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| Tuesday, 28 September 2004 |
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Commercial Bank allocates Rs. 10 million annually to boost SRT The Commercial Bank will allocate around Rs. 10 million each year from their profits to boost the bank's Social Responsibility Trust (SRT). According to Chairman, Commercial Bank, Mahendra Amarasuriya, they have obtained the approval of their shareholders to go ahead with this program. The bank in 1996 re-developed two banks in the Dambulla district. He said that they wish to focus on areas where their branches operate. "Then it is easy for us to supervise the projects," he said. Commercial Bank of Ceylon Ltd., in line with the objective of becoming a responsible corporate citizen of the country making efforts to fulfil its obligations to the community by supporting various development service projects and other activities to even those falling outside the scope of its usual banking operations, set up a social responsibility trust. In an effort to fulfil these corporate social responsibilities in a more formalised and organised manner. Commercial Bank with the unanimous support of its shareholders made a contribution of Rs. 25 million and thereafter by contributions up to 1% of the bank's post tax profits per annum. The special trust fund 'Commercial Bank Social Responsibility Trust', will be authorised to undertake various social service endeavours that help improve the quality of life in the community. The Trust will foster educational initiatives, improving community health services, promoting indigenous culture and arts and protecting the environment. It will also assist in preserving the country's cultural heritage, while facilitating and collaborating with governmental and local governmental institutions involved in social development activities and farmer organisations in rehabilitating tanks supplying water for agricultural and consumption purposes. "A profitable organisation must contribute to the development of the society, in which it operates and be conscious of its obligation to the community at all times. This is Commercial Bank's ethos. 'The Commercial Bank Social Responsibility Trust' will endeavour to facilitate positive change in local communities. Through this Trust, we would also seek to support and work with community development oriented organisations across Sri Lanka in achieving our objectives in the areas of health, education, environmental and other essential needs, with community involvement," said Mahendra Amarasuriya, Chairman of Commercial Bank. Activities of the Trust will be carried out under the guidance and supervision of seven Trustees consisting of the Chairman, Deputy Chairman, Managing Director, two other Board Members and two Deputy General Managers of the Bank, Amarasuriya said. |
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