Is Corporate Social Responsibility [wiki] (CSR) really important to Singapore companies?
Upon noticing Singtel's eye catching 'Red' advertisement in TODAY 30Mar2011 (2 facing pages-10 & 11 [pict]):
.. promising lucky subscribers prizes totaling in excess of S$93,288 with better chances accrued to those who enlisted their friends assistance as well in the scheme.
The temptation to participate in such lucky draw festivities by Singaporeans (bitten by the casino bug) must be irrepressible- thus spurring my curiosity into exploring Singtel's 2009/2010 annual report [link][pict] to check out if besides engaging in the cut throat commercial profit, Singtel, a publically listed company majority owned [pict] by state funded Temasek holdings [wiki], was as much active in its performance of CSR.
Details of which I found scant in terms of fiduciary amounts revealed, this considering that Singtel (as a group) returned a post tax profit of S$3,906.5million in FY-end Mar2010 [pict].
I could not find in any part the said report, any value estimate of Singtel's total CSR though I guess Singtel has its reasons for not publishing such, not least being the difficulty at calculating intangible contributions (green efforts, staff time volunteering).
I would however like to propose a benchmark of profits which companies ought strive to donate annually through corporate philanthropy.
The simple calculation of fiduciary donations being either:
(i) The sum total in remuneration paid to board and executive management.
(ii) The sum total spent on advertisement, any luck based promotion where the inducement to procure is not a genuine discount but a small gamble. Advertisement expense because any useful product would have sold by word of mouth, without much need of inducement or otherwise.
The former ((i)- Board and Exec Mgmt) is premised upon the fact that 'Corporations' despite not being real persons (they are actually facades/ puppets personalities of share holder teams granted 'legal personalities') are the construct of excess monies of individuals or government, monies that but for the possibility of investment, might have been spent on charity. Granted that corporations might be significant tax contributors to public coffers, still they remain a puppet and shield for which shareholders suffer little but financial impairment even for grievous crimes/ immoralities committed in the the conduct of these 'businesses' one example of which being the IBM's contribution to the Nazi genocide on Jews [IBM and the Holocaust' (2001) by Edwin Black], others being widespread pollution/ degradation- nuclear, environmental or otherwise, arms proliferation and not least banks and corporations 'too big to fail' and needing bailouts.
Singtel's Board and Key Mgmt earned FY-end2010 [pict]= $18.6m salary + $2.6m worth director's shares + $6.9m mgmt shares = $28.1m.
Considering that Singtel (as a group) returned a post tax profit of S$3,906.5million in FY-end Mar2010 [pict], the suggestion that a sum equal to Board and top management remuneration doesn't even touch 1% of Singtel's post tax profits (@$39.1m).
Given that much of what capital corporations weld is actually the extra savings monies of individual or governments invested for profit, is it not fair then that in so far as shareholders strive to attain profits on their excess monies, that these shareholders should equally strive to do good by eradicating this world of sickness and poverty?
Thus, at least 10% of profits accrued from such investment, OR the amount spent on top management, OR the amounts spent on lucky draws and advertisement, whichever greater ought be channeled as corporate philanthropy before re-distribution to shareholders.
It is thus no wonder that 1 billion people in this world everyday remain hungry [WFP-Hunger]; of this 8 million die each year from hunger, neglect and malnutrition [thinkquest.org]
End Hunger, end poverty; demand corporate social responsibility.
~ "The King will reply, 'I tell you the truth, whatever you did for one of the least of these brothers of mine, you did for me.'"-- Matthew 25:40 (NIV)
Love and God bless,
Disclosure: The author is neither a CFA nor accountant, just someone trying to live a good life premised on grace; your comments welcomed.
They should have a government like our PAP,force ppl to work until die with no retirement life.That will be much worse than poverty.
Can you quote the bible verse in King James Version please?Thank you very much.NIV is perverted, never use that bible.
Why do you still want to use your iphone? Sell your iphone to help the poor.Go to library to borrow some AV materials to watch at home.
a lot of people talk only. its easy to say why so and so dont do this or that. but then arent all humans selfish?
all humans are selfish so we train ourselves not to be selfish which has to be learnt