Corporate Social Responsibility (CSR) means a responsible business. It is also a perception of having a corporate conscience or corporate citizenship along with company’s and employee development. This fast and ready concept of CSR has been the focus of many deliberations and research and taking its growth and importance both academically and in the business sense of development. It captures a spectrum of values and criteria for measuring a company’s contribution to social development.
The central theme of the concept of corporate social responsibility (CSR) is that the social responsibilities are the social forces operating in every society making corporates to act in a certain way. This is true regardless of whether it is a capitalist or a socialist society as the social forces are always there. These may not allow the business to deviate from the course of social responsibility. These forces may wipe out all such enterprises which prove contrary to social interests.
The activities of a corporation impact upon the external environment and that therefore such an organization should be accountable to a wider audience than simply its shareholders. Adepts reveal businesses that are involved in CSR they perform monetarily better than those companies who don’t perform CSR.
Pakistan’s economic growth consists on investment, which may be funded by local savings or from overseas capital inflows, these activities certainly help to alleviate poverty in the country and raise socio-economic status of the general public.
The latest economic and financial indicators identify that Pakistan compared favorably with the other regional states and ranked third in the region whereas seventh internationally in terms of GDP growth.
Experts believe that CSR advantages are for both companies and the society. On the other hand CSR is also helpful for a sustained socio economic development, green environment and poverty alleviating for employees and domestic communities.
There are number of companies dedicated to progress having responsibility of carrying social benefits for which some includes:
HABIB TRUSTS & FOUNDATIONS
Habib Group is committed in fulfilling its social responsibilities. Habib trusts manage a wide range of social services from medical to education, financial assistance program and vocational training.
Indus Motor Company has partnered with the Habib Education Trust to develop the state-of-the-art Toyota Gymnasium at Habib Public School, Karachi. Gymnasium like this is not only a source of physical exercise, but also develops teamwork, physical stamina and mental agility in young people, who are the future of the country. The Rs30 million modern gymnasium is the first of its kind in the country.
Indus Motor Company aims to demonstrate responsible corporate conduct throughout the whole spectrum of its activities and operations.
The company strives to make meaningful contributions to enhance the health and living standards of all their fellow citizens, above and beyond offering them with high quality and safe products.
As a respected Corporate Citizen and a member of the UN Global Compact, the management would continue to undertake social measures that assist strengthen communities and contribute to the betterment of society.
As a policy, Indus Motor Company allocates 1 percent of Profit Before Tax of preceding year for social contributions.
During the last five years, the company has contributed almost Rs250 million towards health, environment, education, community welfare and road safety projects.
Akhuwat is on a mission to build Pakistan’s first Without Fee University in Kasur, near Lahore. In order to achieve this objective, the non-profit organization is hosting a series of fund raisers in Karachi, Multan, Lahore and Islamabad between January, 22-27.
A troupe of Turkish Dervishes is being flown in from Konya, Turkey to help Akhuwat raise funds for this massive project by giving mesmerizing performances in key cities across Pakistan. These events are being executed in collaboration with the Embassy of Turkey, Municipality of Konya and Turkish Airlines.
The Akhuwat University will be providing free education, boarding and educational facilities to students from every province in Pakistan.
Akhuwat is already successfully operating Akhuwat College, The Akhuwat Institute of Social Enterprise & Management (AISEM) and the Faisalabad Institute of Research, Science and Technology (FIRST) catering to the needs of students across Pakistan.
The corporate social responsibility is an integral element of Meezan Bank’s value system. Thus, throughout 2014 the bank partnered with many organizations to design and implement initiatives, mainly in the healthcare and educational sectors, benefiting the underprivileged section of the society. Meezan Bank’s CSR attempts fall under three categories; education, healthcare and fundraising.
Engro Corporation Limited has been ranked Pakistan’s leading company for CSR, in the first Asian Sustainability Rating (ASR).
Engro also achieved the distinction of being the only Pakistani firm included in ASR’s top 50 Asian firms.
Engro’s attempts in building sustainability in the country are demonstrated by its commitment to consistently contribute 1 percent of profits before tax towards social investments.
Engro’s main social spending is in the areas of skill development, health, education, environment, emergency relief efforts and philanthropy.
The National Bank of Pakistan (NBP) is the largest commercial bank of Pakistan and CSR is an integral part of NBP’s corporate policy. It has institutionalized by creating a separate division and running a full-fledged CSR program to bring optimistic change and enhancing quality of life of underprivileged members of our society.
The prime area of focus for CSR measures are education, health, woman & child, special persons, culture & relief for affectees of natural disasters.
The Bank has awarded with the gold medal on CSR by the government of Pakistan on basis of overall NBP contributions and donations for charitable, social, educational and public welfare purposes.