you gave will be an extremely
helpful guide in the process of developing a CSR Strategy for my company.
Emmanuel Aubynn
Regional Social Responsibility Manager, Newmont Africa
The CSR Program was excellent. A key aspect of my work is to encourage and support
private sector development that contributes to Ghana’s overall socio-economic
growth. The learning that I and my staff take away from attending this program will
help us immensely with this responsibility. I highly recommend this program.
Hon. Rashid Pelpuo (MP)
Minister of State for Private Sector Development and Public Private Partnerships
(Ghana)
New and exciting insights into the theory and practice of CSR… great faculty and
participants, very diversified. An excellent learning experience, very practical and
useful. I’m very happy I was able to participate in it.
Hon InusahFuseini (MP)
Minister of Lands and Natural Resources (Ghana)
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16. Should Business Serve
Helping business to serve society and
shareholders, SIMULTANEOUSLY.
Should Business Serve
WAYNE DUNN, PRESIDENT AND FOUNDER
SHAREHOLDERS?
SOCIETY?
IT SHOULD SERVE BOTH.
Wayne Dunn is President & Founder of the CSR Training Institute and
Professor of Practice in CSR at McGill. He’s a Stanford Sloan Fellow
with a M.Sc. in Management from Stanford Business School.
He is a veteran of 20+ years of award winning global CSR and
sustainability work spanning the globe and covering many industries
and sectors including extensive work with Indigenous Peoples in
Canada and globally. His work has won major international awards
and has been used extensively as ‘best-practice’ by industry and
academia.
He’s also worked oil rigs, prospecting, diamond drilling, logging,
commercial fishing, heavy equipment operator, truck driver and
underwater logging, done a couple of start-ups and too many other
things to mention.
Wayne’s career includes big successes, and spectacular failures. He
hopes he’s learned equally from both.
www.csrtraininginstitute.com