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Corporate Philanthropy Awards

FM gives PCP instituted 'Corporate Philanthropy Awards' to top companies

06/12/2010, Karachi: Finance Minister Dr. Abdul Hafeez Shaikh, Minister for Finance, Revenue, Economic and Statistics on Monday gave away the 4th PCP Corporate Philanthropy Awards to companies that are high contributors to social development in the country under their CSR portfolios. The award distribution ceremony was organised by Pakistan Centre for Philanthropy (PCP) at a local hotel: it was attended by leading businessmen, ministers, parliamentarians, senior government officials, civil society representatives, donors and media.

At the occasion Finance Minister Dr. Abdul Hafeez complemented the business sector for increased giving over the years and particularly the top giving companies. He said "despite the dismal position on the HDI, Pakistanis are amongst the world's top most philanthropic nation. The present PCP survey shows that the volume of corporate philanthropy has increased tenfold in the recent years. The figure for voluntary corporate giving reached PKR 2.2 billion in 2008 from the base year figure of PKR 223 Million in 2000. Encouragingly, 2009 exhibits yet another increase and the current figure now stands at 2.35 billion" He exhorted the business leaders to join hands, in partnership with government, civil society and non-profit organisations and said that he appreciated SECPs recent declaration in which as part of the Companies (Corporate Social Responsibility) General Order, 2009, companies are directed to prescribe descriptive and monetary disclosures of Corporate Social Responsibility (CSR) activities undertaken by the companies through their Directors' report to the shareholders annexed to the annual audited accounts.

While appreciating PCP's endeavours in promoting corporate philanthropy through evidence based research and institution of awards, He highlighted that the government is cognizant of the enormous economic and social development challenges being faced by the country and referred to his government's plans for economic revival and social developments to achieve the greater goal of making peoples' lives better"

Dr. Shamsh Lakha, Chairman PCP Board during his welcome address said that to date little recognition had been given to Public Listed Companies' philanthropic endeavours. PCP instituted these awards to recognise and incentivise corporate contributions to society. These awards are based on Pakistan Centre for Philanthropy's research based survey titled 'Corporate Philanthropy in Pakistan: Survey of Public Listed Companies 2008 & 2009'. The survey is part of PCP's ongoing effort to document and encourage corporate philanthropy. He said that for 2009, corporate giving amounted to 0.9% of the total profit before tax, and these figures were a grand achievement for the corporate world. Dr. Lakha said it is hoped that we will be able to persuade corporations to give more to achieve the international best practice of corporations donating 1% of their profits before tax.

He said in 2009 PCP had requested the then honourable minister for Finance Mr. Shaukat Tarin who also held the portfolio of the Statistics Division, to consider advising the Division to include questions on philanthropy in their annual Household Income and Expenditure Survey (HIES) as well as in the national census, in consultation with PCP. He said we now humbly put that request again to facilitate the process of its adoption and subsequent implementation.

Awardees ranked top 5 for the year 2008 for the highest volume of donations are (1) Pakistan Petroleum Limited (2) Jahangir Siddiqui and Co. Ltd (3) Oil & Gas Development Company Limited (4) Sui Northern Gas Pipelines Ltd and (5) Pakistan State Oil.

Awardees ranked top 5 for the year 2008 by volume of donations as a percentage of PBT are (1) Pakistan |Services Ltd, (2) Tata Textile Mills Ltd (3) Shield Corporation Ltd (4) KASB Securities and (5) Gulistan Spinning Mills Ltd respectively.

Awardees ranked top 5 for the year 2009 for the highest volume of donations are (1) Pakistan Petroleum Limited (2) Engro Corporation Ltd (3) National bank of Pakistan (4) Allied Bank of Pakistan and (5) Nestle Pakistan Limited.

Awardees ranked top 5 for the year 2009 by volume of donations as a percentage of PBT are (1) N. P. Spinning Mills Ltd, (2) Highnoon Labs (3) Ellcot Spinning Mills Ltd (4) Bannu Woolen Mills Ltd and (5) Crescent Jute Products Ltd respectively.

Orignaly Published in

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