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Corporate social responsibility
- 1. Business Ethics- Assessmentof CSR activitiesof companies
- 2. Companies Act, 2013 • The Companies Act, 2013 mandates that any company with a net worth of Rs 500 crore or more or net profit of Rs 5 crore and above or turnover of Rs 1,000 crore or more in a fiscal year will have to spend 2% of three years average profit towards CSR or social responsibility activities.
- 3. Companies assessed Rural Electrification Corporation Ltd. Indian Bank Sun Pharmaceutical Industries Ltd. Andhra Bank Tata Chemicals Ltd. Power Grid Corporation of India Ltd. Adani Power Ltd. Alok Industries Ltd.
- 6. Rural Electrific ation Corpora tion Ltd. Indian Bank Sun Pharma ceutical Industri es Ltd. Andhra Bank Tata Chemica ls Ltd. Power Grid Corpora tion of India Ltd. Adani Power Ltd. Alok Industri es Ltd. Series1 1.00% 0.21% 0.18% 0.54% 2.93% 0.51% 3.07% 0.24% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% Percentage of CSR Spending as % of PAT in FY 2013-14
- 8. Adani Power Ltd. • Implements CSR activities through Adani foundation • CSR Vision To improve living standard of all communities through integrated and sustainable development.
- 10. CSR Culture - PRIDE •Passion-Delivering performance with energy and passion •Results-Consistently achieve goals •Integration-To work across businesses to create synergy •Dedication- Work with commitment in the pursuit of aim •Entrepreneurship- Seizing opportunity with initiative
- 11. Activities of Adani Foundation in its major thrust areas • Established schools -Adani Vidya Mandir & Adani Vidyalya • Provide infrastructure support to the schools • Started Building as Learning Aid(BALA) –organize activities like Bal melas ,Fairs & competition • Udaan project-To give career guidance to students Primary Education
- 12. Community Health • Runs Mobile Healthcare units and Rural clinics • Health camps helped more than 85% citizens • Total Sanitation Campaign (TSC) -provided models of disabled friendly toilets in many villages • Programs to spread awareness regarding women health Activities of Adani Foundation in its major thrust areas
- 13. SustainableLivelihoodDevelopment • Empowered people by SHGs and Village Development Community • Adani Skill Development Centre” – for vocational training • Social Green initiative • Jana Shree Bima Yojana - Insurance Services Activities of Adani Foundation in its major thrust areas
- 14. RuralInfrastructureDevelopment • Invested in water conservation, education, clean drinking water , health & hygiene • Rural drainage project • ‘India Unite To End Polio Now’ campaign Activities of Adani Foundation in its major thrust areas
Editor's Notes
- In case, a company fails to spend the 2% prescribed, it would have to provide an explanation to the shareholders the reason for such a failure.
- In view of this Act, we have done a comparative analysis of CSR activities of eight companies in four sectors- banking, pharmaceuticals, fertilizers and power.
- It was found that each company is focusing on at least three different thrust areas for their activities. In terms of area focus, health garnered maximum attention of these corporates while women empowerment and energy were neglected areas. All the eight companies were operating social activities in Health sector; six were operating in environment, education, livelihood and infrastructure; five were operating in water conservation area; four in energy area and two in women empowerment.
- It was observed that two out of these eight companies implement CSR activities through a well-structured foundation while in other six there is a separate CSR department to take care of the activities.
- Adani power Ltd. Implements its Corporate Social Activities through its dedicated CSR arm Adani Foundation. It was founded in 1996 promote its CSR activities and is managed by Dr. Priti G Adani with the help of a devoted and professional team with varied and rich experience. The Foundation has a clear long-term vision of improving the living status of the people at the bottom of the pyramid. It focuses on few core areas for the developmental activities with the aim of bringing about sustainability and innovation in various geographical regions.
- Adani Foundation A caring heart, a caring touch. Adani Foundation is the corporate social responsibility arm of Adani Group. As the Adani group enhances its footprint, the foundation plays a pivotal role in enhancing the quality of life in and around the communities the group operates in. The foundation’s chosen scope of work to build better lives at the grassroots are in the areas of; Education Community Health Sustainable Livelihood Development & Environment Initiatives Rural Infrastructure Development
- Adani Group is one of the pioneers in CSR They have benefited the environment in all the aspects that it needs from Health Care to Infrastructure Development, Adani group has touched them all. Company not only is pioneering in the CSR domain but is also at peak in their core business. With the future projects and their strategies they are sure to be one of the biggest groups in the world
- The present-day CSR is a concept whereby the companies account for the interest of the society by considering the impact of their business activities on all their stakeholders, as well as the environment. The organizations take voluntary initiatives that benefit the community as a whole. CSR activities should aim to achieve economic goals of the company without jeopardizing the social goals. In a nutshell, it can be said that the approach and thinking of Indian businessman towards CSR is changing positively. The companies can make CSR activities more efficient by increasing the involvement of government in these activities, working with NGO’s, monitoring the activities closely, reporting performance in an transparent manner. Initiatives by media in promoting these can play a crucial role in the era of CSR.