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Economic responsibility

Economic responsibility is the practice of a firm backing all of its financial decisions in its commitment to do good in the areas listed above (Ethical and environmental responsibility). The end goal is not to simply maximise profits, but to make sure the business operations positively impact the environment, people, and society. In the economic field, CSR emphasis on transparency in the business and building good relations with stakeholders who can influence economic activity of the company, especially with the customers, suppliers, shareholders, investors and business partners. Corporate governance (CG) also plays an important role in the economic area of the CSR concept, particularly in relation to shareholders and employees. There is no single accepted definition for corporate governance but it can be defined as a set of processes and structures for controlling and directing an organisation. It constitutes a set of rules, which governs the relationships between management, shareholders and stakeholders .

These are examples of business strategies for Economic responsibility:

  • Make the Statement on Corporate Governance
  • Disclosure of information in the context of corporate governance (disclosure of information about the composition and remuneration of board members; disclosure of information about the number of board member, proportion of women and employees on Companies’ boards)

Is this a point of interest for VET organisations?

It is because…

Develop methodologies for elaboration of school policies on Economic responsibility and strengthen the collaboration among all members of the school community – school leaders, teachers, non-teaching staff, students and stakeholders – is crucial. In the following list we present a selection of suggestions we collected by the medium of the survey and the face to face interviews with VET head masters, teachers and students.

All these topics will be discussed in more detail in the The CSR2VET Ambassador course.

Tips we collected (transversal to all the three pillars)

  • Design your organisation’s policy on Ethical responsibility.
  • Share the objectives of the organisation’s policy on Ethical responsibility among all the members of the school community.
  • Develop learning modules for strengthening the competencies of teachers and for non-teaching staff on Ethical responsibility.
  • Include, transversally, Ethical responsibility issues in the curricula.
  • Select your supply network consistent with the principles of Ethical responsibility.
  • Organise lessons for your students inviting companies at the local level that are developing good or best practices Ethical responsibility.

Tips we collected (specific on Economic Responsibility)

  • Inform teaching and not-teaching staff about the Organisation’s Corporate Governance
  • Inform students and families about the Organisation’s Corporate Governance
  • Implement informative materials (written down to be understood by the general public) about the Organisation’s Corporate Governance.

Best practices suggestions

To enrich your experience in this section we suggest you to read the following experience about Governance in ENGIM: a private institution operating in the educational and vocational training area in Italy. Located in Piemonte, Lombardia, Veneto, Emilia-Romagna and Lazio with 25 educational centers attended by over 9000 students, ENGIM is accredited for the compulsory training, continuous training, higher education, orientation and services for work. ENGIM operate also in 15 developing countries in the world, paying particular attention to the importance of education, the development of skills and the generation of new ideas, understood as key tools for human development, economic growth and productivity. Vocational education and training are, in fact, important elements for the purpose of creating an inclusive society, so ENGIM has chosen professional training as its main area of ​​action, engaging in the development and implementation of good practices at national, European and world level, enhancing the competence of its operators at an international level.

SDGs objectives – Reporting on the SDGs | The selected practice describes an ongoing process of change within the organisation involving pilot centres for the integration of sustainable development objectives into management and reporting practices. The process is coordinated by a national contact person, to whom the coordinators of the pilot centres refer; it involves the use of data collection forms, the definition of short and medium-term objectives and the development of indicators. The aim of the strategy is to turn all the ENGIM centres into places where the 17 Goals can be tested integrating the SDGs into the management of the organisation at national and international  level. The first phase of the process consisted in an analysis of each SDGs target. Following the suggestions indicated in the ASviS 2019 Report, the organisation therefore identified the “areas” considered to be of commitment, the targets, the actors to be involved and some initial possible actions to be implemented.The work begun in the final months of 2020 has led to the drafting of a detailed report.In 2021 the criteria for measuring the implemented actions have been identified in order to monitor the progress made by each pilot centre. The monitoring for 2022 is in progress. The model is an ongoing process and the impacts are not at the moment available but it represents a radical change in the organisation’s Governance policy.

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