PETALING JAYA (Nov 12): CIMB Group Holdings Bhd has pledged that 1% of its profit before tax (PBT) will be channelled to CIMB Foundation for corporate social responsibility (CSR) initiatives across the group's operations in Asean annually, for the years 2018 to 2020.

"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," the group said in a statement yesterday.

CIMB Group chairman Datuk Seri Nazir Razak, who announced the pledge during the start of the three-day commemoration of CIMB Foundation's 10th year anniversary here that ends today, said 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,” he said.

CIMB Group also introduced a policy recently 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 statement read.

Set up in November 2007, CIMB Foundation has disbursed RM120 million through 962 initiatives benefitting 700,000 lives, the group said.