Proceedings of 13th Asian Business Research Conference
26 - 27 December, 2015, BIAM Foundation, Dhaka, Bangladesh, ISBN: 978-1-922069-93-1
Corporate Social Responsibility (CSR) and its Disclosures: A
Study between Multinational Banks and Private Commercial
Banks in Bangladesh
Mustaq Ahmed and Md. Amzad Hossain
Peter Drucker was one of the first to explicitly address Corporate Social Responsibility
(CSR), including public responsibility as one of the eight key areas for business objectives
developed in his 1954 book titled, The Practice of Management. While Drucker believed
that management’s first responsibility to society involved making a profit, ‘he felt it was also
most important that management consider the impact of every business policy and action
upon society’ (Joyner & Payne 2002, p. 302). This study aims at focusing on the present
scenario of CSR disclosures by the Private Commercial Banks (PCBs) and Multinational
Banks (MNBs) of Bangladesh and make a comparison study on CSR disclosures between
private commercial banks and multinational banks. Primary Data was collected principally
through interviews from finance and management staffs of selected companies and
secondary data was gathered from books, journals, newspaper articles and research
papers. Corporate Social Responsibility (CSR) is a relatively new and rapidly developing
phenomenon. It is the commitment of business to contribute to sustainable economic
development, working with employees, their families, the local community and society at
large to improve their quality of life. However, CSR is not simply a communal activity,
although this is the most visible part of it. Moreover, CSR is part of the core values and
ethics of an organization. It is observed that some of the multinational banks played a
pioneer role in setting standards regarding the duty towards society, employment
generation, environment and poverty reduction program whereas most of the local banks
lagged behind in this arena/aspect. However, it is a matter of hope that, nowadays,
considerable number of local banks are also playing major role in Corporate Social
Responsibility and contributing to society hand in hand with multinational banks
emphasizing on ethical behavior, customer relations, suppliers, employees, community,
diversity and the environment.
Key Word: - Corporate Social Responsibility, Private Commercial Bank, Multinational
Bank, Finance, Bangladesh.
1. Objective of the Study
This study attempts to focus on the present scenario of corporate social responsibility by the
Private Commercial Banks (PCBs) and Multinational Bank (MNBs) of Bangladesh and make
a comparison of CSR disclosures between private commercial banks and multinational banks.
More specifically, the objectives of this study are as follows:
 To obtain a broad overview of the corporate social responsibility practices in private
commercial banks and multinational bank operating in Bangladesh;
 To examine the extent of CSR disclosure practices of 5 Private Commercial Banks (PCBs)
and 5 Multinational Banks (MNBs) operating in Bangladesh;
 To make policy recommendations on how to improve the practices of corporate social
responsibility in banking sector of Bangladesh.

To examine whether legitimacy theory can be used to explain CSR disclosures, in which
the banks agree to perform various socially desired activities in return for achieving its
objectives and other rewards, and thus ultimately guarantees its continued existence.
______________________________________________________________________
Mr. Mustaq Ahmed, ACA, mustaq.raz@gmail.com, Cell: +8801713 116915
Md. Amzad Hossain, amzad15december@gmail.com, Cell- +8801717 432645
Proceedings of 13th Asian Business Research Conference
26 - 27 December, 2015, BIAM Foundation, Dhaka, Bangladesh, ISBN: 978-1-922069-93-1
2. Conceptual definition
A frequently used definition by the World Business Council for Sustainable Development that states
"Corporate Social Responsibility is the continuing commitment by business to behave ethically and
contribute to economic development while improving the quality of life of the workforce and their families
as well as of the local community and society at large." However, CSR is not simply a communal activity,
although this is the most visible part of it but also about the core values and ethics of an organization. It,
therefore, involves every employee. The field of responsible business practice is one of the most rapidly
evolving and challenging subject corporations are facing today.
One of the best known and most widely accepted definition of CSR is by Carroll, who says that corporate
social responsibility encompasses the economic, legal, ethical, and discretionary (philanthropic)
expectations that society has of organisations
Carroll’s view extended the responsibility of the business beyond only economic responsibility. According
to Carroll, the managers of business organisations have four responsibilities and these are economic, legal,
ethical and, discretionary.
Carroll’s four responsibilities of business are the following:
Responsibility
Description
Economic (must do)
To produce goods and services of value to the society so that the
firm can repay its creditors and shareholders.
Legal (Have to do)
Government in laws that management is expected to obey.
Ethical (should do)
To follow the generally held beliefs about behavior in a society.
Discretionary (might do)
Purely voluntary obligations a corporation assumes. Examples
are philanthropic contributions, training the hard core
unemployed, and providing day care centers.
In developed market economies, financial institutions, searching for a way out, started to focus more on
corporate social responsibility. Even their financial statements pay attention to the social, economic and
environmental impacts of their operations. In essence, a bank’s stable financial position, increasing
economic performance, ethical and transparent activities and responsible financial services ensure its
predictable and reliable operation, which also enables it to acknowledge and serve the interests of society
to a larger degree. In the financial sector, besides the short term internal business interests of companies,
social, environmental and human rights objectives are gaining a dominant and increasing role.
CSR ensures trade-off between economic and social goals of the efficient utilization of scarce resources.
The financial sector is in the course of their intermediation rule, contributing a lot in this regard. CSR
practices by bank not only improve their own standards but also catalyse the socially responsible behavior
of other businesses. Financial industry itself is also benefitting from the positive effects of CSR on the
society as a whole, particularly on its clients. So, the role of them for pursuing appropriate CSR practices
in the society, especially in a developing country like ours, need to be duly emphasised.
