CSR Story
Maritime Financial Group
GETTING STRATEGIC ABOUT SOCIAL INVESTMENT
For over half a century, The Maritime Financial Group (Maritime) has been a prominent player in Trinidad and Tobago’s financial services sector. Its head office, located just a few miles outside of Port of Spain, is a well-established landmark for those travelling to and from the capital city. Now, following the overhaul of its approach to CSR, Maritime hopes to be known for more than insurance and its head office.
In late 2018, Maritime stopped using the term CSR to refer to its environmental, social and governance initiatives, instead aggregating these under the banner of Responsible Business. Central to this is a deliberate effort to go beyond the philanthropic model most commonly associated with CSR in Trinidad and Tobago. This seems appropriate; the World Business Council for Sustainable Development (WBCSD) defines CSR as ‘the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large’.
In the words of CEO Andrew Ferguson, “In the local market, the term CSR holds a certain connotation. We primarily think of CSR as philanthropy or charitable giving. Certainly, these are important aspects of companies’ CSR, but corporate responsibility is much bigger than this. By using the term “Responsible Business”, Maritime wants to make it clear that we understand that in order to be a good corporate citizen, we have to be accountable to a broad range of stakeholders on a range of economic, social and environmental issues. These stakeholders include shareholders, staff, clients, suppliers, local communities and NGOs to name a few. In the future we will be focusing much of our efforts on building capacity in organisations and people, to help them grow, as we see this as critical to creating lasting and sustainable change for future generations.”
In line with this definition, Maritime has premised its Responsible Business activities on:
- Providing top class service to clients;
- Conducting business ethically;
- Aiming to be the employer of choice;
- Satisfying shareholder expectations;
- Compliance with environmental standards; and
- Making investments which enable young people to thrive.
Despite these changes, Maritime has not completely abandoned the philanthropic model of CSR. After all, what would happen to all the previous beneficiaries of its charitable donations? Instead, Maritime has gotten more focused and strategic, as evidenced by its new Social Investment Strategy – Our Children, Our Future. Maritime has committed to improving the lives of children in Trinidad and Tobago, by building capacity in organisations and people, helping them secure brighter futures for themselves and the next generation. Its activities are targeted in four areas:
- Education and youth development: ensuring young people have the tools they need to succeed
- Crime and violence: creating safe spaces for young people to live, learn and play
- Disaster preparedness and response: building resilient homes and schools
- Pollution and recycling: preserving a healthy planet for the generations to come
An example of Maritime’s work in this final area is its support of SpeSeas, a group of local scientists, conservationists, and communicators who wish to make positive changes to the way we use and manage the marine environment for future generations.
Coral reefs and their importance are “out of sight out of mind;” we know very little about our marine environment. Coral reefs provide employment for coastal communities and contribute as much as 45% of Tobago’s GDP through tourism. That is without considering the value of other vital services, such as protecting coastlines against storm surge, maintaining fish stocks, and cultural resonance to name a few (Burke et al. 2008). The impacts of climate change are already being felt by small island nations globally and there is a risk that coral reefs and their services will continue to degrade to a point where they are no longer able to support the livelihoods of those that depend on them.
The Maritime Ocean Collection Project – a partnership between Maritime, SpeSeas and the international agency Underwater Earth – aims to reveal Tobago’s coral reefs to the world using engaging imagery and innovative technology.
The Collection will be the first online library of photos and videos, showcasing never before seen coral reef scapes and underwater life. These will be captured in 360-degree imagery and educational videos, all for the purpose of engaging and inspiring citizens of Trinidad and Tobago. The Collection will give a glimpse into the diversity and beauty of our coral reefs and marine life; highlight the damage caused by human activities; and sensitise the next generation for a better relationship with the ocean. This imaginative new world will inspire the children of Trinidad and Tobago, enlarging their capacity for innovation, resilience and adaptation above the water as well as below the waves.
The Collection will serve as a visual record for Tobago’s coral reefs in 2019. SpeSeas, the operators of the project, has collaborated with the Institute of Marine Affairs (IMA), and worked with local NGOs and dive tour operators to carry out the surveys. With Maritime’s participation, SpeSeas expects that this project will stimulate a sense of responsibility towards the marine environment, and generate more sustainable approaches to ocean conservation and use of coral reefs.
Maritime has a call to action for businesses throughout the country.
“The children of Trinidad and Tobago are its future. It is imperative they be given the skills, experiences and opportunities to succeed if our country is to overcome its challenges and ensure a thriving society and healthy environment for generations to come. Maritime is committed to using its resources and relationships to build the connections that make it possible for the children of today to grow together, and become the responsible leaders of tomorrow. We thank our team members for helping us achieve this, and ask our clients, local communities and suppliers to join with us to create a brighter future.”
