The Senate on Wednes-day passed a bill seek-ing to compel companies to set aside three and a half per cent of their earnings for social responsibilities in their areas of operation.
The bill, sponsored by Senator Uche Chukwumerije, is seeking to compel corporate organisations to devote not less than 3.5 per cent of the gross annual profit to corporate social responsibility in the year.
Senator Chukwumerije, who led the debate on the bill, said companies operating in the areas should be made to sponsor cultural and educational activities that add value to the lives of the residents of the area.
He said the measure could hold the key to solving problems associated with company/community relations.
The bill entitled �A Bill for an Act to provide for the establishment of the corporate social responsibility commission�, was passed through the Second Reading and referred to the Senate Committee on Establishment for further legislative action.
Senator Chukwumerije said �the bill will ensure the establishment of a supervisory organ to ensure that corporations/companies and all producers of goods and services contribute to the economic and social progress of their host communities.�
He listed other benefits as including: �Contribute to economic, social and environmental progress of their host communities, in the areas of education, infrastructural facilities and other basic amenities.