3. Literature Review
Wise and Ali (2009) pointed out that CSR is still an evolving concept that enables corporate executives to
create and apply self- determined policies to best meet the needs and demands of its stakeholders. Hackston
and Milne (1996) used six categories: environment, energy, human resources, product and safety,
community involvement, and other. A technique commonly used in social responsibility research to
Proceedings of 13th Asian Business Research Conference
26 - 27 December, 2015, BIAM Foundation, Dhaka, Bangladesh, ISBN: 978-1-922069-93-1
measure the significance of content is to count the number of words used to describe a particular issue
(Hackston and Milne 1996).The role of business worldwide and specifically in the developed economies
has evolved over the last few decades from classical “profit maximizing” approach to a social responsibility
approach, where businesses are not only responsible to its stockholders but also to all of its stakeholders in
a broader inclusive sense. Because of global competitiveness and demand, the CSR practices and standards
are being implemented in Bangladesh (Alimullah, 2006).
Wartick and Cochran (1985) depicted the evolution of the corporate social performance model by focusing
on three challenges to the concept of corporate social responsibility: economic responsibility, public
responsibility, and social responsiveness. It is one of the major interest in our study to identify whether
corporate social responsibility disclosures made in the Bangladesh banking sector focus on economic
responsibility, public responsibility or social responsiveness. Further research of a similar nature might be
able to determine where Bangladesh lies in terms of Cochrane’s evolutionary model.
In recent times, social responsibility usually refers to the objectives or motives that should be given weight
by the business in addition to those dealing with economic performance (e.g., profits). Banks across the
globe have received considerable amount of pressure from its diverse stakeholders including shareholders,
investors, media, NGOs and customers (Bhattacharya et al., 2004; Ogrizek, 2001; Frenz, 2005; Jeucken,
2001; 2004; Coupland, 2005) to carry out business in a responsible and ethical manner. As a result,
increased consciousness with regards to sustainability issues for financial institutions has been observed
across the globe during the last decade. Similarly, the other powerful stakeholders that have significantly
shaped the issues and brought these to public sentiment are the state regulatory bodies, media s, NGOs in
addressing social responsibility issues in banking sector (Jeucken, 2001; Bouma et al, 2001; Baron, 2000;
Bhattacharya, 2004; Decker, 2004.
Wilmshurst & Imam and Belal (2001) surveyed CSR disclosure practices in Bangladesh. Imam found out
that the level of such disclosures was very poor and inadequate. Belal examined the annual reports of 30
companies listed on the Dhaka Stock Exchange. He found out that, though 97 percent of companies made
some form of CSR disclosure, the volume disclosed for such activities was very low. The disclosures were
largely descriptive in nature, and emphasized ‘good news’. Only one instance of ‘bad news’ disclosure was
found (Belal, 2001).
Abu Baker and Naser (2000) also utilized content analysis to examine the annual reports of 143 Jordanian
companies listed on the Amman Financial market. They examined the content-category themes, methods
and location of CSR disclosures within annual reports. The predominant themes for CSR disclosure
amongst companies in Jordan are human resources and community involvement. Additionally, the extent
of CSR disclosure is very low (Abu Baker and Naser, 2000). Their findings appear to mirror the results of
prior studies done in other developing countries (Andrew et al., 1989; Savage, 1994; and Teoh and Thong,
1984).
The importance of CSR has become an important issue for banks to address ahead of corporate scandals in
the beginning of the century, which have had resulted in a side in the level of trust that they used to enjoy
(Bdou et al. 2010). Dusuki and Dar (2005) identifies several driving forces behind the growing trend
towards CSR initiatives like growing market pressure on social and ethical issues, regularity pressure,
increased power of communication etc.. This is true that banks are paying more to their CSR activities but
not so much as their earning increase. Common CSR practices in Bangladesh by different Organization are
centered on mainly poverty alleviation, healthcare, education, charity activates, cultural enrichment, youth
development, women empowerment, patronizing sports and music etc. (Alam et al. 2010)
Sharma (2011) in a study titled CSR Practices and CSR Reporting in Indian banking sector mentioned that
CSR recognizes an organization’s commitment to operate in a socially responsible manner. But CSR
activities of developing nations are not so rosy. Particularly in financial sector there is an absence of
stringent provisions regarding compliances and reporting CSR. Wise and Ali (2009) in a paper titled
Corporate Governance and Corporate Social Responsibility in Bangladesh with special reference to
Proceedings of 13th Asian Business Research Conference
26 - 27 December, 2015, BIAM Foundation, Dhaka, Bangladesh, ISBN: 978-1-922069-93-1
commercial banks pointed out that corporate Social Responsibility is associated with corporate governance
and ethical business procedure. Good corporate governance is expected to underpin effective and efficient
corporate social responsibility within firms.
Masud and Hossain (2012) conduct a survey among 10 commercial banks and found out that 100 banks
reported their CSR activities but 60% banks participated in prescribed CSR area according to financial act.
The literature recognizes that CSR practices differ from country to country (Adams, Hill & Robert, 1998)
and between developed and developing countries (Imam, 2000). Furthermore, the nature and patterns of
CSR vary between types of industry (Gray et al., 2001)
4. Methodology of the study
The ten banking companies considered as sample in this study comprising five private commercial banks
and five state owned banks. The study is exclusively a descriptive research and thus it is purely based on
the information from secondary data sources. The data collected for the purpose of the study involves the
examination of annual reports for the various yours of commercial banks listed on the Dhaka Stock
Exchange (DSE), documents, magazines, books, journals, various newspapers, and subject related websites
and research documents.
