Accounting experts say local companies should invest more in voluntary social and environmental reporting, since indifference could be costly.
It is cheaper for companies to clean up their act and behave in a socially and environmentally responsible fashion now, than wait for the government to enforce regulations, say experts.
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rnldblquote The (international) markets will soon demand ISO 14000 certification that is not possible without environmental responsibility, dblquote said Dr Sumith Pilapitiya, from the World Bank at a meeting on Corporate Social Responsibility (CSR) on Monday.rn
rnHe points out that as an export oriented economy an early, voluntary adjustment to these standards by local companies will be less painful in the long run.rn
rnldblquote We cannot afford the luxury of pollute now and clean up later because its going to be too expensive to clean up later, dblquote Pilapitiya said.rn
rnExperts in other fields also agree that social responsibility is more in the ldblquote en