Trust to set up CSR centre formed

In a bid to set up a CSR (corporate social responsibility) centre in Bangladesh, a CSR centre deed of trust was formally signed yesterday at Bangladesh Enterprise Institute (BEI) in Dhaka.
The eight executors of the trust include corporate and non-corporate members, says a press release.
The trust has been formed to set up a CSR centre in the country, which will be launched formally on September 5, 2007, the release adds.
With a mission to establish CSR as a key strategy for corporate excellence in Bangladesh and maximise stakeholders' benefit, the centre aims to be the leading provider of complete solutions to CSR business needs in Bangladesh.
The centre's primary objective is to become the principle source of information, resources, and advisory services on CSR in Bangladesh. The centre, set up with private sector start-up funding, will serve as an institutional champion to facilitate, expand and encourage CSR practices in the country's private sector.
The CSR centre defines CSR as a set of business practices based on ethical norms and transparency that contribute to the sustainable development of internal and external stakeholders in the best interest of business, society and environment.
Although practitioners commonly equate CSR with philanthropy, a fully integrated CSR strategy can add greater value to brand enhancement, reputation and returns on the CSR investment. CSR is particularly important for the development of the competitiveness of business sector, including SMEs, adding to their product quality and profits.
Majority organisations in Bangladesh do not currently have sufficient resources necessary to act on the CSR opportunities. The CSR centre aims to strengthen local institutional capacity, raise CSR awareness and serve as an institution for CSR adoption and implementation in the region.