Islamabad, Oct 31: Petroleum Companies Allocate Only 22% of CSR Funds for Social Welfare Initiatives. Only 22% of petroleum companies’ corporate social responsibility (CSR) money have been used for social welfare, according to information presented Thursday to the National Assembly Standing Committee on Energy. Significant sums of CSR monies are still underused in every province.
While Punjab has Rs. 1.31 billion with only Rs. 427.4 million spent thus far, Khyber Pakhtunkhwa has Rs. 1.44 billion that is unused. The committee was informed by the petroleum secretary that although 19 petroleum companies have been contributing CSR funds for community development on a regular basis, their use has been hindered by the absence of district-level committees.
He claimed that although district administrations bear full accountability for these monies, development has halted in the absence of institutional committees.According to a committee member, money is frequently moved to trust accounts, where interest rates gradually depreciate it. Internal disputes among local delegates were also emphasized by him as a significant issue.
In order to accelerate growth, committee members suggested giving businesses the authority to directly invest CSR cash in their communities. They voiced concern over Punjab’s lack of local government structures, which hinder social welfare initiatives and fund distribution.
A subcommittee was formed by the committee chairman to look into these issues and create practical suggestions for better use of CSR funds.
