CIMB Group pledges one pct of PBT to strengthen CSR
KUALA LUMPUR: CIMB Group Holdings Bhd ( CIMB Group) reaffirmed its commitment to Corporate Social Responsibility (CSR) by announcing that one per cent of the group’s profit before tax ( PBT) will be channelled to CIMB Foundation for CSR initiatives across Asean for 2018 to 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 Tan Sri Md Nor Md Yusof, CIMB Foundation chairman; Tengku Dattuk Seri Zafrul Aziz, CIMB Group CEO; CIMB Foundation’s Board of Trustees; as well as Datuk Hamidah Naziadin, CEO of CIMB Foundation.
The one per cent PBT pledge will be disbursed annually for the period 2018 to 2020 across CIMB’s operations in Asean.
In a statement, it said, the funds will be channelled towards enhancing and replicating successful projects through the foundation’s three core pillars which are; 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
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 one per cent of the group’s PBT in the preceding year will triple CIMB’s annual financial spend on CSR over the next three years, estimated to be about RM65 to RM75 million annually. Datuk Seri Nazir Razak, CIMB Group chairman
in this age of rising inequality and uncertain, disruptive change. Our commitment to spend annually one per cent of the group’s PBT in the preceding year will triple CIMB’s annual financial spend on CSR over the next three years, estimated to be about RM65 to RM75 million 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 HR 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.
Established in November 2007, CIMB Foundation has been guided by its charter to create sustainable, long-term impact based on three pillars which are; community development (which includes the staff- driven Community Link programme), education and sports. Since inception, the foundation has disbursed RM120 million through 962 initiatives benefitting 700,000 lives.