Corporate social responsibility has become very much a buzz phrase in recent years, with entire departments being set up by large companies and/or their public relations firms to promote and monitor ethical corporate behaviour.

In addition to monitoring and ensuring adherence to law, ethical standards and international norms, the concept is that businesses should embrace responsibility for the impact of their activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere.

Furthermore, businesses should proactively promote the public interest by encouraging community growth and development, and voluntarily eliminating practices that harm the public sphere, regardless
of legality.

Essentially, corporate social responsibility is the deliberate inclusion of public interest into corporate decision-making.

With few exceptions, corporate social responsibility has been conspicuous by its absence in the Cayman Islands. Yes, there has been the customary lip service in the granting of scholarships – usually self-serving in that the recipients are bound or at least expected to work for the scholarship provider – and the often token charitable donations.

Genuine and meaningful community growth and development is usually lacking in the business models of the larger businesses in the country, even though they and their individual shareholders/partners may be pulling millions annually out of the Cayman economy.

The one notable exception to this generally selfish corporate attitude in the Cayman Islands in recent years has been the Dart family, who have done much in terms of community growth and development, apparently as part of their business model.

Their efforts in this respect include the community parks in every district, the nurseries that have helped to sustain indigenous Caymanian plant life, the numerous charitable and business development efforts to which they have contributed, the development of the Camana Bay project and surrounding environs; in fact, far too many initiatives to mention.

Not too long ago, Dart Management organised and paid for a design charrette in relation to its proposed new developments – a process involving not only design professionals such as architects, engineers, planners and landscape architects, but also members of the community – residents and business owners – in order to achieve the widest possible community involvement in the process.

This was in stark contrast to the usual modus operandi of local developers who just push ahead regardless of environmental or community concerns and the first we hear of it is when the bulldozers have already destroyed what is irreplaceable, be it an important element of our Caymanian heritage or the protective mangroves.

All of this accomplished by the Dart family is commendable and deserves recognition as examples of good corporate citizenship.

Now, however, the clear message coming out of the recent local “summit” to discuss the national budget crisis is that, amongst other things, the concept of corporate social responsibility needs to be more widely acknowledged and put into practice.

Indeed, there is a compelling argument that what might have passed for acceptable corporate social responsibility in more stable and comfortable times now needs to be expanded if the country as a productive business environment is to be saved.

We have been saying for quite a while that it is time for many others who have done so well because of their hosts - the Cayman Islands and its people - also to get involved in a practical way as the Darts have, in an effort to ensure our very survival.

We have suggested on several previous occasions that now is the time, in fact past time, for the Cayman Islands to re-examine the way we do business and to develop a new economic model that does not rely on the traditional “tax haven” type of business in general and banking secrecy in particular.

Our earlier remarks in this respect have now been dramatically reinforced by Britain’s Foreign and Commonwealth minister, Chris Bryant’s admonition last week that the Cayman Islands’ prosperity can no longer presume an offshore tax haven status.

Unfortunately, however, instead of facing this new reality in constructive and proactive terms, the public and private sectors have both been consumed with fighting a losing battle to preserve or revert to the status quo ante of the halcyon days before the global economic meltdown.

A good start to a wider realisation of corporate responsibility would be a cooperative effort to work on alternative uses and development of our existing infrastructure and jurisdictional attractions that are more in tune with today’s financial world.

The best and brightest financial minds in the world that are reputed to be living among us lowly mortals need to start pitching in – in practical ways - to help the country as a whole to weather this current economic storm.