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Sustainability & C.S.R.

Jul 3, 2010 3:07:12 PM - thesundayleader.lk

A Chamber which provides c.s.r. awards on an annual basis, has, from this year also included business sustainability to be one of its judging criteria.

Ajith Ratnayake, Director General Sri Lanka Accounting and Auditing Standards Monitoring Board and one of the judges for this event said that they were looking at sustainability under the broad heading of Profits, People and Planet.

The event organized by the Ceylon Chamber of Commerce (C.C.C.) will be held in November. “Sustainability vis-à-vis profitability, liquidity and balance sheet is also included this time,” said Ratnayake, at a seminar last Wednesday.

Governance, sustainability and economic contribution to the nation as well would form the basis for the judging criteria under this pillar.

Policies in place to avoid bribery will carry marks. Investments in the North and East would also be an advantage to score points.

C.C.C. Vice Chairman and John Keells Holding p.l.c. Chairman Susantha Ratnayake said that he personally knows of several companies which take c.s.r. and sustainability very seriously.
“But I don’t think we market those. It’s very wrong to think that we are only interested in making profits,” he said.

Professor Lakshman Watawala, Chairman, Best Corporate Citizen Award Committee said that c.s.r. and business sustainability will lead to sustainable profits and building relationships with communities.

“We know that many firms have special teams handling this area,” he said.
Another of the judges, Employers’ Federation of Ceylon Director General Ravi Peiris said that points will be given to affected companies impacted by last year’s recession which however retained their employees.

Research and Development will also be another important adjunct in the judging critiera.
The top prize in this competition, the best corporate citizen’s award, was won by Sampath Bank last year.