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Business houses in Bangladesh are increasingly becoming aware of corporate social responsibility (CSR) and trying to deal with the issue as they believe responsible companies become more profitable in the long run.
Multinational companies apart, big local corporate houses are also supporting and respecting CSR principles as it is now a key part of mainstream business practices.
"CSR is becoming a part of the business practices here. Corporate standard would be enhanced if corporate responsibility is underpinned by an infallible business case that links social and environmental responsibility with financial success," said Dr Debapriya Bhattacharya, executive director of the CPD.
According to a study carried out by the Centre for Policy Dialogue (CPD), 66.7 percent of the companies in Bangladesh have adopted corporate governance and 43.3 percent have compliance policy with national or international benchmarks.
"Businesses, adhered to ethical practices internally and externally, are better placed and regarded globally in today's marketplace and perform better than those who are still constrained within old or conventional ways of thinking," said Rasna Hasan, manager (Corporate Affairs) of Novartis Bangladesh Ltd.
Even new businesses are recognising the simple fact that ethics and reputation can acquire public trust and loyalty, she noted.
Niaz Rahim, director of Rahimafrooz Batteries Ltd, said his company strongly extends its support for ensuring human rights, maintaining labour and environmental standards in its factories and overall operations.
Elaborating, he mentioned manufacturing lead-acid batteries produces highly toxic water that can seriously contaminate fresh water.
"This toxic water must be treated and as corporate citizens it is our responsibility to do that. Since everything has a cost, we have to spend money for treating toxic water. In this particular case, we can't compromise," explained Rahim.
The CPD study mentioned that 83.3 percent company executives claimed they have a policy of not employing underaged children as workers and 82.2 percent of them expressed their commitment to eliminate all forms of forced or compulsory labour.
The majority of the companies (62.2 percent) under the survey lent support to the rights of employees to form and join trade unions. CPD conducted the field survey to which 50 company executives, 70 employees and workers and 32 civil society members have responded.
Corporate responsibility practices in the multinational enterprises are better compared to those of the local companies and the practices in large companies are better vis-à-vis the smaller ones, it added.
Despite all the social problems, businesses in Bangladesh appear to be trying to address complicated social and environmental issues and also to carry out their community responsibilities while selling quality products and services at competitive prices, the study said.
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