Corporate Social Responsibility Advising and Audit
(When “I” will be replaced by “we” even “illness” become “wellness”)
For centuries, in India businesses are doing “Charity” or “Dharmada” which is Corporate Giving, a power to do good for the Society. Many large corporates and Indian Business Houses have demonstrated their efforts in laudable manner by doing social activities through their dedicated foundations. These all activities were part of Philanthropy, charity, welfare programme for the society but it has not gone deeper into governance and responsible and ethical business conduct by the corporates for the society and Environment. Corporate Social Responsibilities (CSR) is neither “Charity” nor “Dharmada” but a “Responsible Business Conduct” by corporates, which is much deeper process of evolving solutions to societal issues putting “Human Purpose” to any endeavor for economic exploitation of resources of the Society.
India is the only country in the world to have mandated a Corporate Social Responsibility role for its private enterprises. Section 135 of the Companies Act, 2013 mandates certain companies and even foreign companies having its Branch or Project Office in India, to carry out CSR activities in India. CSR is approach through which an enterprise achieves balance of its economic, social and environmental goals called as “Triple Bottom Line Approach”. During Covid-19 it is realized that Businesses cannot be successful when the society around them fails. CSR is a way to actively manage these connections to benefit business along with people and planet. It is just not what you sell, who you hire, who you buy from and so on.
Several Indian companies have been implementing CSR programmers, either on their own, through an implementing agency, NGO partners. Many Indian companies slowly changed its approach and now not considering CSR as an “Onerous Duty” but an “Opportunity” to build Image, positive reputation, improved customer loyalty, improved employee morale and strong risk management system and process.
Recently SEBI has constituted a working group on ‘Social Stock Exchanges’ (SSE) .The SSE is uniquely poised to become an important component of India’s policy response to Covid19. The working group constituted has provided a holistic set of recommendations – supporting the flow of funds and enabling fundraising structures, enterprise can decide to have “for profit social enterprise” (FPE), constituting minimum standard of reporting of social impact, governance and financials by such FPE and
Amita Desai is a certified CSR Professional and her experience and passion is driving this vertical of the Firm.
Our Expert services includes
- CSR and Legal aspect
- Preparing CSR Policy and integration of it with Mission and Vision of organization
- Constitution of CSR Committee
- Operationalizing CSR
- Stakeholders Engagement and Innovation in social impact
- CSR Designing, Governance, Monitoring of CSR Activities
- Due Diligence on CSR Funding
- CSR Audit and CSR Rating
- CSR Reporting and Communication