CSR is the new social mantra

She said that in general, Thai companies placed less importance on CSR than did foreign firms.

The SET has promoted CSR by allocating one-third of its annual revenues, or around Bt100 million, to finance social activities - educational, sport and environmental - to demonstrate that it was a highly responsible organisation.

The national Thailand Quality Award Committee takes into account Thai firms' sense of social responsibility. The panel was established to measure all aspects of local companies' business practices, in order to improve their competitiveness.

The Kenan Institute Asia studied consumer behaviour and attitudes towards highly responsible organisations in Thailand and found that 60 per cent of respondents in Bangkok expressed an intention to buy products from organisations that demonstrated social responsibility, despite higher prices.

The energy firm Chevron Thailand Exploration and Production Ltd reported it had adopted a social-responsibility policy with a strong intention to improve the quality of life in the communities in which it operates.

The company has spent 10 per cent of its profits on a social-responsibility programme, or what it calls its "3E" policy, which focuses on three areas: education, the environment and energy conservation.

Wuthichai Sithipreedanant, senior vice president for corporate communications at Electricity Generating Plc, said his company had understood the importance of social contributions since day one of its establishment.

Watcharapong Thongrung

The Nation