They also stressed optimising economic results of the business houses with a strong emphasis on shareholders' welfare.

Besides, the resource persons at the programme suggested directing CSR towards fulfilling the social expectations through responding to the needs and welfare of the stakeholders concerned.

They also put emphasis on the role of the media people as catalytic and follow-up agents to create a congenial atmosphere for promoting CSR and corporate governance.

Newspersons should help promote corporate governance and play their due role as watchdog to avert any 'eyewash like activities' carried out by corporate houses in the name of CSR practices, they said.

Management and Resources Development Initiative (MRDI) in collaboration with Manusher Jonno Foundation (MJF) organised the session on 'Corporate Governance and CSR' under a project titled 'Bridging Corporate Sector and Media in Promoting Good Governance'.

The MJF is an initiative designed to promote human rights and good governance in Bangladesh.

Sarwar Ahmed, managing director of Syngenta Bangladesh Ltd, Syed Ishtiaque Reza, chief news editor of satellite television channel RTV, and Inam Ahmed, news editor of The Daily Star, were the resource persons at the session moderated by Hasibur Rahman Mukul, executive director of MRDI.

The speakers said corporate governance not only makes an organisation efficient and successful, but also creates ethos that in a cyclic order help build goodwill and create more business.

They laid emphasis on direct interaction among the board of directors, management and stakeholders in any business houses for bringing in more transparency and accountability.

Referring to the findings of a number of roundtables, the speakers said many businesses do not have clear understanding about corporate governance and CSR practices. Many corporate people consider their philanthropies as CSR practices, they added.

Many of the business houses finish their CSR practices simply by making donations without conducting any follow-ups that could ensure proper utilisation of the donation and fulfilment of the objectives the CSR meant for, observed the speakers.

They also said many a company practise CSR for an 'eyewash', using the term CSR as a tool for benefiting themselves only.

They called upon the media people for playing their due role to help establish corporate governance and make CSR meaningful through making more objective, follow-up and in-depth reports and practising responsible journalism.

The speakers also felt the necessity of increasing interactions between corporate houses and media people.