Bangladesh-based companies do not properly calculate their corporate social responsibility (CSR) fund allocations and spending by sector are not calculated properly, Dr Debapriya Bhattacharya has alleged.

“The CSR amount is not calculated properly. The percentage of the amount allocated from the profit is not properly calculated,” he said while addressing the closing ceremony of ‘Uddokta-empowering entrepreneurs’ project at a city hotel on Tuesday.  

The allocation is less than 3 percent allocated in India, he said, adding that even some of the CSR funds in Bangladesh is spent on these companies’ self-promotion.

The distinguished fellow at the Centre for Policy Dialogue (CPD) said, “Telecom companies make the most profit in the country. Everyone knows how they do CSR,” calling for ensuring proper CSR spending.

Debapriya urged US oil giant Chevron to increase its CSR spending in Bangladesh, stating that it is the largest foreign company operating in the country.  

“60 percent of the country’s gas supply comes from Chevron. We expect Chevron to participate in deep sea drilling in the Bay of Bengal,” he further said.

The five-year-long Uddokta project, financed by Chevron Bangladesh, has been implemented in the Sylhet region by the non-profit organisation Integrated Development Environment (IDE), Bangladesh.

The economist also called for an assessment of the impacts of such schemes.

“It is important to assess whether the beneficiary entrepreneurs are continuing their business, whether they are becoming big entrepreneurs or dropping out,” he noted.