Adequcy of CSR activities carried out by the PLC companies in the Maldives / Rifaz Ahamed Abdul Sathar

Abstract:

This research was conducted to identify the Corporate Social Responsibility (CSR) activities carried out in the Public Limited Companies in the Maldives is adequate, and how much importance is given to CSR by these organizations, CSR does not have a universally agreed definition. The definitions given by different personals for CSR differs from place-to-place, country-to-country, person-to-person based on their knowledge understanding and the area they are specialized in.
This research was carried out to by means of United Nations Global Compact principles, which is a globally accepted concept, combining it with a theory, Corporate Social and Environmental Balancing (CSE Balancing). CSE Balancing theory is basically about, the corporate has to find out the imbalance that has caused to the society and environment, and neutralize it first and then the other activities carried out can be Philanthropic. Both Neutralizing and Philanthropic together forms the CSR.
There were two methods of data collection was used, primary data collection was through interviews and the secondary data collection through the respective financial reports which was published to the stakeholders.
Through data analysis and the interviews it was found out that two out of seven companies have adapted the UNGC principles and other organization carry out their own CSR activities. Most companies have published pure marketing events as CSR and also as Greenwashing. Further, it was found out that Neutralization activities do not take place in any of the organizations.
CSR concept is getting popular and importance is given to CSR by all seven PLC's. Adequacy could not be recognized due to the fact that CSR activities and the expenses were carried out together with other activities and expenses, which is being a common practice for all seven organizations.