Finance Ministry revokes suspension of CSR activities of SOEs

Monday, 14 September 2020 02:57 - - {{hitsCtrl.values.hits}}

Suspension lifted after 10-month ban on CSR activities, including sponsorships, donations, and advertisements
Activities can recommence within situated instructions

The Finance Ministry has revoked its suspension of corporate social responsibility (CSR) activities of State-owned enterprises (SOEs), which has been in place since last November.

Secretary to the Treasury S.R. Attygalle, in a circular addressed to heads of public corporations, statutory boards, State-owned companies, and State Banks said the suspension as CSR activities of SOEs, including sponsorships, donations and advertisements, has been revoked.

The suspension came last November after the Government identified that the SOEs have been executing a vast number of CSR activities without a clear objective of achieving the Government's development goals.

Hence CSR activities were suspended with the chief accounting officers, members of the board of management, and chief executive officers warned they would be held personally responsible if any CSR activities are continued or initiated ignoring the instructions.

However in the circular issued last week, the Finance Ministry Secretary said given that the Government has appointed members to boards of SOEs facilitating their operations, CSR activities can recommence but to ensure that stipulated instructions are followed before incurring any expenditure as advertising and promotional activities.