Financial firms spent 12.3pc more on CSR in 2014

Financial institutions spent 12.3 percent more on corporate social responsibility engagements last year, compared to 2013, mainly due to a wider reach into various social causes.  
CSR activities in the financial sector expanded from Tk 55.4 crore in 2009 to Tk 502 crore in 2014, Atiur Rahman, governor of Bangladesh Bank, said yesterday.  
Banks and non-bank financial institutions spent their CSR funds to mainly empower the less well-off population segments, particularly in the areas of health, education, and emergency disaster relief, he added. 
He spoke at a workshop on the role of the private sector in disaster preparedness and humanitarian response organised by Oxfam at Lakeshore Hotel in Dhaka.  
The BB governor stressed the need to explore innovative ways of disaster preparedness with ideas from different stakeholders such as financial institutions, telecoms, apparel exporters, power and energy stakeholders, pharmaceuticals, agro and consumer goods producers, and social media.
“I believe both the public and private sectors have the responsibility to make their services more humane, and respond to any disaster or human loss as part of their social responsibilities,” said Rahman. 
Without embracing the disadvantaged population segments into the development process, economic growth cannot be sustained, he said. 
Bangladesh Bank, besides its core responsibility of maintaining price and macro stability, has been motivating all banks and financial institutions to adopt a broad range of direct and indirect CSR engagements, said the chief of the banking regulator. 
“These include humanitarian relief and disaster response mechanisms, investment in human capital such as education and health, and training programmes for potential entrepreneurs, particularly women.”
Rahman urged the private companies to continue and broaden their CSR activities. 
The private sector should increase focus on CSR activities as it will help them build a good image and enhance business opportunities as well, said Mohammad Abdul Qayyum, national project director of the Comprehensive Disaster Management Programme. 
Proper implementation of disaster management laws is imperative, said Mehedi Ahmed Ansary, professor of civil engineering department at Bangladesh University of Engineering and Technology. 
The country currently has 76 laws relating to disaster management, the effective implementation of which will certainly help minimise losses and reduce the incidence of man-made disasters, he said. 
Mohammad Ali, public health engineer coordinator at Oxfam, and Jannat Noor, emergency food security and vulnerability livelihood coordinator at Oxfam, also spoke.