Stakeholders' ownership in companies seen key to ensuring CSR
Stakeholders' ownership in companies can ensure better practice of corporate social responsibility; economists, entrepreneurs and professionals told a discussion in Dhaka yesterday.
In Bangladesh's present day CSR practice, stakes of employees and community people in companies are not recognised, said economist Rehman Sobhan.
So, the practice of a good corporate culture in the country is yet to be developed, added Sobhan.
Sobhan, also chairman of independent think tank Centre for Policy Dialogue (CPD), said the CSR should not be practised only by an individual company or a person, it should be institutionalised.
“Involving different stakeholders in companies will also help establish a stable society,” Sobhan told the discussion, organised by Development Strategy Forum at the National Press Club.
He also urged the public entities to follow the CSR as they also have responsibilities for the society.
Chairman of the Transparency International, Bangladesh (TIB) Muzaffer Ahmad said Bangladesh's corporate culture is rather a culture of a family as most of the companies are run by family members.
Ahmad said sovereignty of consumers have diminished to a great extent and sovereignty of companies strengthened in recent days due to absence of proper CSR practice in Bangladesh.
He urged the company owners to arrange the training for employees for enhancement of productivity.
Chairman of National Board of Revenue (NBR) Mohammad Abdul Mazid said owners should create a sense of belongingness to employees so that everybody can think he or she is an owner of the company.
Managing Director of IDLC Finance Limited Anis A Khan said, “Good corporate governance is the key to ensuring proper implementation of CSR.”
President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Anwar-Ul-Alam Chowdhury Parvez said the future business of the country is largely dependent on ensuring CSR, eco-friendly environment and following of social compliances.
Economist Atiur Rahman said the real wage of the garment workers declined due to higher inflation following the skyrocketing prices of essential commodities. “So, the wages for the garment workers should be increased,” he added.