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Corporate helping hand

Zahurul Alam The role of the private sector in the global economy has increased over the years. In Bangladesh, the private sector's involvement in the economy has steadily increased over the last two decades. According to some estimates, the sector accounted for more than 99% of the exports, 93% of the employment, and 75%, 73% and 89% of the investment, fixed assets and value added, respectively, in 2004, against 26%, 71%, 29%, 66% and 44% respectively in 1980. The situation has not changed radically since then. These figures highlight the necessity of the role that the private sector should play in conducting socially responsible business as an integral part of its corporate social responsibility. The simple logic is that, with the enormous share in the economy, a sector's passive role in worker and social welfare would not allow the country's major development indicators attain the expected level to compete in the global arena. More importantly, the sector with overwhelming share of employment, income generation and investment should proceed with ethical business and strive to make a positive contribution to the society. Integrated in the business, the obligation of corporate social responsibility (CSR) is the pathway to attaining a sustainable positive impact of business on society through socially responsible business.

Although CSR as a concept came into being in the 1980s, with the recognition of business's social and environmental responsibilities, it can be traced back to the 1800s as part of business model. At least three similar initiatives by Sir Titus Salt (1853), Joseph Rowntree (1879), and Lever Brothers (1888) serve as examples of CSR. Today, the CSR issue combines a set of well-recognised principles that govern the manner a business should maintain in dealing with the stakeholders. CSR has been defined by contemporary

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