1% of CIMB pre-tax profit goes to CSR initiatives


Top management: (from left) Datuk Mohd Shukri Hussin, CIMB Foundation board of trustee (BoT); Zafrul; Rosnah Kamarulzaman, BoT; Md Nor; Tan Sri G.K. Rama Iyer, BoT; Nazir; Datuk Dr Richard Leete, BoT; Datuk Robert Cheim, BoT and Hamidah at the CIMB Foundation’s 10th Anniversary.

KUALA LUMPUR: CIMB Group Holdings Bhd has reaffirmed its commitment to corporate social responsibility (CSR) by announcing that 1% of its pre-tax profit would be channelled to CIMB Foundation for CSR initiatives across Asean for 2018-2020.

The announcement was made by CIMB Group chairman Datuk Seri Nazir Razak during the commemoration of CIMB Foundation’s 10th Year Anniversary, which was also graced by CIMB Foundation chairman Tan Sri Md Nor Md Yusof, CIMB Group CEO Tengku Datuk Seri Zafrul Aziz, CIMB Foundation’s board of trustees as well as CIMB Foundation CEO Datuk Hamidah Naziadin.

The 1% pre-tax profit pledge will be disbursed annually for the period 2018-2020 across CIMB’s operations in Asean.

CIMB Group said in a statement that the funds would be channelled towards enhancing and replicating successful projects through the foundation’s three core pillars – community development, sports and education – with the aim of empowering larger communities and changing more lives across the region.

Nazir commented, “CIMB believes that corporates should commit more to CSR, especially in this age of rising inequality and uncertain, disruptive change. Our commitment to spend annually 1% of the group’s pre-tax profit in the preceding year will triple CIMB’s annual financial spend on CSR over the next three years, estimated to be about RM65mil-RM75mil annually.

“I’m happy to note that CIMB Foundation is also introducing ‘Diversity and Inclusion’ as the guiding principle for all its activities to promote better communal relations, diversity and inclusion, and nurture cross-cultural understanding among beneficiaries.”

Recently, CIMB Group also introduced a human resource policy that allows staff to take up to one month paid leave to work on CIMB Foundation’s CSR activities, based on the experience that staff commitment and energy can more than double the impact of every dollar spent.

The additional allocation will also enable CIMB Foundation to launch its financial literacy programme for youth – called Be$MART – in Indonesia, Thailand and Cambodia in 2018.

Its community development and education pillars will not only be expanded in Malaysia but also replicated in other Asean countries where CIMB operates.

Since its inception in November 2007, CIMB Foundation has disbursed RM120mil through 962 initiatives benefitting 700,000 lives. — Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Next In Business News

Morgan Stanley CEO's annual pay rises by over 20%
‘Unstoppable’ luxury stocks remind some investors of US tech
Ambani’s Reliance doubles down on 5G pledge after record profit
PUNB offers payment deferment, rental discount
CPO futures may undergo technical correction next week
Blackstone-backed Patria eyes expansion in Latam, Asia
METALS: Tin, aluminium, copper prices down
Oil price falls on China's COVID-19 cases, high crude build
IBM, Intel slump weighs on Wall St as coronavirus concerns rise
GLOBAL MARKETS-Weak data, earnings drag stocks lower

Stories You'll Enjoy