After summarizing the data, a review of collected data has been made. Important and relevant data have
been identified and separated from the data summary. The qualitative aspects were thoroughly checked for
further understanding and organized to outline a proper scenario of the corporate social reporting practices
prevailing in Bangladesh. A comparison between the selected private commercial banks and Multinationals
was made and documented. The results and findings have been summarized with appropriate plausible
recommendations.
5. Dimensions and dynamics of corporate social responsibility
CSR has two dimensions; the first is concerned with the internal policies of companies and the second is
concerned with the external environment in which companies operate. The internal dimension comprises
human resource development through improving internal information networks, developing specific
training programs (local or otherwise) offering enhanced equal employment opportunities and attractive
remuneration packages for men and women, and ensuring health and safety by having a health and safety
policy and keeping health and safety records. The general working condition of a company can affect the
way employees co-operate in companies’ operations to improve quality and cost reduction (Adams,
Carrutners and Hamil, 1991: p11). To remove the discrimination among the employee of the company is
one kind of CSR activity within the company. Companies influence employment through the quality of
jobs they provide, through production, employee relations and investments. Therefore, internal CSR
strategies need to be based on an integrated and balanced approach incorporating a comprehensive set of
policies, practices and programs with regard to economic and social factors.
The external dimension of CSR involves: local communities, business partners, suppliers and consumers,
human rights, and environmental concerns. A particularly important aspect of CSR is the relationship
between companies and the local community in which they are based. Under increasing pressure from
NGOs and consumer groups, companies have increasingly begun to include human rights aspects into their
CSR codes. The human rights issue involves complex political, legal and moral questions - for example,
how companies identify where their areas of responsibility lie as distinct from those of governments and
how they operate in countries where human rights abuses are widespread. Companies with a global presence
inevitably have effects on the environment, particularly with regard to their consumption of resources. The
ISO14000 series of international environmental standards, developed by the International Organization for
Standardization provides a framework of general principles applicable to any organization of any size in
any industry.
The disclosures covered several themes i.e. human resources, community development, environment
contribution, and products & service contributions. One attempt at standardization, which is rapidly gaining
Proceedings of 13th Asian Business Research Conference
26 - 27 December, 2015, BIAM Foundation, Dhaka, Bangladesh, ISBN: 978-1-922069-93-1
credibility, is the Global Reporting Initiative which provides a rigorous framework for reporting on
economic, social and environmental performance. GRI is an independent organization devoted to
developing and publicizing globally applicable Sustainability Reporting Standards. The GRI provides a
framework for reporting economic, environmental, and social activities of a company, as well as
information about a company's work place performance and human rights record. The GRI initiative aims
to elevate sustainability reporting to the level, rigor and comparability of financial reporting by creating
rules and measurements for social and environmental performance indicators. Companies that wish to
report on their citizenship activities are frequently hampered by the fact that there are no standards of
measurable variables that they can use to showcase their contributions. For these variables to be meaningful,
they need to be measured in a manner that facilitates comparability and consistency. The GRI addresses
this problem by listing core variables in three main categories of interest: Economic (variables of interest
include relationships with customers, suppliers etc.), Environmental (issues such as energy and
biodiversity), and Social (the ability of the company to provide health and safety training, opportunities for
minorities and women, etc.).
The OECD Guidelines for Multinational Enterprises provide recommendations covering different areas of
business conduct. The main areas covered by the declaration are:





General policies (obey national laws and respect international standards).
Employment (employment promotion; equality of opportunity and treatment; security of
employment).
Training (policy development for vocational training, skills formation).
Conditions of work and life (wages, benefits, conditions of work; minimum age; safety and health).
Industrial relations (freedom of association and right to organize; collective bargaining;
consultation; grievances; settlement of disputes).
6. Major finding of the study
CSR activities are now being scrutinized as a part of the overall corporate culture. Consequently, there is a
systemic approach to define, monitor and also publicize such activities so that companies receive some
benefit in a competitive market. A survey by the Centre for Policy Dialogue (CPD) reveals that in absence
of a uniform definition of CSR activities, companies include a variety of items in their list of CSR activities
which vary significantly. In one hand, enterprises consider compliance with labor rules, community based
activities or investments, employment benefits and environment related activities constitute their CSR
activities. On the other hand, employees consider conformity in working hours, no child labor, and
compliance with the health and safety regulations, benefit packages, and environmental responsibilities
which are the hallmarks of true CSR. Similarly the civil society organisations consider community projects,
no child labor practices, overtime rules and practices, compliance with minimum wage regulation,
environmental and human rights issues as a form of CSR activities.
6.1 Recent engagements of banks in CSR practices:
Out of fifty six scheduled banks in Bangladesh, fifty four had engagement in CSR practices in some form
or other in 2014. In terms of direct monetary expenditure, engagements of banks in CSR initiatives are
increasing, particularly following issuance of Bangladesh Bank (BB) guidance. Total annual direct CSR
expenditure of banks increased by Tk. 633.97 million than the previous year.
