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Corporate Social Responsibility

Corporate Social Responsibility (CSR) in India requires companies meeting certain financial criteria to contribute to societal and environmental betterment. CSR laws mandate the inclusion of CSR expenditures in annual reports and have been in effect since April 2014. Companies like ONGC, Infosys, and ICICI Bank exemplify CSR initiatives that enhance brand perception and stakeholder engagement.

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6 views3 pages

Corporate Social Responsibility

Corporate Social Responsibility (CSR) in India requires companies meeting certain financial criteria to contribute to societal and environmental betterment. CSR laws mandate the inclusion of CSR expenditures in annual reports and have been in effect since April 2014. Companies like ONGC, Infosys, and ICICI Bank exemplify CSR initiatives that enhance brand perception and stakeholder engagement.

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Theodeora
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Corporate Social Responsibility (CSR )

Define (in india):- Corporate Social Responsibility (CSR) implies a


concept, whereby companies decide voluntarily to contribute to a better
society and a cleaner environment – a concept, whereby the companies
integrate social and other useful concerns in their business operations for
the betterment of their stakeholders and society in general in a voluntary
way.

Define in other countries :-


1. Europian :-. “the responsibility of enterprises for their
impacts on society”

Need for CSR laws :-


CSR laws are meant to help in transferring excess capital from the haves
to the have-nots via acts of charity
This will help corporate undertakings to take up a lot more social,
economic and environmental activities in order to help the general
populace
This will also help corporates to have a direct stake in improving the
society and drastically change their role from perceived exploiters of
commerce to facilitators of development.

CSR LAWS IN INDIA


CSR is compulsory for all companies- government or private or otherwise,
provided they meet any one or more of the following fiscal criterions[9]:

 The net worth of the company should be Rupees 500 crores or more
 The annual turnover of the company should be Rupees 1000 crores
or more
 Annual net profits of the company should be at least Rupees 5 crore
FEATURES OF CSR LAWS
 Quantum of money utilized for CSR purposes are to be compulsorily
included in the annual profit-loss report released by the
company[12].
 The CSR rules came into force on 1st April 2014 and will include
subsidiary companies, holdings and other foreign corporate
organizations which are involved in business activities in India[13].
 CSR has been defined in a rather broad manner in Schedule VII of
Companies Act, 2013. The definition is exhaustive as it includes
those specific CSR activities listed in Schedule VII and other social
programmes not listed in schedule VII, whose inclusion as a CSR
activity is left to the company’s discretion

Three companies and their CSR


activity
1. Oil and natural gas corporation limited
2. Infosys limited
3. ICICI bank limited

ONGC as a leading Maharatna of the nation has set a


benchmark continuously for the last two years by achieving
100% utilization of CSR budget which has been to the tune of
over Rs 500 Crore each year. This reflects ONGC’s commitment
as a responsible Corporate Citizen of giving back to the society
in equal measure.

ONGC’s leadership has ensured that as per the Government’s


mandate, 33% of the CSR budget is spent on Swachh Bharat
projects. Further, 65.90% of the projects in the last three years
were implemented in the priority focus area of Education and
Health Care.

Infosys works towards removal of malnutrition, improving infrastructure


related to health care, preserving Indian art and culture, being auxiliary
towards primary education, providing rehabilitation the needy women
and children
Activities of ICICI Foundation for Inclusive Growth. Rural
development and related activities. Promoting financial
inclusion and digitisation of activities in rural areas. Donations
and grants. Disaster relief, promoting healthcare, education, or
other activities

Preception :-

CSR plays a crucial role in a company’s brand


perception; attractiveness to customers, employees,
and investors; talent retention; and overall business
success.

A company can implement four types of CSR efforts:


environmental initiatives, charity work, ethical labor
practices and volunteer projects.

It’s increasingly important for companies to have a


socially conscious image. Consumers, employees, and
stakeholders prioritize CSR when choosing a brand or
company, and they hold corporations accountable for
effecting social change with their beliefs,
practices, and profits

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