CIMB to triple annual CSR spend from 2018 to 2020

PETALING JAYA: CIMB Group Holdings Bhd on Saturday announced that it will triple its Corporate Social Responsibility (CSR) spend over the next three years, by committing 1% of the group’s profit before tax (PBT) to CIMB Foundation between 2018 and 2020 for initiatives throughout Asean.

This was announced by CIMB Group chairman Datuk Seri Nazir Razak during CIMB Foundation’s three-day 10th Year Anniversary celebration, 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 events hosted around 10,000 members of the public at The Curve, Mutiara Damansara, who got to know the beneficiaries and enjoyed up-close and personal sessions with Datuk Nicol David, CIMB’s brand ambassador, and other local top athletes and celebrities.

The money pledge will be disbursed annually for the period 2018-2020 across CIMB’s operations in Asean, towards the foundation’s three core pillars, that is, community development, sports and education with the aim of empowering larger communities and changing more lives across the region.

“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 PBT in the preceding year will triple CIMB’s annual financial spend on CSR over the next three years, estimated to be about RM65-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,” Nazir said in a statement.

The additional allocation will 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 disbursed RM120 million through 962 initiatives benefiting 700,000 lives.