Year
CSR expenditure (Million Taka)
2011
2012
2013
2014
2,188.33
3,046.39
4,471.49
5,105.46
Source: Review of CSR Activities of Bangladesh Banks, Commercial Banks and Financial Institutions2014
Proceedings of 13th Asian Business Research Conference
26 - 27 December, 2015, BIAM Foundation, Dhaka, Bangladesh, ISBN: 978-1-922069-93-1
Direct CSR Expenditures and CSR expenditures as % of after tax profit of 10 selected banks are given
below:
SL
No
Name of the Banks
Type
of
Bank
Direct CSR
expenditures (Amount
in Crore)
2012
2013
2014
52.77 78.54 181.36
29.57 25.72
38.20
30.91 47.46
52.45
CSR expenditures as %
of after tax profit
2012
2013
2014
1 Dutch Bangla Bank Limited
PCB
22.86
39.20
86.38
2 Prime Bank Limited
PCB
11.04
12.36
15.53
3 Islami Bank Bangladesh
PCB
5.63
10.14
10.21
Limited
4 EXIM Bank Limited
PCB
39.90 39.26
32.46
18.7
19.47
12.04
5 AB Bank Limited
PCB
3.41
3.57
9.97
2.34
3.73
6.43
6 Standard Chartered Bank
MNB
6.32 10.12
6.78
0.85
1.21
0.62
7 HSBC
MNB
3.76 13.38
16.00
0.65
2.38
2.76
8 Citi Bank N.A.
MNB
3.19
2.25
1.68
2.53
2.72
1.65
9 Commercial Bank of Ceylon
MNB
0.15
o.12
0.10
0.25
0.14
0.11
10 Woori Bank
MNB
0.08
0.25
0.06
0.70
1.15
0.76
Source: Review of CSR Activities of Bangladesh Banks, Commercial Banks and Financial Institutions2014
Bank's attention on financial inclusion of less privileged population segments and underserved economic
sectors; promotion of health, education and cultural/ recreational activities for advancement and well-being
of underprivileged population segments; promotion of environment friendly projects; and adoption of
energy efficient, carbon footprint reducing internal processes and practices in own offices and
establishments was going on. Besides the continuance and extension of preceding activities in these areas,
following newer drives are seen in the 2014 CSR reports of different banks:
 Organizing a day long training program on scientific methods of crop cultivation and plant
protection for the farmers. Farmers received theoretical knowledge and practical training on modem
scientific methods & techniques of crop cultivation and plant protection for Rice, Maize, Mustard,
Banana, Vegetables and other High value crops.
 Arranging training session in homestead gardening, agriculture and providing seeds, training on
fisheries, livestock and poultry rearing for marginalized women. Each of them is also provided
basic accounting and business management skills as well as sector specific technical knowledge.
 Taking responsibility-for bearing all educational expenses up to HSC level for the two sons of late
Liakot Ali, who lost his life while trying to save a young lady attacked by miscreants In Dhaka.
 Handing over saplings to students as part of environment awareness campaign among the students.
 Contributing a cooling system for the newborn babies of Khulna Shishu Hospital.
 Awarding companies for their outstanding CSR activities that created Jobs, brought education to
poor children and spread awareness on nature conservation.
Besides CSR initiatives involving direct expenditure, all banks participated actively in promoting SMEs
and agricultural financing in previous years. CSR expenditures of banks have thus far largely been in the
form of passive grants and donations. Banks were particularly responsive to emergency support needs of
population groups affected in natural and manmade disasters. Apart from one-off grants and giveaways,
some banks have engagements in longer term continuing support commitments, in areas of education and
healthcare. In addition to the passive engagements by way of grants/donations, banks are now getting
actively engaged in socially responsible business operations, by way of increased lending to under-served
Proceedings of 13th Asian Business Research Conference
26 - 27 December, 2015, BIAM Foundation, Dhaka, Bangladesh, ISBN: 978-1-922069-93-1
economic sectors like agriculture and SMEs, towards fuller financial inclusion and faster poverty
eradication.
Some banks have reported embracing commitment for environmental sustainability in own and client
businesses. Their actions have not however gone beyond compliance with relevant government laws and
regulations. Proactive initiatives of helping erase environmental degradation like adoption of more energy
efficient, and harmful emission/ effluence reducing internal practices and processes have been largely
absent in the CSR initiatives, even of branches of foreign banks with such practices in their home offices.
6.2 Sectoral CSR expenditures by banks in Bangladesh
The banking sector of Bangladesh has a long history of involvement in benevolent activities like donations
to different charitable organisations, to poor people and religious institutions, city beautification and
patronizing art & culture etc. Recent trends of these engagement indicates that banks are gradually
organizing these involvements in more structured CSR initiative format, in line with BB Guidance in DOS
circular no. 01 of 2008. The June 2008 BB Guidance circular suggested that banks could begin reporting
their CSR initiatives in a modest way as supplements to usual annual financial reports, eventually to develop
into full blown comprehensive reports in GRI format.
Information on CSR expenditure available from annual reports of banks, compiled together, bring up the
following picture of sectoral patterns:
Trend of sectoral pattern of CSR expenditure reported by banks (Taka in million)
Sectors
2011
Amount
%
612.48 27.99
520.42 23.78
2012
Amount
%
983.69 32.29
435.43 14.29
2013
Amount
%
1,295.15 28.97
481.65 10.77
2014
Amount
%
1,508.00 29.54
1,383.70 27.10
Education
Health
Humanitarian and
188.03 8.59
788.37 25.88 1,385.83 30.99
949.47 18.60
disaster relief
359.07 16.41
183.85 6.03
384.02 8.59
207.37 4.06
Sports
171.52 7.84
213.31 7.00
124.75 2.79
407.11 7.97
Arts & culture
138.07 6.31
140.23 4.60
106.59 2.38
164.55 3.22
Environment
198.73 9.08
301.81 9.91
693.41 15.51
485.24 9.50
Others
Total
2,188.32 100 3,046.69 100
4,471.40
100
5,105.44
100
Source: Review of CSR Activities of Bangladesh Banks, Commercial Banks and Financial Institutions2014
Among all specific categories of CSR expenditure as shown in above, banks continued to maintain major
share in education, health and humanitarian & disaster relief. Education, health, humanitarian and disaster
relief contributed to 29.54%, 27.10% and 18.60% share respectively i.e. 75.24% out of total CSR
expenditure. Expenditure on sports (4.06%) decreased but on Art and culture (7.97%) and environment
(3.22%) increased in 2014. Notable specific share of expenditure in CSR programs of banks in 2014 are as
follows:
Proceedings of 13th Asian Business Research Conference
26 - 27 December, 2015, BIAM Foundation, Dhaka, Bangladesh, ISBN: 978-1-922069-93-1
Sectoral share of CSR expenditures
120.00
100.00
80.00
60.00
40.00
20.00
0.00
Education
%
%
%
%
2011
2012
2013
2014
Health
Humanitarian and disaster relief
Sports
Arts & culture
Environment
Others
Followings are some notable features observed from the CSR activities carried out by the banks:

In a natural calamity-prone area like Bangladesh, there remains an existing and distinctive CSR agenda
focused on the business contribution for tackling social crises in the affected area. Disaster relief and
rehabilitation became the major segment where the highest number of banks participated to help ease
the sufferings of the affected people. In the current context, a desired move from the traditionally
popular fields of education or health has happened.

