Contrary to common understanding, Corporate Social Responsibility or CSR involves a much wider scope of activities than simple donations and charitable activities, more appropriately termed as Corporate Philanthropy. Rather CSR refers to a company’s responsibility towards the environment, community and society as a whole in which it operates. A responsible and sustainable business organization is one that does not only share profits with its stakeholders, but also ensures minimum negative impact on its surrounding environment, both ecological and social, through its products, policies and practices. In other words, a business is considered responsible and sustainable when it meets its present needs without compromising the needs of its future generations, through integrating the 3 P’s: People, Planet and Profit.
Being a financial institution, IDLC is in a much better position to promote sustainable business practices among its stakeholder groups, especially our clients and employees. As such, IDLC has always been keen to commit its resources not only to maximize its own profitability, but also to offer better quality of life to both its internal and external stakeholder groups.
As part of this practice, IDLC is renewing its commitment to contribute towards greater environmental and social sustainability by undertaking a number of initiatives in various areas. Initially staring within our own organization, IDLC will eventually reach out to its external stakeholder groups as well.
To coordinate our sustainability initiatives and move forward in a structured manner as per globally acceptable standards, IDLC has become signatories to a number of local and international initiatives promoting sustainable business practices: