MUSCAT: As much as OMR4.4 million has been allocated by listed companies on the Muscat Securities Market for their corporate social responsibility (CSR) initiatives this year. These funds are for social development and allocations for charitable organisations.
The allocated amount helps in financing many CSR projects implemented by civil society, non-governmental and charity organisations, especially the programmes related to education, training and assisting poor families.
As many as 57 companies whose fiscal year ended in December 2015 have allocated amounts for their CSR initiatives and another50 other firms did not mention about their CSR allocation at their annual general meetinigs. These companies include BankMuscat, which did not make any reference to the amount allocated for CSR although the bank implements several key initiatives each year.
The companies that did not highlight the amounts allocated for CSR during their general assembly meetings also include Shell Oman Marketing, Oman Cement, HSBC Bank, Nizwa Bank and several energy, finance and financial brokerage companies. During its annual general assembly meeting, Shell Oman Marketing announced a 106 per cent dividend – 106 basias for each share. Oman Cement Company also announced a 30 per cent cash dividends.