In education sector, more and more banks have taken long-term or renewable scholarship programs for
under-privileged but meritorious students for the persuasion of their studies instead of providing one
time recognition awards to good performers.

Some banks choose to provide continued financial support for maintaining operating costs of health
care organisations. A bank undertook a continuous program called ‘Smile Brighter Program’ to perform
as many operations possible per year on cleft-lipped boys and girls to bring back smile on their face.

Several banks have taken steps and introduced investment schemes to cater the needs of selfemployment and poverty alleviation under which micro-finance is channeled to the target groups, such
as poor farmers, landless peasants, women entrepreneurs, rootless slum people, handicapped people,
etc.
6.3 Comparison of CSR disclosures between PCBs and MNBs
Measuring of CSR disclosure in this study adopts a disclosure-scoring methodology based on content
analysis that incorporates disclosures of four key CSR indicators which is the internal or external factor of
the company; (1) employee relation; (2) Environment; (3) community involvement; and (4) product or
service contribution. Each indicator has sub-item disclosures that are adjusted based on whether the items
are disclosed. After making a comprehensive observation in 10 sample banks (5 PCBs and 5 MNBs), a total
of 50 sub issues have been selected under the broad four categories. These sub issues have been selected
from both observation of the banks and prior studies done in this regard.
In Table 1 of appendix, the issues which are disclosed by all the banks (100%) in the sample are:

Human Resources
Proceedings of 13th Asian Business Research Conference
26 - 27 December, 2015, BIAM Foundation, Dhaka, Bangladesh, ISBN: 978-1-922069-93-1


Community Development
Product or service contribution
All sample banks are providing information about these 3 issues but the the environmental contribution of
the company is not disclosed. Only 50% of the bank disclosed about environmental issues, Standard
Chartered Bank is the bank which takes initiatives to reduce CO2 emissions from both energy consumption
and air travel by 10 per cent per Full Time Employee (FTE) and reduce paper consumption by 20 per cent
per FTE; are really beneficial for the environment.
In Table 2 of appendix, all the sub issues under the four categories, no. of banks disclosing and percentage
in the sample have been shown. From the information disclosed, a comparative analysis of performance by
the different banks is given below:
6.3.1 Environmental Contribution:
It shows the growing consciousness among the banks to participate in many environment protection
campaigns. Other important sub issues disclosed include Beautification of Dhaka city, Smoking free area
in bank premises and Training on environment and social management course for financial institution.
Under this category the maximum number of disclosure is provided by the HSBC bank, a leading
multinational bank operating in Bangladesh. Besides, another multinational bank, Standard Chartered Bank
has performed well in this category.
The corporate attitude, as evident from the above disclosure statements, suggests a rhetorically loaded but
practically cautious and unsubstantial approach. The banks are saying that they have taken environmental
issues seriously but their sincerity may be questioned in the absence of the development of an appropriate
long-term corporate environmental policy and quantitative indicators to measure performance against the
policy. The above ad hoc disclosures can, at best, be taken as a list of mere intentions without evidence of
any appropriate action.
The environment of Bangladesh is degrading rapidly. The unplanned disposal of wastes is considered one
of the reasons for this. In spite of this, a large majority of banks (50%) included in this study did not make
any environmental disclosures.
6.3.2 Human Resource:
Under this category, the most frequently disclosed sub issues are ‘Human Resource Development (e.g.
Training Program/Scheme)’ and ‘Training of the employees through in-house programs’. 100% of the
sample banks disclosed these two points which proves that all the banks are concentrating on the
improvement of their human capital. Besides, 65% of the sample banks disclosed the sub issue
‘Establishment of training centers’. It again shows their concern for the improvement of their human
resource.
Other important sub issues disclosed include providing information on the qualification of employees’
recruited sponsoring educational conferences, seminars or art exhibitions and Policies for the company’s
remuneration package/scheme. Under this category the maximum number of disclosure is provided by the
Prime Bank Ltd. and Standard Chartered Bank. Other institutions, providing a good number of disclosures,
are Dutch Bangla Bank Ltd. and EXIM Bank Limited.
Standard Chartered Bank and HSBC bank ensure the health and safety of the company. They improve the
working condition of the company and successful to lessen the discrimination of the employees of the
company. Among the PCBs, the Dutch Bangla Bank Limited, and Prime bank Limited are improving in
human resource development of the company.
