Govt mulls national council on CSR

The ministry of commerce (MoC) has asked the committee to submit its recommendations for the draft guidelines on corporate social responsibility (CSR) by Thursday, officials said.  
The committee was formed after the finance division of the ministry of finance, which has drafted the guidelines, requested the public and private offices or organisations to submit their recommendations for the CSR.      
Following the initiative of the division, the government has received suggestions on CSR from think-tanks and trade bodies such as Economic Research Group (ERG), Policy Research Institute (PRI), the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Bangladesh Institute of Development Studies (BIDS), Dhaka Chamber of Commerce and Industry (DCCI) and the Association of Bankers Bangladesh Ltd (ABB).
The CSR has been a buzzword across the world and many countries in the world have so far prepared the guidelines or laws on it.
Besides, it has been made compulsory in the developed world after nineties through the company law and other regulations.
In recent days, India and the Mauritius have taken initiatives to give the CSR activities a legal shape.     
"We have asked the committee to submit its recommendations for the draft guidelines on CSR by Thursday next. After getting their recommendations, we will send it to the ministry of finance," senior secretary of the MoC Hedayetullah Al Mamoon told the FE.    
Generally, CSR is considered to be a volunteer activity. But in course of time, thanks to the gradual expansion and capacity building of businesses, it has become a critical element.    
An additional secretary of the commerce ministry will lead the committee for giving its recommendations to the ministry by Thursday.  
The Finance Ministry will finalise the draft guidelines on CSR after coordinating all recommendations or suggestions from different ministries or departments, according to the FD.
As per the definition by the United Nations Industrial Development Organisation (UNIDO), the CSR is a method that will fulfill aspirations of stakeholders of a company and to balance among economic, environmental and social responsibilities.
The draft recommendations suggest forming a national council on CSR with the representation of ministries officials, trade bodies, civil society members and professional bodies.
It also suggests exempting companies from taxes, which follow the CSR activities and submission of annual CSR activities to the concerned ministry.   
    talhabinhabib@yahoo.com