ISLAMABAD, June 13: The UNDP resident coordinator, Onder Yucer, on Friday pledged his organization’s support to Pakistan in formation of development partnerships and private-sector initiatives that promise long-term benefits in social uplift of the people.

He was speaking at a seminar on ‘Corporate Social Responsibility’ organized jointly by the UNDP and Securities and Exchange Commission of Pakistan (SECP) on Friday.

The seminar was attended by senior executives from industries in the financial, food products, oil and gas, textiles, tobacco products, law and accounting services sectors.

Corporate Social Responsibility (CSR), Mr Yucer said, had emerged as a key concern to the UN within the context of Global Compact that was proposed by the UN secretary-general, Kofi Annan, at the World Economic Forum.

In Pakistan, the government shared with the UN system the view that the business sector had much to contribute to development challenges and progress of the country. Likewise, an increasing number of companies in Pakistan were integrating CSR standards into their structures and policies.

Many UN agencies were already working along these lines, he said, citing UNDP’s technical and financial assistance to SECP to encourage good corporate governance.

The Kasur Tannery Pollution Control Project was another example of cooperation between the government, UNDP and UNIDO.

The UN system also planned to launch the UN Global Compact in Pakistan in August this year under the leadership of the commerce minister and the chief executive officers of Pakistani companies.

The executive director of SECP, Haroon Sharif, in his presentation, observed that unlike in the past when economic profit was the sole measure of business success, performance of a corporate sector these days was also judged on its impact on social and environment.

The general manager, Shell Pakistan Limited, Leon Menezes, demonstrated practical implementation of his company’s CSR policies that linked its business operations with sustainable development.

The consultant to the Asian Development Bank, Farrukh Moriani, presented the case for indigenous corporate social responsibility in Pakistan. Developing countries, he stressed, should formulate CSR policies that were applicable to their own situations and environments rather than following those dictated by developed nations.