PM gives PCP instituted 'Corporate Philanthropy Awards' to top companies

June 24, 2008 - PRLog -- Prime Minister Syed Yousaf Raza Gillani on Friday gave away the 2nd Pakistan Corporate Philanthropy Awards (PCPAs) to companies that are high contributors to social development in the country under their CSR portfolios. The award distribution ceremony was organised by Pakistan Centre for Philanthropy (PCP) at the Prime Minister’s House; it was attended by leading businessmen, ministers, parliamentarians, senior government officials, civil society representatives, donors and media.

At the occasion Prime Minister Gillani complemented the business sector for increased giving over the years and particularly the top giving companies. He said “we committed to the welfare and well being of masses, particularly the weaker segments of society as it is embedded in Peoples Party manifesto” He exhorted the business leaders to join hands, in partnership with government, civil society and non-profit organisations and said that the government has decided to maintain the tax credit ceiling of 30% and 15% for individuals and companies respectively instead of reducing it to 10% so as to support philanthropy.

While appreciating PCP’s endeavours in promoting corporate philanthropy through evidence based research and institution of awards, the Prime Minister announced a grant of Rs. 2 crore for PCP’s endowment. He highlighted that the government is cognizant of the enormous economic and social development challenges being faced by the country and referred to his government’s plans for economic revival and social developments to achieve the greater goal of making peoples’ lives better”

Dr. Shamsh Lakha, Chairman PCP Board during his introductory remarks said that to date little recognition had been given to Public Listed Companies’ philanthropic endeavours. PCP instituted these awards to recognise and incentivise corporate contributions to society. These awards are based on Pakistan Centre for Philanthropy’s research based survey titled ‘Corporate Philanthropy in Pakistan: Survey of Public Listed Companies 2006’. The survey is part of PCP’s ongoing effort to document and encourage corporate philanthropy. He also thanked the corporations for pledging over Rs. 4 crore for PCP’s endowment.  Presenting key findings of the survey Mr. Zaffar Khan, PCP Co-Chair, Research Committee apprised that there has been a tenfold increase in corporate giving when compared to base year i.e from Rs. 228 million in 2000 to Rs. 2.3 billion in 2006. He also brought to light the fact that if the Pakistani companies had adhered to the international best practice of donating 1% of their Profits Before Tax, total giving would have been Rs.3.6 billion instead.

Ms. Shahnaz Wazir Ali, Special Assistant to PM on Social Sector while referring to the gigantic social development challenges said “Pakistani companies have realised their social responsibility and have started working towards integrating social and economic issues to create new and innovative solutions that at the same time allow for continued profit-making and the improvement of social well-being within society.” She hoped that not only will these Awards inculcate healthy competition among PLCs but will also contribute to a tradition of philanthropic discourse and institutionalised corporate social responsibility in Pakistan.

Awardees ranked top 3 for the year 2006 for the highest volume of donations are (1) Oil & Gas Development Company Limited, (2) Pakistan Petroleum Limited and (3) Pakistan Telecommunication Company Limited. Awardees ranked top 3 for the year 2006 by volume of donations as a percentage of PBT are (1) Sitara Energy Limited, (2) Gul Ahmed Textile Mills Limited and (3) Sally Textile Mills Limited respectively.