'Private sector contribution important'

Sanjeevi JAYASURIYA

The Best Corporate Citizen Award 2011 was held last week for the eighth year under the supervision and organization of the Ceylon Chamber of Commerce.

"The award scheme has come a long way to include not just CSR, but also sustainable business which is of more relevance in today's context. The country is on a rapid development path and the contribution of the private sector is important. Hence, recognizing their efforts to drive economic growth is timely," CSR Awards Committee Chairman Prof. L.R. Watawala said.

"This year we have taken a step further to incorporate areas in the Global Reporting Initiative that were not included in the award category in previous years. Thus, it can be noted that the Best Corporate Citizens Award has been the fore runner in setting the standards for CSR and sustainable business in Sri Lanka," he said.

The awards scheme has encouraged more companies to engage in CSR activities and adopting sustainable business practices. It has become a trend to deploy sustainable practices as it has ensured the business success for all corporate irrespective of their size, Watawala said.

Stressing the need for companies to do more for the society, the environment and the country, Watawala said that contributing for a greener environment is essential as the world is faced with the challenges of climatic change.

CSR is all about the manner in which an organization conducts its business. This was duly recognized at the evaluation process.

There has been no other time more relevant than at present to highlight the importance of conducting business in a manner that minimizes the negative impact on environment and society, he said.

There was a large number of applications for this year's awards and the country could reap the benefit of the initiatives taken by the corporate in time to come.

The selection criteria encompassed a range of aspects including employee relations, customer and supplier relations, community relations, CSR and governance, environment and its contribution to the country's economy while also looking at profitability. Thus, it recognizes that business must make profit not only for themselves, but they should also benefit the society as a whole, Watawala said.