CORPORATE SOCIAL RESPONSIBILITY
Independent directors must be pro-active to ensure cos function in socially responsible manner: CAG
"In the current times, it may be worthwhile that the independent directors should be more pro-active and guide the companies on path which is profitable, socially responsible and environmentally sustainable," CAG Girish Chandra Murmu said.
India Inc’s FY21 CSR spends to be dominated by COVID-19
Spends by the BSE 100 companies continue to be project-driven; not necessarily linked...
Investors, directors increasingly get assertive on how companies should disclose ESG data
ESG disclosures are yet not mandatory in India, tho...
Coal India, its subsidiaries spend Rs 1,978 crore on CSR from FY'17 to FY'20
"National Miner CIL spent a total amount of Rs 1,977.76 crore on CSR during FY16-17 and FY19-20," Coal Minister Pralhad Joshi said in a written reply to the Lok Sabha on Wednesday. The collective spent of CIL along with its subsidiaries during the period stood at 1,977.76 crore over and above the collective statutory requirement of Rs 1,575.98 crore.
View: Corporations should be asked to buy SIGs with CSR funds and give them to GoI
Investors who value social goods are, of course, limited with small funds they are willing to contribute towards social causes. GoI recognised this limitation and mandated that corporations contribute 2% of their profits in corporate social responsibility (CSR) activities.
Contributions to R&D spends on Covid-related vaccine, drugs to be considered as CSR: Govt
The targeted amendment in the CSR rules permitted such companies to categorise as CSR activity any Covid-related R&D activity even if undertaken as part of its normal course of business. While the relaxation is applicable for three years from the ongoing fiscal till FY23, it came with the rider that such R&D activity must be carried out in collaboration with specified public institutions.
Govt working on robust framework to address need for skilled workforce in ports, maritime sector
The Ministry of Skill Development and Entrepreneurship will identify existing Qualification Packs and develop new Qualification Packs - National Occupational Standards, aligned with the National Skills Qualification Framework for various job roles in the sectors as per the existing demand of ports and maritime unit.
Cyient blends CSR under single umbrella; extends digital literacy during Covid-19
Amid Covid-19 pandemic influenced lockdowns that were restricting the movement of the public, Cyient is focussing on digital literacy programs to empower the underprivileged students and adults learn to operate the computers for easier adoption of digital initiatives.
Freeze on new posts to cutting down on stationary use, Indian Railways set to adopt austerity measures
In a letter dated June 19, the financial commissioner of the railways told the general managers of all the zones that the traffic earnings of the national transporter dropped by 58 per cent at the end of May, as compared to the corresponding period of the previous year. "There is a need to explore new areas of expenditure control and enhancement of earnings," the letter said.
Firms may get input tax credit for masks, PPEs
One of the officials said the government had received several representations seeking relaxation in Sec 17(5)(h) of CGST Act 2017, which does not permit credit on goods given for free or as a gift, or lost, stolen, destroyed or written off.
India Inc’s traditional CSR may end up in containment
With donations to the PM-Cares Fund and Covid-19-related relief work eligible to be considered CSR expenditure, most companies are likely to nearly exhaust their current CSR budgets after donating to this fund or related relief work.
Corporate affairs ministry to count funds spent to tackle Covid-19 under CSR activity
“Keeping in view of the spread of novel Coronavirus (COVID-19) in India, its declaration as a pandemic by the World Health Organisation (WHO), and, decision of the Government of India to treat this as a notified disaster, it is hereby clarified that spending of CSR funds for COVID-19 is eligible CSR activity,” the notification said.
Analysis: With CSR kitty bulging this year, increasing number and variety of donees are appealing companies for funds
A surge in net profit has been attributed to cut in corporate tax rate this fiscal, consequently the ‘2% of profit’ kitty earmarked for spending on corporate social responsibility (CSR) initiatives has also swelled. The increase is also attracting applications from a varied set of organisations.
View: Individual social responsibility, not corporate social responsibility, must be the mantra
The fear that capitalism might be failing forced 180 CEOs of the largest corporations in America to unveil last month a new statement of purpose.
View: How mandated 'corporate social responsibility' can be wasteful
If a company just wants to create lots of jobs and pay taxes and dividends, don’t burden it with CSR duties.