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Significance of
Corporate Social
Responsibility
Corporate social responsibility (CSR) is a form of self-
regulation that aims to make a positive social impact and
have social accountability. CSR can be practiced by
companies in many ways, including being eco-friendly and
sustainable; encouraging equality, diversity, and inclusion
at work; treating employees with respect; giving back to the
community, and ensuring that business decisions are
ethical.
Environmental responsibility
Responsibility for human rights
Philanthropic responsibility
Economic responsibility
What types of corporate social
responsibility can a business practice?
Definition of Corporate Social Responsibility
The Rules have changed the definition of Corporate social
responsibility (” CSS0_”) to address the pandemic. This clarifies that
activities carried out in the normal course of business shall not fall
under the CSR umbrella. The Rules make exceptions. Research and
development of new vaccines, drugs, and medical devices can be
undertaken by any company in the normal course of business. This is
known as CSR. Further, the Rules state that activities undertaken
outside India are not considered CSR unless they involve training
Indian athletes who represent the country at international levels or
any other territory of a union.
The CSR Committee will —
The Board should be able to formulate and recommend the CSR
Policy.
Recommendations for the amount of CSR expenditures to be made
You should monitor the CSR policies of your company periodically.
Form and recommend to the Board an annual action plan
according to its CSR policy. It shall include items mentioned in Rule
5(2) of Companies (CSR Policy), Rules, 2014.
These functions are performed by the Board for companies that
fall under Section 135(9) and are not required to have a CSR
Committee.
Functions Corporate Social Responsibility Committee
Significance of Corporate Social Responsibility.pdf

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Significance of Corporate Social Responsibility.pdf

  • 2. Corporate social responsibility (CSR) is a form of self- regulation that aims to make a positive social impact and have social accountability. CSR can be practiced by companies in many ways, including being eco-friendly and sustainable; encouraging equality, diversity, and inclusion at work; treating employees with respect; giving back to the community, and ensuring that business decisions are ethical.
  • 3. Environmental responsibility Responsibility for human rights Philanthropic responsibility Economic responsibility What types of corporate social responsibility can a business practice?
  • 4. Definition of Corporate Social Responsibility The Rules have changed the definition of Corporate social responsibility (” CSS0_”) to address the pandemic. This clarifies that activities carried out in the normal course of business shall not fall under the CSR umbrella. The Rules make exceptions. Research and development of new vaccines, drugs, and medical devices can be undertaken by any company in the normal course of business. This is known as CSR. Further, the Rules state that activities undertaken outside India are not considered CSR unless they involve training Indian athletes who represent the country at international levels or any other territory of a union.
  • 5. The CSR Committee will — The Board should be able to formulate and recommend the CSR Policy. Recommendations for the amount of CSR expenditures to be made You should monitor the CSR policies of your company periodically. Form and recommend to the Board an annual action plan according to its CSR policy. It shall include items mentioned in Rule 5(2) of Companies (CSR Policy), Rules, 2014. These functions are performed by the Board for companies that fall under Section 135(9) and are not required to have a CSR Committee. Functions Corporate Social Responsibility Committee