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Duty Takes On New Meaning for Businesses.
(From The Moscow Times)
Metals and oil magnate Viktor Vekselberg surprised the country in February when he dropped over $90 million to return the Faberge egg collection to Russia. Just last month Roman Abramovich's Sibneft assumed a $54 million sponsorship deal with Moscow soccer team CSKA.
Oligarchs are scrambling to outdo themselves in conspicuous displays of giving, but are such investments into the arts and sports a corporate duty or a purely voluntary decision?
Russian business leaders are still divided. Some are ready to include philanthropy as part of their social responsibility, as is generally accepted in the West. But others still see their responsibility to society as paying their taxes and abiding by the law.
"Corporate philanthropy is part of the social responsibility of companies that can afford it," said Thomas Wagner, Eastern Europe director of Otis.
Otis, a multinational company with 3,000 employees in Russia, helped sponsor St. Petersburg's 300th anniversary celebration last year, as well as other events.
"We are a customer-facing business, so we expect our socially responsible investments to affect the bottom line positively, especially in Russia where the big players do not do as much as they could," he said.
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