Proceedings of 13th Asian Business Research Conference
26 - 27 December, 2015, BIAM Foundation, Dhaka, Bangladesh, ISBN: 978-1-922069-93-1
6.3.3 Community Development:
Research in western countries suggests that goodwill with communities plays a positive role in achieving
success in the market place. A community can contribute to a conducive environment in which any
corporation can prosper. It is one of the reasons for the growing concern of the business community about
their social responsibilities. The study focused on the company’s policies on community relations which
are presented in the analysis. The study observed that 100 percent of the banks recognize their responsibility
to community and have a policy of respecting the rights and needs of the communities in which they operate.
Various methods and modes are applied for community engagement, supporting social and cultural
activities, sponsoring community programs, installation of entertaining applications, one-to-one
correspondence, participation in community meeting etc. Generally companies allocate a certain portion
from their profit to make donation to social and community based activities. However, the share of profit
to be allocated for such activities is decided on ad hoc basis.
CSR in Bangladesh can contribute a lot to community development. The corporate house can develop the
community by creating employment, providing primary education, contribution to infrastructure
development like roads and high-ways and addressing environmental concerns. This is more relevant for a
country like Bangladesh where the government interventions in these fields being augmented by corporate
alliance can go a long way in developing the economy, society and environment.
From the study, it is found out that HSBC bank emphasizes on poverty reduction of Bangladesh and
provides special facility for the meritorious students especially for the disabled students. Standard Chartered
is trying to ensure health facility among the poor and deprived people. Among the local banks except DBBL
who is the pioneer of providing scholarship to the meritorious students, the CSR activities and its
disclosures is not satisfactory. PCBs should emphasize on creating employment, providing primary
education, contribution to infrastructure development of the country.
From the analysis, it has been found out that the most frequent disclosure is donations to the charity, arts,
sports, etc. 100% of the sample banks have disclosed this point which proves their concern for the society.
Then 90% of the sample banks have disclosed the sub issue ‘Aid distressed people in natural disaster’. It
includes aid disbursed to the “Sidr” affected people, aid to the flood victims, aid to the people affected by
land slide in Chittagong hill tracts etc. Besides, 80% of the sample banks disclosed the sub issue ‘Social
welfare’. It again shows their growing concern for the community.
Other important sub issues include Branch opening, Financial or medical aid to individual and Scholarships
and financial aid to meritorious, needy and disable students. Under this category the maximum number of
disclosure is provided by the Dutch Bangla Bank Ltd. Other institutions providing a good number of
disclosures are HSBC Bank and the Prime Bank Ltd.
6.3.4
Product or Service Contribution:
In this study, 90% of the sample banks have given more concentration on the point ‘IT development’.
Besides, 70% of the sample banks report on the ‘SME Banking’ sub issue. Other important sub issues
disclosed include Consumer online banking and Electronic Banking. Under this category the maximum
number of disclosure is provided by the two most prominent foreign banks operating in Bangladesh, the
HSBC Bank and the Standard Chartered Bank. Other organisations disclosing prominently in this arena
include EXIM Bank Limited, Dutch Bangla Bank Ltd. and Prime Bank Limited.
Banks are trying to satisfy the clients through offering divergent products and services in this globalization
age. In this circumstance, most of the banks are offering deposit schemes. They are also providing
concerned consumer credit scheme for lifting of living standard of the clients. Electronic banking is also a
new phenomenon among almost all the banks to make widespread transaction specifically depositing and
withdrawing money easier. So banks are now emphasizing on the disclosure of this issue to the clients and
users.
Proceedings of 13th Asian Business Research Conference
26 - 27 December, 2015, BIAM Foundation, Dhaka, Bangladesh, ISBN: 978-1-922069-93-1
6.4 Level of disclosures:
With an objective to measure the performance of CSR disclosure by the banks, three levels of transparency
are demonstrated:
High Level Disclosure: the banks that are providing the financial information with CSR disclosure and
amount spent under each sub issue is given separately provide high level disclosure. In the sample, only 3
banks i.e. Dutch Bangla Bank Limited, HSBC bank and Standard Chartered bank give highly transparent
disclosures which denote 30% of the sample size.
Moderate Level Disclosure: the banks that are providing with the financial information with CSR
disclosure but the information is given only for one or two sub issues provide moderate level disclosure. In
the sample, only 5 banks give moderately transparent disclosures which denote 50% of the sample size.
Low Level Disclosure: the banks that are disclosing CSR issues but not providing with any kind of
financial information either in percentage or in total amount, give low level of transparency. The finding
shows that 2 out of 10 banks i.e. 20% of the sample size give this kind of CSR disclosure.
7. Discussion of the result
The results presented above clearly suggest that there is a substantial differences in the extent and nature of
CSR disclosures between Multinational Banks (MNBs) and Private Commercial Banks (PCBs). To
illustrate the extreme diversity between annual reports, DBBL, HSBC Bank and Standard Chartered Bank
stand out as notable examples. Standard Chartered Bank has separate sections exclusively devoted to the
different elements of CSR reporting such as environment, employees, products and social responsibility,
whereas many banks across the industry have zero CSR disclosures. Such reporting actually allows the
readers of the annual reports to benchmark the company’s performance against the minimum acceptable
standards.
Although private commercial banks are contributing the significant portion of the CSR activities in terms
of value, only few private commercial banks’ are providing separate CSR disclosure. The Prime Bank Ltd.
though performed well in the score, does not provide any kind of separate CSR disclosure report. They are
providing the CSR related information with a separate paragraph in the Chairman’s and directors’ report.
Again a large number of PCBs are not providing with any kind of financial information in reporting CSR.
