SECP to Promote National Awareness of Corporate Social Responsibility

The Securities and Exchange Commission of Pakistan (SECP) organized a meeting with key stakeholders to take forth the corporate social responsibility agenda; the meeting was held in the SECP head office in Islamabad.

In his opening remarks, Mr. Tahir Mahmood, Commissioner SECP stressed the need for a national agenda on corporate responsibility and social investment and that the SECP would encourage a national multi stakeholder effort to boost competitiveness through ethical conduct.

Mr. Faud Hashmi, CEO, Pakistan Institute of Corporate Governance, volunteered to take the lead in partnership with Responsible Business Institute (RBI) for creating awareness regarding CSR concept in Pakistan. The other participants expressed their agreement to the proposal. The participants were also of the view that the framework for CSR reporting and standards for assurance shall be developed by ICAP.

Besides Mr. Tahir Mahmood and Mr. Zafar Abdullah, Commissioners of SECP, eminent professionals present in the meeting  included   Dr. Ishrat Hussain, Dean & Director of Institute of Business Administration(IBA), Karachi; Ms. Ambreen Waheed, Founder and Director of Responsible Business Initiative (RBI); Mr. Ahmed Saeed, President of Institute of Chartered Accountants of Pakistan(ICAP); Mr. Faud Hashmi, CEO of Pakistan Institute of Corporate Governance;, Mr. Qazi Qazi Azmat Isa, CEO of Pakistan Poverty Alleviation Fund; and Mr. Kamran Y. Mirza, CEO of Pakistan Business Council.

The participants appreciated the efforts of SECP to encourage companies to adopt responsible business practices. CSR Voluntary Guidelines, 2013 were also lauded as being a step in right direction. The participants stressed that the concept and understanding of CSR is still in its infancy in Pakistan. While companies are endeavoring to incorporate meaningful social responsibility initiatives in their business practices, there is a need to create awareness about the benefits of Corporate Social Responsibility. Strategy for creating awareness will include seminars and campaign drives using media and other channels of communication.

Further, it was suggested that owing to CSR being a voluntary activity in nature, consultative and corroborative approach shall be fruitful in promoting our agenda. 

Mr. Tahir Mahmood appreciated the dedication of the attending experts in ensuring that a key national priority was being addressed through a consultative and mutually enriching collaboration of all key stakeholders. Participants appreciated SECP's ongoing efforts in creating a responsibly competitive business environment in the country which would have global impact.