CSR (corporate social responsibility) is getting more and more popular. A few years ago, most people had not heard of CSR. Today, it is a buzz-word in corporate circles. It would be almost unthinkable for a corporation not to be involved in some form of CSR. Most corporations realize that it’s not only good to give back to society but it’s vital for a corporation to have an active CSR program. Lots have been written on how CSR helps corporations, so I’ll not add my two-cents worth to it.
However, in my dealings with different corporations on behalf of Goducate, I’m glad to say that most of them do not look on CSR as a means to get a tax saving or publicity. The vast majority are more concerned that their donation reaches the ones who really need the help – whether or not they get a tax exemption or publicity. It is so encouraging to see that most of the hard-nosed business leaders that I’ve met have real social responsibility! As Sam Yeo, the Financial Director of Tien Wah Press (one of the world’s largest printers of high quality books) said to me: “We are more concerned that our donations get to the neediest recipients than about tax deductions.”
Sam realizes that the neediest recipients are usually found outside the wealthy city of Singapore where his company operates. Therefore, when he helps the really needy people in another country, his company will not get much publicity (if any at all!). Furthermore when his company helps an organization like Goducate it will not get any tax exemptions because Goducate is not a tax-exempt organization. He is fully aware that Goducate chose not to apply for tax-exempt status in Singapore because it would then have to spend the majority of its funds in Singapore which has one of the highest per capital earnings in the world.
We are thankful for socially responsible companies like Tien Wah Press and charitable people like Sam. It would indeed be a sad day when corporate social responsibility is just another means to get publicity with tax-exempt dollars. It will literally be “cheap publicity” at the expense of the poor!