This proves an unsubstantial approach of reporting. In case of the multinational bank, Standard Chartered
Bank and HSBC bank are the pioneers in the context of CSR activities and CSR disclosures. They incurred
a huge amount for the community development, employment generation, health and safety of the employee
and public and different kind of social welfare and development program of the Bangladesh. They disclosed
all kinds of CSR activities and the amount of money in the annual report of the company. Citi bank N.A. is
not disclosed same label compare to the SCB and HSBC bank but satisfactory in nature. Because of the
CSR disclosure these multinational bank increase confidence among the customer and employee that ensure
the sustainability of the company. Other two banks’ (Commercial Bank of Ceylon and Woori Bank) CSR
activity and disclosures is not satisfactory. For this reason they lag behind compared to the other
multinational bank.
It is also observed that the banks agree to perform various socially desired activities in return of achieving
its objective and other rewards, and this ultimately guarantees its continued existence. The banks doing
more corporate social responsibility are performing well financially because CSR disclosures increase
confidence among the customer and employee that ensure the sustainability of the company.
From the present study it is found out that some of the multinational banks are pioneers in setting standards
regarding the duty towards society, employment generation and environment but some of the locals’ banks
also playing major role in Corporate Social Responsibility. The highest ranking three local banks i.e. Dutch
Bangla Bank Limited, Prime Bank Limited and EXIM Bank Limited, have performed well in this scenario
Proceedings of 13th Asian Business Research Conference
26 - 27 December, 2015, BIAM Foundation, Dhaka, Bangladesh, ISBN: 978-1-922069-93-1
but they lack required transparency in the CSR report. However, it is a matter of hope that considerable
number of local banks are also playing major role in Corporate Social Responsibility and contributing to
society hand in hand with multinational banks emphasizing on ethical behavior, customer relations,
suppliers, employees, community, diversity and the environment.
8. Recommendation
From observing the CSR-related issues presented, a number of following recommendations can be made:
 A dedicated CSR report or section in the annual report shall be included in annual report. While it
is up to the company to voluntarily disclose their CSR activities, there are social benefits in
communicating these activities to the various publics, such as shareholders, employees, customers,
suppliers, media and the government.
 Clear CSR Statement shall be made. Any CSR information should begin with a clear statement
which sets out a standard that the company should work towards, and the areas of business it will
focus its activities.
 In the CSR information it should be clearly identified if there is a committee in charge of the CSR
activities, who is on the committee, if there are definite guidelines or a code of conduct to follow,
and who those responsible are answerable to. This can give an indication of how important CSR is
perceived in the corporate structure. If there is a set of guidelines or a code of conduct, they should
either be included in the report or the web address should be published if those interested would
like to access it.
 There may be particular CSR issues that the bank sees as important and should emphasize in detail
in its disclosure report. These could include ethical behavior, customer relations, suppliers,
employees, community, diversity and the environment. These issues may vary with the bank as the
individual organization may focus on specific organization needs, but they should be clearly stated
and discussed in the report.
 The reporting pattern of the disclosures should be consistent as inconsistent reporting makes the
stakeholders confused and they cannot compare between various banks on these issues.
 Credit programs for diversified production of crops, oilseeds, spices, vegetables, fruits etc. by rural
households, financing the growers directly or through suitable intermediaries in the value chain.
Credit support for combinations of farming activities (like co-production of a minor crop with a
major one, fish/duck farming with aman rice of deepwater variety in low lying fields), may also be
well worthwhile;
 Relate CSR reporting to the company’s mission, principles and key policies – give an account of
how effective you are at living out what you say you believe;
9. Limitations of the study
The study is subject to a number of limitations. As most of the documents only sampled from few selected
banks of private and multinational commercial bank, the analysis is limited to description. The limitations
are:
 During the study period it was very difficult to collect each and every type of information
of CSR from annual report. The main limitations were that many of the banks have no
specific information about CSR activities in the annual report or if there was some
Proceedings of 13th Asian Business Research Conference
26 - 27 December, 2015, BIAM Foundation, Dhaka, Bangladesh, ISBN: 978-1-922069-93-1
information, it was not absolute regarding the amount and areas of CSR contribution.
Some of the banks mentioned amount in different areas. Most of the banks used other
activities but what were the specific areas and activities they made and how much amount
was used in those activities were not clearly mentioned.
 The surveys only sampled from 5 private commercial bank and 5 multinational banks operating in
Bangladesh and our analysis are limited to description and cannot guarantee to give the exact
picture of the corporate reporting practices of Bangladesh. Hence it possesses some limitations due
to the limited size of the sample.
 Cost and time limitations affect the preparation of the report. Time and cost constraints act as a
deterrent.
10. Conclusion
It would be of strategic, longer run competitive advantage for banks and financial institutions in Bangladesh
to embrace CSR in their management approaches and operations, with initiatives chosen in broad-based,
extensive stakeholder engagement. Besides adoption of socially and environmentally responsible practices
in own internal operations, banks and financial institutions can make major CSR contribution by speeding
up financial inclusion of the large socially disadvantaged rural and urban population segments; drawing
them in with appropriate financial service packages and with financing programs innovatively designed to
generate new employment, output and income.
It is found out that some of the multinational banks played pioneer role in setting standards regarding the
duty towards society, employment generation, environment and poverty reduction. However, a good
number of local banks are going forward with a good pace in line with multinational banks. Nowadays,
some of the local banks are also playing major role in Corporate Social Responsibility. Government and
Bangladesh Bank should build a proper guideline to enhance the CSR contribution by commercial
banks. Proper guideline by Government regarding CSR contribution, involvement of large corporation in
CSR activities and mandating CSR disclosures in the annual report will fulfill the intended goals of the
corporate organisations and also ensure a successful and sustainable development of the society.
