Social Investment Pioneer Awards

The Principles for Social Investment Secretariat (PSIS) is calling on businesses in Australia and worldwide to showcase best practice in social investment in 2012.

Launched at the Rio+20 Corporate Sustainability Forum this week, the Social Investment Pioneer Awards aim to recognize investment activity that is purposeful, accountable, respectful and ethical.

Award submissions open to small, medium and multinational businesses from 1 July 2012.

CEO of the PSIS, Dr Shaun Cannon said the awards aim to set a new benchmark for social investment in the private sector, globally.

"The ways in which companies invest and engage in social investment, described as the voluntary financial and non-financial contributions which support communities address broad social objectives, is an increasingly critical issue for business,” Dr Cannon said.

“With a focus on leadership and innovation, the Social Investment Pioneer Awards provide one of the few opportunities for companies to showcase the ways in which there can be a direct alignment between achieving commerical and community objectives.

"More than 300 Australian companies are signatories to the UN Global Compact, and there are a further 600 international signatories which have offices in Australia. We would certainly encourage them to make a submission to the awards.

“The awards program will connect the top industry practitioners and highlight the importance of private sector engagement in sustainable community development.

“By promoting the benefits of best practice to the broader business community we hope to inspire innovative business activity that is aligned to the UN-backed Principles for Social Investment.”

Businesses are invited to enter in one of five Social Investment Pioneer Award categories:

• Responsible Business – demonstrating a commitment to social, economic and environmental sustainability balanced with stakeholder interests
• Inclusive Business – working with middle to low-income communities not as passive beneficiaries, but as members of the value chain such as suppliers, clients and customers
• Shared Value – initiatives that reflect an equal concern for the achievement of commercial and community outcomes
• Social Enterprise – a non-loss, non-dividend cause-driven entity created to address a specific social interest.
• Strategic Corporate Philanthropy – the giving of financial and non-financial organisational resources to community or social concerns or causes.

The United Nations Global Compact established the Principles for Social Investment Secretariat (PSIS) to facilitate and improve the impact of social investment by Global Compact signatories, and contribute to measurable and sustainable improvements in the quality of life for communities in need.

Launched in 2011 from its headquarters in Australia, PSIS’s purpose is to champion and communicate the practice and goals of social investment, distribute resources which support companies to hold themselves accountable and to facilitate international collaboration between social investment practitioners.

Social Investment Pioneer Award winners will be recognized as being a social investment ‘pioneer’ and will be showcased throughout the UN Global Compact’s international network of signatories.

The awards are free to enter and open to SME and multinational organisations that are signatories to the UN Global Compact.

Entries close 30 September 2012 with awards to be announced in November 2012.