CIMB Group Pledges 1% of Profit Before Tax (PBT) to Strengthen Regional CSR
11 November 2017
Group to support CIMB Foundation’s effort to empower more communities and change more lives across ASEAN
Kuala Lumpur: CIMB Group Holdings Berhad (“CIMB Group” or “the Group”) today reaffirmed its commitment to Corporate Social Responsibility (CSR) by announcing that 1% of the Group’s profit before tax (PBT) will be channelled to CIMB Foundation for CSR initiatives across ASEAN for 2018 - 2020.
The announcement was made by Dato’ Sri Nazir Razak, Chairman of CIMB Group during the commemoration of CIMB Foundation’s 10th Year Anniversary, which was also graced by Tan Sri Md Nor Md Yusof, CIMB Foundation Chairman; Tengku Dato’ Sri Zafrul Aziz, CIMB Group CEO; CIMB Foundation’s Board of Trustees; as well as Dato’ Hamidah Naziadin, CEO of CIMB Foundation.
The 1% PBT pledge will be disbursed annually for the period 2018 - 2020 across CIMB’s operations in ASEAN. The funds will be channelled towards enhancing and replicating successful projects through the Foundation’s three core pillars i.e., community development, sports and education, with the aim of empowering larger communities and changing more lives across the region.
Dato’ Sri Nazir Razak, commented, “CIMB believes that corporates should commit more to CSR, especially in this age of rising inequality and uncertain, disruptive change. Our commitment to spend annually 1% of the Group’s PBT in the preceding year will triple CIMB’s annual financial spend on CSR over the next three years, estimated to be about RM65 - RM75 million annually. I’m happy to note that CIMB Foundation is also introducing ‘‘Diversity and Inclusion“ as the guiding principle for all its activities, to promote better communal relations, diversity and inclusion, and nurture cross-cultural understanding among beneficiaries.”
Recently, CIMB Group also introduced a HR policy that allows staff to take up to one-month paid leave to work on CIMB Foundation’s CSR activities, based on the experience that staff commitment and energy can more than double the impact of every dollar spent.
The additional allocation will also enable CIMB Foundation to launch its financial literacy programme for youth called Be$MART in Indonesia, Thailand and Cambodia in 2018. Its community development and education pillars will not only be expanded in Malaysia, but also replicated in other ASEAN countries where CIMB operates.
The commemoration of CIMB Foundation’s 10th anniversary comprised a three-day event from 10 – 12 November at the Curve in Mutiara Damansara. It featured fun, exciting activities and was supported by its beneficiaries, who showcased their unique skills and talents. Around 10,000 members of the public joined the three-day celebration, got to know the beneficiaries and even enjoyed up-close and personal sessions with Datuk Nicol David, CIMB’s brand ambassador, and other Malaysia’s top athletes and celebrities.
Established in November 2007, CIMB Foundation has been guided by its charter to create sustainable, long-term impact based on three pillars i.e., community development (which includes the staff-driven Community Link programme), education and sports. Since inception, the Foundation has disbursed RM120 million through 962 initiatives benefitting 700,000 lives.
(Left to Right) Dato' Mohd Shukri Hussin, CIMB Foundation Board of Trustee(BOT); Tengku Dato' Sri Zafrul Aziz, Group Chief Executive, CIMB Group; Puan Rosnah binti Dato' Kamarulzaman, BOT; Tan Sri Dato' Md Nor Md Yusof, Chairman, CIMB Foundation; Tan Sri G K Rama Iyer, BOT; Dato' Sri Nazir Razak, Chairman, CIMB Group and BOT; Dato' Dr. Richard Leete, BOT; Dato' Robert Cheim, BOT and Dato' Hamidah Naziadin, CEO, CIMB Foundation at the launch of CIMB Foundation's 10th Anniversary at a three-day event at the Curve Damansara, Selangor this afternoon.
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