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Proceedings of 13th Asian Business Research Conference
26 - 27 December, 2015, BIAM Foundation, Dhaka, Bangladesh, ISBN: 978-1-922069-93-1
Appendix:
Table 1: Issues of CSR disclosures
SL
No.
1
2
3
4
Base Issues of CSR Disclosure by the selected sample Banks (n=10)
Area of Corporate Social
Issues of
No. of Banks % of Total
Performance
CSR
Disclosing
Sample
50%
Environmental Contribution (E)
6
5
Human Resources (HR)
19
10
100%
Community Development (CD)
20
10
100%
Product or Service Contribution (PS)
5
10
100%
Table 2: Sub Issues of CSR disclosures
A. Environmental Contribution
Code
Sub Issues
E1
E2
E3
E4
E5
E7
Solid waste disposal information
Environmental policies or company concern for the
environment.
Recycling plant of waste products
Support for public or private action designed to protect
the environment
Beautification of Dhaka city
Tree plantation
B. Human Resource
Code
HR1
HR2
HR3
HR4
HR5
HR6
HR7
HR8
HR9
Sub Issues
Human Resource Development (e.g. Training
Program/Scheme)
Educational Facilities
Health and Safety Arrangements (i.e. safety of the
employees).
Pensions
Holidays and Vacations.
Information about support for day-care, maternity and
paternity leave
Reduction or elimination of pollutants, irritants, or
hazards in the work environment
Discussion of accidental statistics
Discussion on staff accommodation/staff home
ownership schemes
Code
C. Community Development
Sub Issues
No. of Banks
Disclosing
1
5
Percentage
1
5
10%
50%
5
1
50%
10%
No. of Banks
Disclosing
10
Percentage
3
4
30%
40%
5
1
-
50%
10%
-
2
20%
2
20%
No. of Banks
Disclosing
Percentage
10%
50%
100%
Proceedings of 13th Asian Business Research Conference
26 - 27 December, 2015, BIAM Foundation, Dhaka, Bangladesh, ISBN: 978-1-922069-93-1
HR10
HR11
HR12
HR13
HR14
HR15
HR16
HR17
HR18
HR19
Code
CD1
CD2
CD3
CD4
CD5
CD6
CD7
CD8
CD9
CD10
CD11
CD12
CD13
CD14
CD15
CD16
CD17
CD18
CD19
CD20
Providing information on the company/management
relationships with the employees in an effort to
improve job satisfaction and employee motivation
Sponsoring educational conferences, seminars or art
exhibitions
Providing information on the stability of the workers’
job and company’s future
Discussion on the company’s relationship with trade
unions and/or works
Discussion on any strikes, industrial actions/activities
and the resultant losses in terms of time and
productivity
Individual and branch performance appraisal
Group insurance policy
HRM software
Internship program
Staff Welfare Fund
Sub Issues
Donations to the charity, arts, sports, etc
Social welfare
Aid distressed people in natural disaster
Rehabilitation Programmes
Establishment of Education, Training and other Charity
organisations
Medical Establishments
Parks and Gardens
Public Hall and/or Auditorium
Scholarships and financial aid to meritorious, needy and
disable students
Seminars and conferences
Poverty alleviation scheme
Anti-Drug campaign
Freedom fighters welfare
Branch opening
Merit and Talent development
Awards to the distinguished personalities
Rural development
Bayashka bhata or old homes
Women Development
Welfare of Children
4
40%
5
50%
1
10%
-
-
-
-
2
2
3
No. of Banks
Disclosing
10
8
9
5
5
20%
20%
30%
Percentage
4
1
2
6
40%
10%
20%
60%
1
4
1
1
7
2
4
5
4
3
10%
40%
10%
10%
70%
20%
40%
50%
40%
30%
100%
80%
90%
50%
50%
Proceedings of 13th Asian Business Research Conference
26 - 27 December, 2015, BIAM Foundation, Dhaka, Bangladesh, ISBN: 978-1-922069-93-1
D. Product or Service Contribution
Code
PS1
PS2
PS3
PS4
PS5
No. of Banks
Disclosing
2
Sub Issues
The amount/percentage figures of research and
development expenditures and/or its benefits
SME Banking
Online banking
Electronic Banking
Research and Development
Percentage
20%
10
10
9
4
100%
100%
90%
40%
Table 3: Number of CSR issues disclosures and separate CSR disclosures
SL
No
Banks
Dutch Bangla Bank
Ltd.
2 HSBC Bank
Standard Chartered
3
Bank
4 Prime Bank Ltd.
1
PCB/
MNB
Disclosure of CSR
issues
Total no of
CSR
disclosed
by each
bank
Banks give
financial
information
with CSR
Disclosure
Separate
CSR
Disclosure
E
HR
CD
PS
4
14
18
4
40
Y
Y
6
13
16
5
40
Y
Y
5
14
14
5
38
Y
Y
PCB
4
13
14
5
36
Y
Y
PCB
3
14
9
4
30
Y
Y
5
11
12
4
32
Y
N
PCB
MNB
MNB
5 EXIM Bank Limited
Islami Bank
6
Bangladesh Ltd.
7 Bank of Ceylon
MNB
1
6
12
4
23
Y
N
8 AB Bank Ltd.
PCB
2
5
6
4
17
Y
N
9 Citi Bank NA
MNB
5
6
5
4
20
Y
Y
PCB
0
4
8
3
15
Y
N
10 Woori Bank Ltd.
PCB
Here,
E = Environmental Contribution
HR = Human Resource
CD = Community Development
PS = Product or Service Contribution