Spend CSR funds in a transparent way: adviser

Companies should spend their funds meant for corporate social responsibility projects in a transparent manner so that others know how the money is being used, Prime Minister's Foreign Affairs Adviser Gowher Rizvi said yesterday.

In many cases in the past, companies used to take up CSR projects mainly for publicity, he said. “But that practice has changed. The nature of CSR and philanthropy is changing and evolving," he said at the launch of a report on CSR in Bangladesh at the Westin hotel in Dhaka.

The report, published by CSR Centre, introduces various CSR concepts and highlights the contributions that CSR spending makes.

Farooq Sobhan, chairman of the board of trustees of CSR Centre, said the concept of CSR is now firmly established in Bangladesh. Good governance, CSR and the image of Bangladesh are interlinked, he added.

CSR is an important tool for sustainable development and growth, said Jacob Haugaard, deputy head of mission at the Danish embassy in Dhaka.

Mikail Shipar, secretary to the labour and employment ministry, said CSR should be aligned with national development activities. It has become a determining factor for market access, he added. Sophie Aubert, French ambassador in Dhaka, also spoke.