Corporate Social Responsibility by Samidha Hegde@Lexcliq

Corporate Social Responsibility Under Section 135 of Companies Act 2013

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.

Basically, “Corporate Social Responsibility” means and includes but is not limited to:

Projects or program relating to activities specified in Schedule VII to The Act.

Projects or program relating to those activities which are undertaken by the Board of directors of a company in ensuring the recommendation of the CSR Committee of the Board as per declared CSR Policy of the Company along with the conditions that such policy will cover subjects specified in Schedule VII of the Act.

 

Three Levels of Corporate Social Responsibility From The View Point of A Corporate

When one evaluates social responsibility from the point of view of corporate, one can decipher three levels of corporate social responsibility.

The first level is the minimum compliance. Here the managers comply with the minimum social requirements of the law. The corporate undertakes its business initiatives within the ambit of law and does not go beyond that. This is guided by transaction ethics.

The second level is enlightened self-interest. Corporate Social Responsibility is used here as a strategic weapon to inform the marked that they are bigger and better than their competitors. Investments in Corporate Social Responsibility today is said to bring long-term benefits to the company with an understanding that the consumers the community and the society at large would be more happy to transact with an organization that is engaged in social activities. This is guided by recognition ethics and enlightened self-interest.

The third level of aims to actively improve society in general. This level of CSR is usually seen in highly matured organizations. It is not dependent upon direct benefit to business. The firm positions itself to CSR because it firmly believes it is in their DNA to be socially responsible to the society in which they are engaging. This is guided by change ethics.

 

Activities under CSR: 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.

 

Conclusion-

Corporate social responsibility is no longer measured by the donation of a corporation to a charity but by its involvement in initiatives that improve the standard of life of individuals. Corporate accountability has been a significant concern in the field of industry and has slowly become a central practice. The major impact that private sector operation has on workers, customers, culture, the climate, rivals, market owners, creditors, shareholders, governments and other groups is being progressively recognized.

It is also becoming abundantly evident that organisations will add to their own prosperity and the collective resources of the society when remembering the effect they have on the entire planet while making decisions.

References-

https://www.legalbites.in/corporate-social-responsibility-csr/

https://www.mondaq.com/india/corporate-governance/366528/corporate-social-responsibility–indian-companies-act-2013

http://www.legalservicesindia.com/article/2265/Corporate-Social-Responsibility.html

https://cleartax.in/s/corporate-social-responsibility

 

 

 

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