Corporate Responsibility Corporate Responsibility It takes 20 years to build a reputation and five minutes to ruin it. Warren Buffet As a responsible corporate citizen our belief is that financial performance and responsibility for our environment, our employees and the global communities we touch are inextricably linked. Chart is committed to:
The concept of CSR rests on the ideology of give and take. Companies take resources in the form of raw materials, human resources etc from the society. By performing the task of CSR activities, the companies are giving something back to the society.
Further as per the CSR Rules, the provisions of CSR are not only applicable to Indian companies, but also applicable to branch and project offices of a foreign company in India. CSR Committee and Policy: Further, the qualifying company will be required to constitute a committee CSR Committee of the Board of Directors Board consisting of 3 or more directors.
The CSR Committee shall formulate and recommend to the Board, a policy which shall indicate the activities to be undertaken CSR Policy ; recommend the amount of expenditure to be incurred on the activities referred and monitor the CSR Policy of the company.
Definition of the term CSR: Projects or programs relating to activities specified in the Schedule; or Projects or programs relating to activities undertaken by the Board in pursuance of recommendations of the CSR Committee as per the declared CSR policy subject to the condition that such policy covers subjects enumerated in the Schedule.
This definition of CSR assumes significance as it allows companies to engage in projects or programs relating to activities enlisted under the Schedule. Flexibility is also permitted to the companies by allowing them to choose their preferred CSR engagements that are in conformity with the CSR policy.
The activities that can be done by the company to achieve its CSR obligations include eradicating extreme hunger and poverty, promotion of education, promoting gender equality and empowering women, reducing child mortality and improving maternal health, combating human immunodeficiency virus, acquired, immune deficiency syndrome, malaria and other diseases, ensuring environmental sustainability, employment enhancing vocational skills, social business projects, contribution to the Prime Minister's National Relief Fund or any other fund set up by the Central Government or the State Governments for socio-economic development and relief and funds for the welfare of the Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women and such other matters as may be prescribed.
Under the Companies Act, preference should be given to local areas and the areas where the company operates. Company may also choose to associate with 2 or more companies for fulfilling the CSR activities provided that they are able to report individually.
The CSR Committee shall also prepare the CSR Policy in which it includes the projects and programmes which is to be undertaken, prepare a list of projects and programmes which a company plans to undertake during the implementation year and also focus on integrating business models with social and environmental priorities and process in order to create share value.
The company can also make the annual report of CSR activities in which they mention the average net profit for the 3 financial years and also prescribed CSR expenditure but if the company is unable to spend the minimum required expenditure the company has to give the reasons in the Board Report for non compliance so that there are no penal provisions are attracted by it.
This step will boost much required social projects with some professional management of the private sector. This article was released on 27 June The content of this article is intended to provide a general guide to the subject matter.
Specialist advice should be sought about your specific circumstances.CORPORATE SOCIAL RESPONSIBILITY AT NORTHERN TRUST "Northern Trust values CSR as an essential element of our mission and culture.
The Corporate Social Responsibility (CSR) field presents not only a landscape of theories but also a proliferation of approaches, which are controversial, complex and unclear. This article tries to clarify the situation, “mapping the territory” by classifying the main CSR theories and related. Corporate Responsibility As a responsible corporate citizen our belief is that financial performance and responsibility for our environment, our employees and the global communities we touch are inextricably linked. Reporting. Our reporting structure helps us speak clearly to customers, employees, suppliers, community groups, investors, government regulators and non-governmental organizations.
Our stakeholders expect us to be responsible stewards of the company’s resources, balancing appropriate levels of prudence and risk to create value. This paper studies the empirical relation between corporate social responsibility (CSR) and corporate financial performance in Korea using a sample of firm-years during — We measure corporate social responsibility by both an equal-weighted CSR index and a stakeholder-weighted CSR index suggested by Akpinar et al.
Corporate Social Responsibility Course Handbook 3 1. INTRODUCTION This document is a detailed guide to Corporate Social Responsibility for all firms; irrespective of size. SAP approaches corporate social responsibility (CSR) strategically – in order to ensure a sustainable future for society, our customers, and our company.
The objective of this theoretical–empirical study is to investigate the bidirectional relationship between Corporate Social Responsibility and Financial Performance in Spanish listed companies.
Corporate social responsibility is imperative, as most consumers and job seekers consider how businesses deal with their environmental, social and economic impacts.