The Shoura Council’s Zeinab Abu Talib has proposed a national social responsibility program that can monitor the spending of Saudi companies. (SPA)

Firms in Saudi Arabia are spending too little on social development in the country, according to a recent study.

This comes as the Shoura Council’s Zeinab Abu Talib has proposed a national social responsibility program that can monitor the spending of Saudi companies.

According to the study, Saudi firms listed on the stock exchange made over SR93 billion in profits over one year, but spent relatively little on developing local communities.

Researchers have recommended that the government set up a system to monitor what they spend. Another study found that 57 percent of companies have staff development programs, while 53 percent provide aid to the broader community.

The study also showed that 43 percent of the companies surveyed, including 60 major companies, consider social responsibility a form of charity and therefore are not involved in preparing detailed plans to assist communities.

The same study showed that 32 percent allocate between SR1 million and SR15 million, 13 percent SR5 million to SR10 million, and 26 percent over SR10 million annually to social responsibility items.

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